Marketing has become a vital part of sporting events in our country. When market researches use the four P’s to marketing; product, price, place and promotion they are more likely to be successful. NASCAR is a good example of a sporting event that spends a lot of money in market segmentation and marketing research. By doing so, NASCAR is able to find their target market and design their advertising for that particular market.
There are many marketing opportunities available for sporting venues. Often we will see commercials advertising the next competition day on television or local areas will advertise for their specific venue. We also see billboards, magazines and newspapers advertising an event or an athlete. There is a lot of money to be made in advertising. According to an article written by Nickels-McHugh-McHugh, NASCAR decided early on that corporate sponsorship was vital to long-term growth because market research showed that NASCAR fans are three times more likely to buy NASCAR sponsors’ products than fans of other sports. Using the four P’s to marketing will ensure a company can use best marketing strategies as possible.
Evaluating the product you are selling is the first step in marketing. You must have a product that people want and are willing to spend money. In sports, for example, the product is the sporting event. The product or event must be pleasing to the consumer so that they will continue to return. Then there is the price. The price must be set so the event will draw as many consumers as possible, but not so high, that few can attend. Determining the price can be a very tricky part to marketing, but it is a very crucial part of marketing. The third step to marketing is place. Choosing a place to hold the sporting event can make or break a business. The venue should be located where it will draw the most consumers traveling from all areas. Promotion consists of all the techniques sellers use to inform...
Cited: Nickels, Bill, Jim McHugh and Susan McHugh. Understanding Business, Seventh Edition. The McGraw-Hill Companies, 2004.
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