Sports and Entertainment Marketing

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Marketing

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Any activity or business process that creates and communicates a message to consumers about a product or service’s value.

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Need

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Something a consumer must have and cannot live without.

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Want

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Something a consumer would like to have but can survive without.

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Marketing Functions

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Seven business functions that provide an organization with opportunities to connect with consumers (pricing, distribution, promotion, financing, selling, marketing information management, and product management).

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Marketing Mix

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Variables controlled by marketing professionals to satisfy the target market, including product, place, promotion, and price.

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Product

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Goods and services or ideas that are produced based on consumer needs and wants.

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Place

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The process of making a product available to the customer.

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Promotion

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How marketers communicate product or service information to consumers.

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Price

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The amount customers are willing to pay for a product or service, including the costs of production and promotion.

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Target Market

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People with a defining set of characteristics that set them apart as a group.