Essay Example on Sports Marketing in the Digital Age

Sports Marketing. It is a discipline of marketing that focuses on sports events, teams, sponsors, and promotion of products and services through sports and their teams. Using the service, the element to be promoted may either be physical or just a brand name (Shank & Lyberger, 2014).

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Digital age. Also known as the information age, it was a period when the use of computer and other electronic gadgets became widespread. In this age, the information could be shared quickly and freely (Pedersen, 2017).

Product. A product is a good or service that is manufactured or offered respectively for sale. It has a price and a medium through which it is bought by the customer.

Product line. This relates to a group of related products that are produced by a single manufacturer or seller (Hutchins, 2016). These products may be intertwined, but are different in that they do not serve the same purposes.

Segmented Marketing. It refers is the methodology where the market is divided into groups of potential customers based on their different characteristics. The creation of varying segment requires the use of different approaches to meet customer needs.

Adaptation. This is the process where the organization that is marketing service is familiarized with the market conditions. It is the process where a company settles on the market wholly and devises the approaches to use while reacting to that market.

Nimbleness. It denotes to the quality of a business that may make it not to adopt the new business setting. The term is used by many companies in the sports industry to make them look peculiar and hence earn a portion of the market from their peculiar traits.

Segmented offerings. This is the business approach where companies may segment their offers to the target market in a way that could look discriminating while appraising them at the same time (Shank & Lyberger, 2014). Segmented offerings may involve price segmentation or product segmentation which are done to meet the needs of the wider market and improve customer satisfaction levels.

Accumulation. This is the mechanism in which over time, a trade takes hold of the market. The trader gets a hold of the market after efforts to attain information or even through multiple purchases of other companies or traders in the market.

Return on Investment. It is a performance measure that is used to evaluate the effectiveness of an investment (Phillips, 2012). In sports marketing, this approach is used to assess the benefits after indulging in the industry.

Revenue. It is the income that a business such as that in the sports industry makes from normal business (Phillips, 2012). It must be an income of substantial nature and measure to be called revenue.

Ever-changing market. It is a market where demands of the market and the nature of the market change from time to time. The sports market industry, for instance, is one that is ever-changing where demands and taste change from time to time.

Marketing Concept. This is the belief that a company, for example, that is engaging in the sports marketing industry must evaluate the needs of its customers first because they need to serve the needs of consumers and not just fixing their eyes on competition (Nufer, Buhler & Chadwick, 2016).

Demand and Supply. The two concepts are intertwined. Supply pertains to how much a producer is willing and able to offer for sale while demand focuses on how much consumers are willing and able to buy. In the sports marketing industry, the supply must need demand for an organization to continue running its operations.

Organizational Model. It entails the description of roles and reporting structures which are well described according to the goals of the business. Thus, for the stable management of an entity, organizational modeling should be done.

Target Market. This is a group of consumers of a particular product or service that is singled out by an organization when it is establishing a business (Roosta, Moghaddasi & Hosseini, 2017). They influence the approach that is used by a business in both marketings selling its products.

Advertising strategy. It is the blueprint or the basis on which a given product is sold to consumers. An advertising strategy that a business uses is that of its choice based on its unique products and views (Al Fahad et al., 2015).

Marketing mission. The marketing mission of an organization, especially in sports, cab be defined as the reason for which the marketing process is started. The marketing mission in a particular time may be different from that formulated in another period.

Branding. This is a distinctive process in which an organization presents itself to the market (Docters, 2016). It seeks to create a name or a brand that is peculiar and which has a different impact and outlook on the market than any other or one that makes the company outstanding.

Specialization. It is a technique of manufacturing where a firm concentrates on the manufacturing of a limited type of products. It makes an organization produce the product in greater amounts and with more efficiency.

Commercialization. This is the principle that directs businesses that running activity is principally done for financial gain (Buhler & Nufer, 2015). It seeks to show that sports marketing has advanced to the extent that it is majorly made for commercial use.

Discretionary income. It refers to the income that is acquired after the deduction of taxes and social security charges as well as the underlying costs that come around with the business. The income that is received by sport marketing firms is considerate of these costs based on the fact that they incur large costs.

Sports Licensing. It refers to a contractual agreement through which an organization or sports team provides a firm with a license to use its trademark, logo, or name on its commodities. As opposed to rational thought, sports licensing simply applies to teams and individual athletes and sportsmen. It applies to organizations that engage in sports marketing which have to ensure that they follow the laid procedures of ethical competence that were agreed when entering the agreement (Buhler & Nufer, 2015).

Sports Apparel. Although it is not in a significant way related to sports advertising, sports apparel reflects in many sports marketing activities. For instance, it reflects the engagement of the organization directed towards sports.

4Ps marketing scheme. This is a concept that applies to the field of sports marketing and includes price, product, place, and promotion. These components affect an organization depending on the target market (Schmitt, 2011). The 4ps form such an instrumental background of sports marketing and are used by most sports marketers in marketing their products.

Sustainability. This is a reflection on how sports marketers can use their information and resources at disposal to make an affluent and a sustainable world of sports for themselves. It engages a broad scope of ideas to continue with every new development.

References

Al Fahad, A., Al Mahmud, A. R., Miah, R., & Islam, U. H. (2015). Marketing audit: A systematic and comprehensive marketing examination. International journal of scientific & Technology research, 215-221.

Buhler, A., & Nufer, G. (2015). Marketing in sports.

Docters, R. G. (2016). The real mission of pricing: beyond numbers to managing partner. Journal of Business Strategy, 37(3), 12-21.

Hutchins, B. (2016). Tales of the digital sublime: Tracing the relationship between big data and professional sport. Convergence, 22(5), 494-509.

Nufer, G., Buhler, A., & Chadwick, S. (2016). Branding in sports. In The Routledge Companion to Contemporary Brand Management (pp. 568-583). Routledge.

Pedersen, P. (Ed.). (2017). Routledge handbook of sport communication. Routledge.

Phillips, J. J. (2012). Return on investment in training and performance improvement programs. Routledge.

Roosta, R. A., Moghaddasi, R., & Hosseini, S. S. (2017). Export target markets of medicinal and aromatic plants. Journal of applied research on medicinal and aromatic plants, 7, 84-88.

Schmitt, B. (2011). Experience marketing: concepts, frameworks and consumer insights. Foundations and Trends in Marketing, 5(2), 55-112.

Shank, M. D., & Lyberger, M. R. (2014). Sports marketing: A strategic perspective. Routledge.