Chapter 1 Flashcards
What is marketing?
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing encompasses various strategies and methods used to connect with target audiences and fulfill their needs.
What is sports marketing?
It is the use of marketing for creating, communicating, delivering and exchanging sports experiences that have value for customers, clients, partners and society.
What is an event marketing?
It is a strategy that includes live and/or virtual promotional events where audiences interact with a product or brand face to face; or they engage with a meeting solutions platform via polls, chat boxes, social networking and discussion features.
The definition for sports marketing and event marketing is similar. Why?
Both types of marketing talk about creating experiences
We can perceive sports and events marketing in two dimensions. What are they?
- Marketing of sports/events: products, services, leagues, concerts, teams, venues, events and individuals
- Marketing through sports/events: business using sports/events as part of their marketing: sports sponsorship
Give an example of the first sports/events marketing dimension (marketing of sports/events)
Marketing of some concert, for example on social media
Give an example of the second sports/events marketing dimension (marketing through sports/events)
Sport sponsorship, for example M&M sponsoring NASCAR (their logo was put on the racing car)
What are the characteristics of sports/event marketing?
- Affinity advantage (people have a strong emotion-based passion for a sport, team, athlete, artist, or event
- Positioning challenge (positioned as entertainment: the challenge is to attract more attendees beyond just fans)
- Experience-based relationships (Intangible experiences such as attending events, playing fantasy sports, or watching live streams
Affinity refers to a natural liking or understanding of someone or something.
Positioning involves creating a distinctive image and identity for your brand in the minds of target customers.
Intangible refers to things that are not tangible or physical.
What are marketing’s roles?
- Marketing is a catalyst for creating customer value (increase benefits in relation to sacrifices) - to go somewhere I have to sacrifice sth else
- Marketing helps develop and nurture customer relationships through the proximity of sales, customer service, and market researchers to the customers.
- Marketing helps connect organizations with the external environment by identifying what is happening in the external environment - opportunities and threats.
What is the definition of relationship marketing?
Managerial approach to create, maintain, and enhance relationships with both customers and stakeholders
Focuses on long-term strategy.
How does marketing influence customer relationships?
Marketers are in close proximity to customers
What is better acquisition of new customers or retention of the old ones?
Why?
Retention is better and cheaper.
Cost of customer acquisition is 6 times greater than retention.
What is the primary goal of relationship marketing?
To create, maintain, and enhance relationships
True or False: Relationship marketing is a short-term strategy.
False
What is the relation between external factors and marketing decision?
Marketing decisions are affected by external factors.
