The 4 P in sports marketing:
1. Product:
Consider the type of product and its appearance, including logo, packaging, and size.
Think about the durability, quality, warranty, and any extensions or additional components.
Logistics, such as inventory demands and stocking time, are crucial to consider.
Determine how the product will be displayed and merchandised.
2. Promotion:
Identify the target audience and segments you want to reach.
Determine where your audience is looking for information or entertainment.
Choose appropriate advertising strategies, such as magazines, television, direct mail, or door-to-door.
Consider incentives, public relations, and customer acquisition and retention strategies.
3. Place:
Decide where you plan to sell your sports product.
Consider the geography, whether it's local, regional, national, or international.
Could you determine the distribution channels, such as retailers or wholesalers?
Logistics, such as transportation, refrigeration, and packaging, must be considered.
4. Price:
Decide on the pricing strategy, whether it's high, middle, or low.
Conduct a competitive analysis and consider special event pricing.
Take into account inventory management and the effect of expiring inventory.
Consider payment options, refunds, and credit terms for suppliers.
The course emphasizes the importance of understanding products' value and attributes, as well as effective communication and engagement with fans and customers. It provides insights into various marketing strategies and considerations specific to the sports industry.