Ch 3. Marketing Principles Flashcards
What is marketing?
creating, promoting and delivering goods and services to consumers and businesses (CREATING DEMAND)
How does one create demand?
by identifying a target market and customer needs, understanding the customer and creating what they want, and providing the good at a reasonable cost
When is undifferentiated marketing beneficial?
when a wide range of customers have similar needs
Properties of undifferentiated marketing:
- product appeals to all kinds of people
- more cost efficient for a company
Property of target marketing:
- product appeals to a specific group of people (maximizing sales)
What does target marketing do?
identifies the qualities of your consumers and finds commonality among purchasers
What are the five target segmentations?
demographic, geographic, usage-based, product benefits, and psychographic
What is demographic segmentation?
sectioning into age, gender, family size, income, religion, race, etc.
What is geographic segmentation?
sectioning into countries and neighborhoods
What is usage-based segmentation?
sectioning into “how often” or “how much”
What is product benefits segmentation?
sectioning into the different benefits consumers seek from the product or event
What is psychographic segmentation?
sectioning into lifestyle, personality, opinions, or values
Lookalike Audiences
a group of people who are likely to be interested in your business because they share similar characteristics to your existing customers
What are the 5 Ps of the (Sport) Marketing Mix?
Product
Price
Place
Promotion
Public relations
In sport marketing, what are the characteristics of a product?
- not easily identifiable
- little control over product
- perishable
- consumers consider themselves experts of said product
What is the difference between a consumer purchaser and a consumer?
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
In sport marketing, what are the characteristics of price?
- usually provide more than one price
- higher prices must equal higher value of service
What factors affect the price of attending a professional sports game?
- location
- type of sport
- facility
In sport marketing, what are the characteristics of place?
- 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)
In sport marketing, what are the characteristics of promotion?
- customer awareness, sales, and brand loyalty
- advertisement and publicity
- teams and facilities compete and cooperate
In sport marketing, what is the characteristic of public relations?
- managing the image of an organization to the public
What research methods do sport teams employ?
website data, business analytics, reward cards, beacons, surveys, etc.
Who is Bill Veeck?
the pioneer of promotions who believed the product must be more than the game
What are certain events that happen during sports games that lead promotions?
contests and giveaways
What makes a successful promotion?
- valuable item
- entertaining
- inclusive (not just the first 100 people, but everyone)
- be memorable
