Ch 3. Marketing Principles

Question 1

What is marketing?

Answer 1

creating, promoting and delivering goods and services to consumers and businesses (CREATING DEMAND)

Question 2

How does one create demand?

Answer 2

by identifying a target market and customer needs, understanding the customer and creating what they want, and providing the good at a reasonable cost

Question 3

When is undifferentiated marketing beneficial?

Answer 3

when a wide range of customers have similar needs

Question 4

Properties of undifferentiated marketing:

Answer 4

• product appeals to all kinds of people
• more cost efficient for a company

Question 5

Property of target marketing:

Answer 5

• product appeals to a specific group of people (maximizing sales)

Question 6

What does target marketing do?

Answer 6

identifies the qualities of your consumers and finds commonality among purchasers

Question 7

What are the five target segmentations?

Answer 7

demographic, geographic, usage-based, product benefits, and psychographic

Question 8

What is demographic segmentation?

Answer 8

sectioning into age, gender, family size, income, religion, race, etc.

Question 9

What is geographic segmentation?

Answer 9

sectioning into countries and neighborhoods

Question 10

What is usage-based segmentation?

Answer 10

sectioning into “how often” or “how much”

Question 11

What is product benefits segmentation?

Answer 11

sectioning into the different benefits consumers seek from the product or event

Question 12

What is psychographic segmentation?

Answer 12

sectioning into lifestyle, personality, opinions, or values

Question 13

Lookalike Audiences

Answer 13

a group of people who are likely to be interested in your business because they share similar characteristics to your existing customers

Question 14

What are the 5 Ps of the (Sport) Marketing Mix?

Answer 14

Product
Price
Place
Promotion
Public relations

Question 15

In sport marketing, what are the characteristics of a product?

Answer 15

• not easily identifiable
• little control over product
• perishable
• consumers consider themselves experts of said product

Question 16

What is the difference between a consumer purchaser and a consumer?

Answer 16

an example of a consumer is someone who attends a sports game and the consumer purchaser is the person who buys the tickets to the sports game

Question 17

In sport marketing, what are the characteristics of price?

Answer 17

• usually provide more than one price
• higher prices must equal higher value of service

Question 18

What factors affect the price of attending a professional sports game?

Answer 18

• location
• type of sport
• facility

Question 19

In sport marketing, what are the characteristics of place?

Answer 19

• facility issues (can raise revenue because poor facilities cannot charge high prices)
• location and neighborhood (most stadiums were built in the suburbs or impoverished areas because the land was cheaper)

Question 20

In sport marketing, what are the characteristics of promotion?

Answer 20

• customer awareness, sales, and brand loyalty
• advertisement and publicity
• teams and facilities compete and cooperate

Question 21

In sport marketing, what is the characteristic of public relations?

Answer 21

• managing the image of an organization to the public

Question 22

What research methods do sport teams employ?

Answer 22

website data, business analytics, reward cards, beacons, surveys, etc.

Question 23

Who is Bill Veeck?

Answer 23

the pioneer of promotions who believed the product must be more than the game

Question 24

What are certain events that happen during sports games that lead promotions?

Answer 24

contests and giveaways

Question 25

What makes a successful promotion?

Answer 25

• valuable item
• entertaining
• inclusive (not just the first 100 people, but everyone)
• be memorable