How do you market violence? Can the general public be persuaded to look at unarmed combat as a legitimate sport? Through the course of the paper, I will discuss all the aspects of the marketing mix, and how they are utilized by the mixed martial arts promotion The Ultimate Fighting Championship. I will also discuss the effect of their current marketing stratagem, and the impact to their booming business.
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
First we will discuss product. Within marketing terms, the product can be defined as a good or service that is provided for consumption or use by a customer. An easy example of a service product is hotel customer service. Another example of a product service can be the omnipresent use of cell phones, pertaining to their service providers. Product goods are easy to define, with footwear manufactured by Nike, or soft drinks such as Coca Cola.