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The 5 PS of Sports Marketing

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Marketing Strategies and Financial Principles in the Sports Industry Report (Assessment)

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Introduction

Promotion approaches, financial principles and business practices in the sports industry.

This essay explains the impact of marketing strategies and financial principles utilized in the sports industry and how the coaching career can impact sports success through marketing and practicing financial principles. Sports marketing is crucial in promoting sporting events and popularity among sports fans. Marketing increases loyalty to a sport as more people become aware of the sporting activities, garnering more fans. Sports marketing increases ticket sales, enhancing profitability (Karg et al., 2022). Consequently, marketing sponsors and promoting brands can get good sales returns on investments through sports marketing, encouraging more prominent brands to promote the sports industry.

The sports industry has various marketing approaches, including digital marketing, brand partnerships, and social media, building sponsorships, and targeting specific audiences. As a coach, social media is the most appropriate marketing strategy I can be involved in. Social media ensures a broader coverage of the target audience and keeps tabs on trending issues in sports, which guarantees success (Karg et al., 2022). I will use social media to market athletes’ skills and qualifications to promote their professionalism, enhancing sports activities. At the same time, marketing the athletes will provide a platform for marketing the particular sport, ensuring the popularity and fans’ loyalty. I will use social media marketing to obtain sponsorships and brands willing to support sports.

Coaching supports social media marketing in navigating industry trends through digital marketing and content creation, enhancing technology trends. For instance, a coach can create virtual teams representing players from a particular sport, which social media users can imitate while playing online and video games. Through virtual players, the sport and athletes can become famous, leading to fan loyalty and an increase in ticket sales during sporting events. Consequently, it will support the trend toward mobile technologies since fans will require a digital gadget to access virtual players, news, and updates on sporting activities. Coaching plays a significant role in attracting spectators, talent, and investors through advertising coaching skills and achievements. A coach can demonstrate their expertise by giving athletes appropriate training, ensuring personal growth, professionalism, and success in sporting events. Thus, spectators, investors, and talented individuals can be attracted to the coach and team, enhancing fans’ loyalty, sponsorships, and fresh talent.

Sound financial principles and business practices are critical to successful sports activities and programs. Financial principles in the sporting world include budgeting, forecasting, planning, reporting and analyzing, and expenditure control (Hoye et al., 2018). Business practices involve building profitable partnerships, looking for opportunities that stream in revenue, and cutting down unnecessary expenditures. According to Roewe and Abebe (2019), the sports industry has adopted the dynamic pricing method, where ticket pricing is unrelated to players’ salaries. Instead, sports teams utilize ticket prices to generate revenue by adjusting prices according to the value of the event or sporting activity. Another method of making profits includes acquiring naming rights and sponsors. The industry allows the highest bidder to name rights that last long periods (Hoye et al., 2018). The industry acquires sponsors through naming rights, which promote various brands during sporting events.

Finally, the financial and business practices impact the industry’s profitability as they determine income revenue. The dynamic pricing of tickets ensures profits are made regardless of the players’ salaries, which ensures marginal profit is established before expenditure (Roewe and Abebe, 2019). Likewise, naming rights to promote brands locally and internationally, which attract fans in the community and worldwide, benefitting the industry through ticket purchases and live streaming of sporting events. Business practices and financial principles relevant to my career are planning and acquiring sponsorships and naming rights. I will provide proper and thorough training to ensure the athletes have a high value, which can determine ticket pricing during sports events. Similarly, successful athletes attract the attention of potential sponsors, which will help in acquiring excellent sponsorships and naming brands.

Hoye, R., Smith, A., Nicholson, M., & Stewart, B. (2018). Sport management: Principles and applications . Routledge.

Karg, A., Shilbury, D., & Westerbeek, H. (2022). Strategic sport marketing . Routledge.

Roewe, R., & Abebe, T. (2019). The impact of player salaries on NFL ticket prices—further evidence. International Journal of Social Science and Economic Research , 4 (3), 2343–2445. Web.

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IvyPanda. (2024, January 31). Marketing Strategies and Financial Principles in the Sports Industry. https://ivypanda.com/essays/marketing-strategies-and-financial-principles-in-the-sports-industry/

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Sports Marketing Project

American professional basketball club the New York Knicks, abbreviated and more frequently known as the New York Knicks, is headquartered in Manhattan, New York. This NBA team is part of the Atlantic Division of the Eastern Conference. In addition to the New York Rangers, they share Madison Square Garden for home games. Knicks first head coach Joe Lapchick led them to multiple playoff appearances. The New York Knicks have been in the NBA Finals three times since 1950, all of which have ended in defeat. After Lapchick left in 1956, the team’s fortunes started to deteriorate.

Analysis of the current marketing efforts

Marketing strategy.

In sports, winning is generally associated with a winning season. In contrast, the New York Knicks have not been affected by the team’s lack of success on the court. Part of it is due to the team’s devoted fan base, but it also requires a strong marketing campaign to keep people engaged when times are bad (Manoli, 2018). According to Madison Square Garden Sports, the goal of the Knicks’ marketing effort is to build a bridge between the team and its supporters and the city itself.

Marketers for the Knicks use the club’s value proposition to explain to supporters what the team stands for, how it runs, and why they should be loyal. New York City-based firm Translation has been hired to help the team’s brand positioning and connect with its fan base, which is currently experiencing a losing run. Founded by veteran music exec Steve Stoute, Translation promises to create marketing and brand initiatives based on the team’s history, alumni, fandom, and Madison Square Garden location. Stoute said the objective is to better engage with Knicks and Madison Square Garden fans to offer fresh, innovative ideas and produce material that reflects the two iconic sports franchises.

The 4Ps and the marketing mix framework are all part of the Knicks’ marketing strategy (product, price, place, and promotion). As far as marketing methods go, product innovation and pricing strategy are only two examples. Using these business practices, the Knicks are able to grow.

Target market

The Knicks cater to men, women, children, and even pets. They primarily target those between the ages of 51 and 67 and those under the age of 18. The company has the potential to develop in each of these categories. Among the four Knicks supporters, just one is above 55, based on demographic data; This means that just a quarter of the total viewership is composed of those 55 and above. This is, in reality, a market that needs to be targeted.

New York Knicks’ marketing strategy incorporates a broad range of demographics which include; All sports fans, regardless of their preference for the sport of basketball are included in this group; The thrill of seeing a live game, whether as a fan, a member of the media, or a professional athlete; Athletes who want to play in the NBA one day (Manoli, 2018); Along with local prospects, this includes players from across the world who look forward to being scouted, and lastly individuals who have no real interest in basketball but watch the occasional game on television.

The Knicks are presently concentrating on player development, improving their squad, and increasing the number of single-game tickets they can sell rather than relying on full-season ticket sales.

Analysis of the target markets

Having a fan base with such a wide variety of demographics makes it difficult to provide a tailored fan experience. Marketers in the New York Knicks must think about various things when devising their marketing strategies. Increased loyalty and retention are achieved via demographic segmentation in a fan base.

Age Segmentation- Since there are considerable differences in the demands and habits of various age groups, segmentation is one of the essential forms of segmentation. This variable may be used to children, adolescents, adults, middle-aged, and elderly people (Solimun & Fernandes, 2018). As an example, the New York Knicks organize a number of events and sell a wide range of memorabilia to cater to basketball fans of all generations. A more conservative Facebook or email message is sent to middle-aged or older clients to accompany the more youthful TikTok and Facebook ads.

Geographic Segmentation- The market might be divided into various regions, cities, or countries based on the location of the clients. This has a big impact on marketing since people who reside in various places have distinct possibilities and consumer behavior patterns.

Behavioral Segmentation- Behavioral segmentation divides the consumer market into groups based on the number of product purchases, the frequency of service use, and the brand loyalty of each customer. New York City has the most per capita consumption of Knicks items out of any other city.

Future marketing plan for the Knicks

Sports marketers in the New York Knicks may employ star athletes to assist them in creating compelling content that will draw in new consumers. They may tap into the networks of individuals their target audience knows by using social media to spread the word about your product. The Knicks may use more than half of their fans to follow them on social media to engage their client base.

Sports marketing necessitates using a variety of tactics to reach your audience (Solimun & Fernandes, 2018). A large number of people tune in to sporting events on television, use their cellphones to keep track of the results, go to games in person, or listen to broadcasts on the radio or online. With so many channels at your disposal, you have many options for reaching your target audience. Using this method, the Knicks can attract new customers and keep their current ones happy.

In conclusion, for the Knicks to regain their popularity in the NBA, they will need to increase their use of various advertising, sponsorship, and PR methods and implement new fan relations initiatives.

Manoli, A. E. (2018). Sports marketing’s past, present, and future; an introduction to the special issue on contemporary issues in sports marketing.  Journal of Strategic Marketing ,  26 (1), 1-5.

Solimun, S., & Fernandes, A. A. R. (2018). The mediation effect of customer satisfaction in the relationship between service quality, service orientation, and marketing mix strategy to customer loyalty.  Journal of Management Development .

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Essay on Sports Marketing

The modern-day child is less active and in mot case involved only in indoor games. As a result, the world is fighting and battling with many cases of obesity and overweight children and adult. Sporting activity have always played a role in promoting the participation in physical activity. However, the modern-day child only plays passive games that are less physically involving. Video games are the main game activities that children are familiar with, which are played both at home and at schools. School sporting activity have always served to promote physical wellbeing among school-going children, however, the children of today are less interested in play physical games and instead want to play with toys. However, the situation can be changed, children can play with their toys but at the same time participate in physical activities. That is why Hak Company introduces activeToy. This is a toy that provides entertainment activity while at the same time help in the participating in physical activities that would their bodies.

This games can be played both at home and school. In this case, physical education teachers can use these games during physical education lesson to help their children in practicing physical activities. activeToy can be switched between two modes of operation, the active mode and the passive mode. This allows for the toys to be used both indoors in passive mode and outdoors in active mode. This makes the product very versatile for use in different places and be essential for both parents and teachers. Aside from helping children with activities, the multipurpose toys help both parents and teachers to save on money buying toys to be used for playing outside and inside the house. The product is also less expensive in addition to the excellent services it gives to the users. Schools can purchase this product and use them during physical education learning and hence physical education ceases to depend on traditional games that are common and sometimes less interesting to students.

This product is good for inclusive classes and families where children with different abilities are present. In many occasions, most if the children in these classes are disadvantaged due to the inability to participate in the normal games like football, swimming and skipping ropes. This new game takes care of all the needs of the different cases of children. The active mode can be used by abled children who can easily run around with the toys while the inactive mode would be used by disabled children who are unable to run around. In such a class where the children can play with the same game equipment, effectiveness of learning is likely to occur based on the fact that the learners are not separated, but accommodated within the same environment and given the same tools for playing. Sporting activities do not have to take the traditional aspects where they involve traditional games like football, baseball among others. We can start them off with child play games before introducing the major games and ActiveToy is an example of the sporting activities that would be suitable for school going children. They allow the child to be a child as the play while at the same time contributing to the experience of childhood. Enjoying one’s childhood is one of the most essential ways to prepare children to become stable and responsible adults and ActiveToy wants to play the exact role.

Building brand identity

Target market

Our current target for the product and parents to younger children as well as teachers in elementary school. This is to help younger children start out on a physical fitness not, loving activities as they navigate towards their future. However, we intend to spread the market to cover adolescents. These is a group that is also at an age that is conscious and are trying to identify and recognize themselves. Due to a number of reasons, they tend to be involved in less physical activities. Some may become depressed due to different reasons. In this case, our intention to use sports to bring them together and help them navigate through adolescence with ease and less strain on their mental health. Through the use of future ActiveToy products, we believe that they would be in a position to come together, brought together by the interesting games and be in a position where they can easily talk to each other and solve their issues. Additionally this is an age where, their change rapidly and some may become obese. We will design our products in a way that they are motivating to use and can be effective for all ages. In this way, we shall have young people across all ages involved in playing the games and competing with each other. This will be driven by our main slogan “A sporty fight against depression and obesity” and our campaign will be to bring to life the words of the slogan. Our brand identity will be based on the need to break the traditions in sports involving children and adolescents and promote the use o new technology to promote the physical and mental wellbeing among young people and adolescent. The aim to help this group navigate through the challenging ages with ease.

Pricing strategy

For pricing, we shall take two main strategies where one will be applied at the beginning as we launch our product into the market. This will be penetration pricing. We shall have the products selling at a lower price in the first few months after the launch of the product. This is in a bid to welcome the customers (Hinterhuber, 2017). However, upon establishment, we shall take the value-based pricing approach where, the products shall be sold based on the quality of the returns to the customer. The first approach of pricing will in this regard be used on the assessing and evaluating how effective the products are in meeting the set objectives. We shall conduct a survey among users to establish how they are affected by the use of the products. Our main objective is to help younger people overcome depression and obesity (Hinterhuber, 2017). In this case, we shall give it a year of operation with the same penetration pricing, after which we shall conduct a final survey to note the changes in the users to see whether or not the effects have been achieved as expected (Feurer, Schuhmacher & Kuester, 2018). The findings at this will determine our next course of action, either set the prices based on the value of the product or re-strategize to improve quality to meet the set objectives. This is in a bid to ensure that we deliver according to the customers’ expectations.

Advertising strategy

For advertisement, we will use the method that allows for the use of the most audience oriented method. Facebook is one of the major social media platforms that allow the user to select their intended audience by their location, their age and interests. It further allows for setting and testing out simple image and text based ads (Akolo, 2021). Being a product that is targeted at a specific age group, the use of Facebook in advertisement would help reach our target more effectively as well as choose the most convenient location where we first want to start our sales before spreading out to the rest of the world. Facebook will also allow for the creation of relevant ads that will effectively get and be understood by the intended audience. We shall at the same time use the same platform to publicize our launch date in a bid to have an audience and participants to help in the testing of the product before selling it to the market.

Another mode of advertisement will be the pay per click method. This is one of the most promising mode of advertisement (Razi, 2021). Web indexes and numerous sites (counting informal organizations locales like Facebook and YouTube), convey little adverts with implanted URL’s. At the point when somebody taps on these adverts, the organization that put them there is charged. This is considered by numerous individuals to be the best internet promoting strategy by a long shot and has been developing at an astounding rate. Dissimilar to conventional publicizing pay per click is client initiated. Clients like it, since it costs them nothing and they possibly use it if there is something that draws in them. The upside of pay per click for publicists is that they just compensation for the real navigate to their site. With different strategies for publicizing, both disconnected and on the web, you have no specific thought of the amount it will cost you to draw in every guest (Snyder & Garcia-Garcia, 2016). A client that navigates into your site is probably going to be keen on what you need to say, in light of the fact that these clients are effectively searching for data or investigating what you need to say, your item administration or offering. We shall dwell on this two methods of advertisement, however, on the launch date, we shall work on having a renowned sports personality to endorse the product. This is will help in building the trust of the users in the product.

We shall have different sponsors coming on board. We are focused on getting sponsors in the media industry to help in the running television ads. This is based on the fact that this products has family and schools as the main target audience and hence having television ads would help pushing the product further among users. The cost of television ads is high and hence having the media sponsorship will help save a large sum of money. Another group of sponsors will be energy drink companies to volunteer during the launch event to provide drinks for the audience that will be present at the launch. This will be a win-win situation for both groups where aside from the company providing sponsorship, they will have an opportunity to market their products to the audience.

We shall run a promotion in the first month of sale where we shall have discounts on the products. This will be in a bid to attract more customers to buy the product. Upon establishment, we shall introduce loyalty programs to reward loyal customers to the company. This will mainly involve loyalty cards for customers that would frequently visit the store and earn loyalty points.

Akolo, W. (2021). Effective Strategies to Promote Your Sports Event. Retrieved 15 June 2021, from https://billetto.co.uk/blog/promote-sports-event/

Feurer, S., Schuhmacher, M., & Kuester, S. (2018). How Pricing Teams Develop Effective Pricing Strategies for New Products.  Journal Of Product Innovation Management ,  36 (1), 66-86. doi: 10.1111/jpim.12444

Hinterhuber, A. (2017). Implementing pricing strategies.  Journal Of Revenue And Pricing Management ,  17 (1), 1-2. doi: 10.1057/s41272-017-0129-6

Razi, S. (2021). Debates on Digital Advertising Strategies: An Experiential Approach to Encourage Critical Thinking.  Advertising & Society Quarterly ,  22 (1). doi: 10.1353/asr.2021.0016

Snyder, J., & Garcia-Garcia, M. (2016). Advertising across Platforms: Conditions for Multimedia Campaigns: A Method for Determining Optimal Media Investment And Creative Strategies across Platforms.  Journal Of Advertising Research ,  56 (4), 352-367. doi: 10.2501/jar-2016-042

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Educating Parents On Academy Philosophies

Central to the customer journey is the task of educating parents on the philosophies and values underpinning the sports institution. Beyond mere technical skills, parents seek an environment that prioritizes holistic development, instills discipline and fosters a love for the game.

By articulating these core principles through transparent communication channels, your academy can establish trust and resonate with parents who prioritize their child's overall growth and well-being. Focus areas for a philosophy of holistic development can include:

• Personal growth: This involves setting goals, building confidence and developing resilience.

• Social skills: These social skills should promote teamwork, communication and leadership.

• Emotional well-being: Make sure your institution provides a supportive environment that includes mental health support.

• Discipline and work ethic: Look to also instill consistency, commitment and accountability in players. As a part of this, I think it's important to emphasize regular attendance and dedication to training.

• Fostering a love for the game: This helps sustain long-term engagement within your facility. Exposure to role models and professional players can also help foster this passion.

• Enjoyment: Related to fostering a love for the game and dedication is enjoyment. The American Academy of Pediatrics found that 70% of children drop out of organized sports by the age of 13, often citing a lack of enjoyment and pressure to perform as primary reasons. Things like varied training sessions can help keep the culture at your institution enjoyable.

• Celebrating success: Make sure your institution acknowledges achievements, big or small.

Emphasizing Long-Term Development Over Short-Term Results

In today's results-driven landscape, academies must prioritize long-term player development over immediate achievements. Parents seek institutions emphasizing skill refinement, character building and personal growth. To attract them, academies should align coaching methods with these goals. Make sure to:

• Offer progressive training programs that challenge players as they advance.

• Provide personalized coaching tailored to each player's needs.

• Create pathways for advancement to higher levels of competition.

Fostering Community Engagement

Beyond the confines of training sessions and matches, successful sports facilities also foster a sense of community that extends beyond the field or arena. A study published in European Sport Management Quarterly underscores the importance of community engagement in sports organizations (download required), highlighting its positive impact on fan loyalty and revenue generation.

Hosting events, workshops and seminars not only enrich the overall experience but also provide opportunities for parents to actively participate in their child's journey.

Moreover, I encourage you to leverage digital platforms for continuous communication and updates to ensure that parents feel informed and involved, reinforcing their commitment to your academy's vision. Various events like workshops and seminars can also significantly enhance the community atmosphere.

Harnessing The Power of Testimonials And Success Stories

In the age of social proof, testimonials and success stories wield unparalleled influence in shaping consumer perceptions. By showcasing the achievements and positive experiences of current players and their families, academies can instill confidence and credibility in prospective parents.

Authentic narratives that highlight personal growth, camaraderie and tangible improvements serve as compelling testimonials, compelling new families to embark on their own journey with your academy.

Addressing Concerns And Fostering Trust

Despite the allure of sports academies, parents often harbor concerns regarding various aspects, including safety protocols, coaching quality and financial commitments. It is incumbent upon academies to proactively address these concerns through transparent communication and tangible actions.

I've found that implementing robust safety measures, investing in qualified coaching staff and offering flexible payment options all contribute to fostering trust and assuaging apprehensions, ultimately paving the way for greater parental buy-in.

Overall, the success of your sports complex for children hinges on its ability to navigate the intricate landscape of parental decision-making. By focusing on the customer journey, educating parents on core philosophies and fostering community engagement, you can cultivate a loyal and committed base of players and families.

Ultimately, it is the alignment of values, aspirations and experiences that forms the bedrock of enduring relationships and sustained growth within the academy ecosystem.

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