In sports of course you also have the 4P's, which stands for Product, Price, Place and Promotion. And here I will just concentrate on the differences that you find in the management of the 4P's in sports marketing, starting with the product. So I emphasized before that in sports marketing it's not just the product that matters, it's also the service. But with the product, you have the licensing. Not only of the teams but also of the player. And based on that right, you can create this market for merchandising and whereas I think we think about packaging of physical products, even with intangible products such as the player, they too have to be packaged. So I think image is part of the packaging of not only the player, but also the team. And ultimately, it's about the brand, how you brand and so long standing, very loyal fandom I think is based on very effective branding by teams. As for service, you have various facets. And so I think it behooves teams to really analyze well the consumer journey and try to pinpoint where service failure occurs. And it could be things that you have maybe taken for granted, such as parking. Okay, pricing is important in sports as well and I think the keyword that I want to emphasize here is VSA. So I think each team has a different vision about what they want to achieve with their team, with their brand, with their fandom. And so, for example, let's assume that you want to make on-site experience more affordable. And that is where I think pricing really does matter because there is a lot of talk about price of on-site experience being too expensive. And so, if greater affordability is one of your goals, I think there has to be this alignment between some of your products and your pricing. Such as, for example, having more upper deck seating, which allows people to come and watch games and not just concentrate on VIP boxes. And these are some of the other issues in pricing. As mentioned, ticket pricing seems to be going up. But again, I think that should be based on the kind of vision that your team has, because financing sometimes is becoming very difficult. You also have these licensing of personal seats where people can actually sell their right to buy season tickets. So this helps in the project financing of building expensive stadiums. So there's a lot of flexibility in terms of how financing can be achieved in sports. You can have more on demand kind of viewing as we see with big events. And again I think from a standpoint, teams have to be aware that there is this concern about rising cost, not only as a spectator but also as a participant. Okay, distribution. I have continuously emphasized that it's about add ons, the add ons of conveniences. So here too, we can think about how to add more conveniences at the spectator experience level, but also at the sports participation level. So there are many different things that can be thought of to add that convenience, such as where to build a new stadium, how to distribute tickets in a much more friendly way, easier way, and if you have any fans abroad, how to market your licensed merchandise. In terms of sports participation, here too again you can add conveniences such as having a closer sporting activity sites. So I read somewhere that you can have these mini golf courses, instead of having to drive a couple of hours to play golf, you can have a mini version of golf, which you can play in the inner city, and sometimes even at night. So it doesn't have to be just during the day that you participate in these sports. And with technology, you can make that participation experience even greater, such as through the use of virtual reality and augmented reality. Lastly, in terms of promotion, I think the most noteworthy aspect is that some of the tools that are used in sports marketing may be different, and I think on that note, sponsorship is, I think, something that sports marketing tends to emphasize much more as compared to other industries. And also, the use of celebrities. And that's what basically athlete advertising is. You want take advantage of the fact that he's famous and idolized, and use that to transfer their image onto your product. So, the use of personality, that's I think, something that sports marketing emphasizes much more than other industries. Okay, so wrapping up, we learned that sports marketing is dual faceted. It's not just the marketing of sports but it's also the marketing via sports. We noted that you have different types of consumers and depending on who that consumer is, that the had to be matched. We learned that you have many stakeholders in sports marketing. And finally we learned about how the 4 P's in sports marketing may have relatively different characteristics.
