CONTENT/TEACHING OUTLINE COMPETENCY: OBJECTIVE: 2.00 2.02 Explain business foundations relevant to the sports and entertainment industry.

Discuss the concept of market identification.

A. Explain target marketing. 1. A market includes the group of all potential customers who share common needs and wants, and have the ability and willingness to buy the product. Businesses must understand who their potential customers are in order to effectively meet their needs and wants. 2. Mass marketing is a single marketing plan that is used to reach all consumers. 3. A target market includes the group of consumers that a company desires to have as customers. B. Explain the ways to segment a market. 1. Market segmentation is dividing the entire market into smaller groups who share similar characteristics. Segmentation allows businesses to customize products and marketing strategies. 2. Types of market segmentation. a. Demographic segmentation divides the market based on personal characteristics such as age, gender, income, ethnic background, education and occupation. b. Psychographic segmentation divides the market based on values, attitudes and lifestyles. For example, segmenting the market based on people who are marathon runners. c. Geographic segmentation divides a market based on where a person lives. Geographic segmentation can refer to local, regional, national or global markets. For example, a new stadium will target a 100-mile radius of the potential location. d. Behavioral segmentation divides the market into groups based on what they are looking for in a product and why they buy the product. For example, purchasing Nike shoes because Michael Jordan wears them.

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CONTENT/TEACHING OUTLINE COMPETENCY: OBJECTIVE: 2.00 2.02 Explain business foundations relevant to the sports and entertainment industry. Discuss the concept of market identification.

Resources Printed References: Marketing Essentials, 3rd ed., pp. 24-33. Sports and Entertainment Marketing, pp. 9-10, 21, 3233, 75-80, 85, 109, 113, 136, 198, 200-203, 207, 452. Marketing, pp. 19, 94, 114-116, 166-170, 221-223, 248, 419, 533, 574. Suggested Activities: Select a radio format (urban, hip hop, oldies, alternative rock, country, sports radio, foreign language) and identify the four Ps of marketing. Create a new product; identify the target market for the product. Have students bring in a unique or unusual product. Students should identify specific ways to segment that product. Pick a specific sport, athlete, entertainer, movie, etc. and identify its target market. Describe the target market for each of the following: www.harley-davidson.com,
www.kia.com, www.wsj.com, www.dollywood.com, www.aarp.com, www.louvre.com, www.thompsonbroom.mb.ca, www.charlotterep.org, www.lochnorman.org, www.mountaindew.com, www.biggameproshop.com, www.ensure.com www.mynra.com, www.hersheypa.com, www.saksfifthavenue.com, www.thesource.com

Teacher Notes

There is a 2.00 project at the end of this competency. Websites: See above Suggested Activities. Other Resources: 2.02 PowerPoint Presentation
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