Marketing; Value; Output; Business; Market
With this module, our objective is to facilitate learners’ understanding of Marketing and a series of “HOW TOs” that are directly related to the proficiency with this discipline, such as:
Creating and retaining value
Creating and retaining valueClick to read
In business, the concept of value is very flexible and can have different interpretations:
The Value EquationClick to read
In a broader sense, business value builds from three key pillars:
Socio-economic context of reference.
It refers to the overall scale of phenomena that might have an influence on your business idea. Technologies and market trends represent two of the most impactful trends that (aspiring) entrepreneurs look into to design and scale-up their business idea.
Generally speaking, this dimension refers also to:
Due to the typical scale and scope of sport-related business ideas, it is relatively easier to find specific market segments at high profitability margins. More than in other markets, clients of sport industry:
The value generation process falls under a framework that is common to all business.
It is the so defined IPO model:
In business studies, we tempt to consider Marketing among those activities defined as Primary*: contributing in first hand to reach the final client and generate revenues.
* Interpretation based on Porter’s Value Chain: Competitive Advantage, 1985, p.87
With People, we refer both to:
! Those who make things happen!
*Contrary to Marketing, HR and People Management fall under Support activities – instrumental for a smooth implementation of Primaries.
…so what is Marketing about?
…so what is Marketing about?Click to read
This section of the training module is dedicated to introduce participants to what we refer to in business environment when we talk about Marketing.
Generally speaking, people have a “sort of” idea on what is Marketing, as it is normally associated to promotion, advertising and communication. Although this is technically true, it is a very limited and reductive perception of Marketing and its focuses…
Two outstanding definitionsClick to read
Any activity/task/effort/initiative formally aimed at stimulating customers’ interest can be intentionally considered as “Marketing”. A definition as such of Marketing cover a much larger area of interest that includes communication and promotion and goes way beyond it.
In the context of this training module, our favourite definitions of reference are represented by the ones from:
[Marketing is] the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
[Marketing is] the process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return.
Relevant to notice is the difference between the twos:
AMA’s Marketing definition is very market-centred, including a wide range of activities and tasks aimed at satisficing not only customers’ satisfaction, but that of civil society and general public at large. Compared to AMA, Kotler’s definition is much more customer-centred.
Needs and wants…Click to read
Regardless of the specific contributions academics and practitioners, all definitions applied to marketing revolving around to three everlasting pillars:
Types of Marketing based on the operative contextClick to read
Depending on the operative context and the specific market that the organisation looks into, there are several Marketing’s frameworks:
In practice, there are some quite significant implications for businesses operating in B2B markets, compared to B2C ones. The terms of this distinction are:
In the case of sport-related industries, for B2B and B2C, it is most likely that you will orientate your marketing activities to final consumers (B2C) or retailers / other actors of the production chain. In C2B, it is most likely that you will rely on this kind of formula when experiencing with influencers’ social media campaigns. C2C is a Marketing framework that applies to sharing economy’s businesses – very unusual (but not impossible) for sport-related industries.
Types of Marketing based on focusClick to read
It is commonly accepted by theorists and professional that since 1930s, Marketing evolved through fours well-distinct eras. As we speak, we are culminating at the peak of the so defined “relationship” era.
The PRODUCTION era → focus on product
The SALES era → focus on brand