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Sports marketing is also designed to meet the needs and wants of the consumers through exchange processes. [5] These strategies follow the traditional four "P"'s of general marketing: Product, Price, Promotion and Place. Another four "P"’s are added to sports marketing, relating to the fact sports are considered to be a service.
Marketing strategy refers to efforts undertaken by an organization to increase its sales and achieve competitive advantage. [1] In other words, it is the method of advertising a company's products to the public through an established plan through the meticulous planning and organization of ideas, data, and information.
Tauber (1988) suggests seven strategies to identify extension cases such as product with parent brand's benefit, same product with different price or quality, etc. In his suggestion, it can be classified into two category of extension; extension of product-related association and non-product related association. [16]
An organization's marketing planning process is derived from its overall business strategy. Marketing plans start by identifying customer needs through market research and how the business can satisfy these needs. The marketing plan also shows what actions will be taken and what resources will be used to achieve the planned objectives.
A marketing plan comprises part of an overall business plan. [2] A comprehensive marketing plan may contains historical data, future predictions, methods or strategies to achieve marketing objectives, and analyses of the strengths and weaknesses of a company, its organization and its products. [3]
Marketing mix is the most important part of marketing strategy, which is "the framework to manage marketing and incorporate it within a business context [6] ". Marketing strategy: how a business achieves its marketing objectives. The initial step to achieve a marketing strategy is to identify the market target and build up a business plan. [6]