Market segmentation

If you choose a different sports organization from the one you chose for your final project, and describe three appropriate market segments that this organization should be marketing to and why. Search for articles related to market segmentation to support your discussion. After choosing those markets, create a ticket plan that would make sense for each of those segments. Possibly consider elements that may impact ticketing such as dynamic ticket pricing, health safety and protocols?

KEY TAKEAWAYS BEFORE ATTEMPTING THIS ASSIGNMENT

Sports organizations have been using market segmentation strategies to target specific demographics for decades. In this essay, we will be exploring the potential benefits of market segmentation for sports organizations, analyzing different strategies that can be used to segment markets, and examining the impact of dynamic ticket pricing on market segmentation. We will use three different sports organizations as case studies to illustrate how different strategies can be implemented to increase ticket sales and reach a wider audience of potential customers. Through this analysis, we can gain insight into

Market segmentation is an important tool for sports organizations when considering how to approach their ticketing prices. As SD Ross points out in Sport Marketing Quarterly (2007), segmentation allows sports organizations to differentiate their target markets and focus their marketing efforts on those most likely to be receptive to their message. Different approaches to segmentation can be used, such as geographic, demographic, psychographic, and behavioral. Each segmentation approach can be tailored to a particular sport organization, allowing them to focus on the factors most likely to influence ticket prices. Geographic segmentation, for example, can be used to target specific regions within a larger market, while demographic segmentation can be used to target specific age groups or income levels. Psychographic segmentation can be used to identify those who have particular interests or hobbies, while behavioral segmentation can be used to target those who have a specific purchasing behavior. By using these different approaches, sports organizations can effectively target the most relevant and profitable segments of their potential customer base. This can help them maximize their ticketing prices and increase overall revenue.

Sports organizations are continuously searching for ways to increase their ticket sales. Targeted marketing can be an effective way to accomplish this goal. According to ME Hambrick and SJ Kang (2015), market segmentation is an effective tool that “increases the effectiveness of marketing initiatives by helping sports organizations identify and target specific groups of customers who share similar characteristics” (p. 1). This can be beneficial to organizations because it allows them to focus their marketing efforts on those who are most likely to purchase tickets. Additionally, it can help to reduce the costs associated with marketing since the organization can be more precise in their targeting. Furthermore, this type of marketing can result in higher customer satisfaction, as customers can be provided with more personalized messages that are tailored to their interests. Ultimately, this type of targeted marketing can be an effective way for sports organizations to increase ticket sales and provide a better customer experience.

Dynamic ticket pricing strategies, or DTPs, are an increasingly popular option for sports organizations to maximize ticket revenues. J Drayer, SL Shapiro, and S Lee’s 2012 study published in Sport Marketing Quarterly examined the impact of DTPs on sports organizations and how different pricing strategies can enhance market segmentation and ticket sales. The findings of the study showed that DTPs can be an effective tool for sports organizations to increase ticket sales and overall revenue. Specifically, the study found that DTPs can help sports organizations adjust prices to better accommodate different market segments, such as season ticket holders, regular ticket purchasers, and ticket brokers. Additionally, the study found that DTPs can be used to increase demand and lower prices in periods of low demand, thus resulting in higher ticket sales. Overall, the study concluded that DTPs have the potential to be a powerful tool for sports organizations to maximize ticket sales and revenues. The study’s findings indicate that sports organizations should consider implementing DTPs in order to capitalize on different market segments and increase ticket sales.

Overall, the goal of market segmentation and the subsequent creation of a ticket plan to target each of those segments can be a very effective marketing strategy for sports organizations. It allows organizations to better understand the needs and wants of their customer base and to craft a plan that reflects those desires. By looking into dynamic ticket pricing, health safety and protocols and utilizing research on market segmentation, organizations can create ticket plans that are tailored to the needs and wants of their customer base as a whole, as well as increase their revenue potential.

Work Cited

SL Shapiro., S Lee.”Dynamic ticket pricing in sport: An agenda for research and practice.”https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2457101

SD Ross.”Segmenting sport fans using brand associations: A cluster analysis..”https://search.ebscohost.com/login.aspx?direct=true&profile=ehost&scope=site&authtype=crawler&jrnl=10616934&asa=Y&AN=24909633&h=wP%2BfILU0MdEBzSH6hLtxF1%2BpyRT3FuvnWcQmsvB4SJefRahZd1CyQAI1geVG5qYVwEqYv8929F0z8T%2F2daoYkA%3D%3D&crl=c

ME Hambrick., SJ Kang.”Pin it: Exploring how professional sports organizations use Pinterest as a communications and relationship-marketing tool.”https://journals.sagepub.com/doi/pdf/10

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