Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Sports Marketing > Exam > Flashcards

Exam Flashcards

You may prefer our related Brainscape-certified flashcards:
Sports Trivia flashcards
1
Q

Whats Mass Marketing

A
  • Promoting products with one key message that is direct to everyone.
  • It is not as popular today due to the availability of information and computer technology, so the marketing is more sophisticated
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is Demand elasticity and available substitutes theory

A
  • When there are many substitutes for a product (tea for coffee, apple for orange juice) demand for the product is elastic.
  • That means that a change in price affects demand for the product.
  • The theory is that when you lower your price, demand will increase.
  • When you raise your price, demand will decrease.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

3 types of intellectual property rights

A

Copyrights
Patent
Trademarks

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Explain what a copyright is and give an example.

A
  • the legal protection of a creator’s intellectual property or products.
  • e.g. books, films, video games, music, art
  • The duration is for the life of the author plus 50 years.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is a royalty?

A
  • If you wanted to use a clip from a movie for a commercial you would have to get permission and also pay a royalty fee to the owner.
  • the fee you pay to use someones property
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Explain what a patent is and give an example.

A
  • granted for 20 years
  • a type of intellectual property that gives its owner the legal right to exclude others from making, using, or selling an invention
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Explain what a trademark is and give an example.

A
  • Can be words, names, symbols, sounds or colors that distinguish goods/services.
  • Can be renewed over and over again.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Product Tie-In

A
  • the use of ancillary products such as merchandise for promotional tools
  • Ex: happy meal at mcdonalds with a toy
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Define synergy and give an example

A
  • a combined action that occurs when products owned by one source promote the growth of related products
  • Ex: synergy occurs when the OVO clothing steers people back to drakes music or concerts
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Define convergence and give an example.

A
  • The overlapping of product promotion
    multiple types of promotion occurring at the same time
  • Ex: tim hortons having a billboard, tv commercial, roll up the rim contest, internet ad, etc
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Whats a sports product

A
  • the goods service ideas or a combination of those things related to sports that provide satisfaction to a consumer
  • ex. basketball, jersey, shoes, video game
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Professional athlete

A
  • an athlete who has the will and ability to earn an income from a particular sport
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Amateur athlete

A
  • an athlete who has never accepted money, or who accepts money under restrictions specified by a regulatory body, for participating in a competition
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Recreational athlete

A

Plays the sport for fun;
Ex: golf, tennis, bowling, hiking, skiing, snowboarding

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

High school athlete

A
  • A person who plays on highschool sports teams
  • in many communities, highschool sports are a source of pride and part of tradition, regional influences affect the popularity of sports in canada and the united states
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Whats NCAA

A

national college athletic association

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Whats U sports

A
  • national organizations that governs college/university athletics and oversees important decisions pertaining to athletics
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

college/university athlete

A

Play for NCAA or U Sports

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Whats Grassroots marketing

A
  • marketing activity on a local community level
  • if companies get you on a local level, you will blossom
  • Ex: Toronto Maple Leafs going to sickkids hospital
  • all of the 3 sports teams above (Blue Jays, raptors, argonauts) do Grassroots marketing in around the GTA.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What are the 4 stages in the Product Life Cycle

A

Introduction
Growth
Maturity
Decline

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Explain the Introduction stage

A
  • The product is first introduced in the marketplace
  • focus is on promoting consumer awareness and getting consumers to try the product
  • A major task is the distribution of the product; trying to convince retailers to carry your new product
    EX: Gatorade - had to educate consumers about its capability of restoring an athlete’s energy lost during active play
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Explain the Growth stage

A
  • More competitors enter the marketplace
  • To stay competitive the product may be improved by adding new features or new products in that line
  • Important to add distribution outlets
  • EX: Gatorade added new flavors (orange and fruit punch), package sizes, and types of containers
  • Gatorade increased its distribution from supermarkets and convenience stores to vending machines, fountain service, and snack bars.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Explain the Maturity stage

A
  • Sales begin to slow down (start to plateau)
  • Repeat customers may stop buying
  • To keep the product alive, changes may be made to the product to distinguish it from the competitors
  • The focus can be on identifying new buyers
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Explain the Decline stage

A
  • Sales and profits begin to drop
  • Technological advances can cause entire product categories to enter the decline stage
  • The product may be dropped from the product line or kept to satisfy requests from loyal customers
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Define channel of distribution.

A

the path a product takes from the producer or manufacturer to the consumer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

What are the 3 Channels of distribution

A

direct channel.
indirect channels.
multiple channel

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Direct Channel

A
  • the path a product takes without the help of any intermediaries between the producer and consumer
  • you can buy it straight from the producer, nobody in between
    Ex: Costco hotdogs, restaurants
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Indirect Channels

A
  • The path a product takes using intermediaries between the producer and the producer and the consumer
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Multiple channel of distribution

A
  • involves more than one type of distribution channel to reach customers
  • increases product and service exposure and provides an opportunity to reach different parts of the consumer market
    EX:
    1. website (direct)
    2. retail stores (direct)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Gross profit

A

Revenue minus the cost of goods sold.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Net profit

A

Gross profit minus expenses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

5 pricing goals

A
  1. Recovering costs
  2. Return on investment
  3. Competition pricing
  4. Higher profit margin
  5. Increase market share
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Return on Investment

A

For every dollar the company puts into a project, the goal is to get the maximum return.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Competition pricing

A

To meet or beat the competitor’s price.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Higher profit margin

A

the difference between the expenses and the retail price, expressed as a percentage or a dollar amount.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Increase market share

A

the percentage of the total sales of all companies that sell the same type of product.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Consumer perception

A

the relationship of price and quality in a consumer’s mind.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Prestige pricing

A

Pricing a product well above the average market price to attract consumers who may judge a product’s quality by its price.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Odd-even pricing

A
  • Pricing goods with either an odd number or an even number to match a product’s image.
  • Odd priced items ($25.99) suggest a bargain.
  • Even priced items ($100) may reflect quality and more expensive items.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

Target pricing

A

Pricing goods according to what the customer is willing to pay.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

Describe the supply and demand theory

A
  • If a product is in high demand, and there is a limited supply, its price will be high.
  • When there is a large supply of an item and demand is not great, dealers may lower prices to increase demand.
  • Supply and demand theory is based on elastic demand.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

4 situations where price will not affect a consumer’s demand

A
  1. Product is a necessity
  2. No substitutes exist
  3. The price increase is not significantly relative to the consumer’s income
  4. Time constraints
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

Markup pricing

A
  • used by wholesalers and retailers who buy goods for resale
  • markup is the difference between the retail or wholesale price and the cost of an item
  • The markup must be high enough to cover expenses to ensure a profit
    Ex: Dollarama or Costco
44
Q

Cost-plus pricing

A
  • Used by manufacturers and service providers
  • pricing products by calculating all costs and expenses by adding in desired profit
45
Q

Skimming pricing

A

When introducing a new product, marketers will price the item high to recover the costs of development

46
Q

Penetration pricing

A

price an item low to create immediate demand for the product

47
Q

Price lining

A

Selling all goods in a product line at specific price points’
Ex: a business may decide to sell it’s basketballs at three price points - $9.99, $19.99, $29.99

48
Q

Bundle pricing

A
  • selling several items as a package for a set price
  • products individually would cost more than the package price
    EX. Mcdonalds combo
49
Q

Loss leader pricing

A
  • pricing an item at cost or below cost to draw customers into the store
  • Idea is to get consumers into the store and to buy additional products
50
Q

Yield management pricing

A
  • pricing items at different costs to maximize revenue when limited capacity is involved
  • Ex: seating in an arena. some seats are priced higher than others due to their location or the time they are purchased
51
Q

Tiered pricing

A
  • charging more for tickets to home games against more competitive opponents
52
Q

Price Fixing

A

an illegal practice where competitors conspire to set the same price

53
Q

Predatory pricing

A

Is setting a very low price in order to drive competitors out of business

54
Q

Whats the Competition Act

A

prohibits price fixing and predatory pricing

55
Q

Multi branding

A
  • Each product in a product line has its own name
  • An advantage is that each product has its own distinct image
  • One disadvantage is the cost
    Ex: Procter & Gamble has Tide, Gillette, pampers
56
Q

Multi Product branding

A
  • used when the manufacturer uses one name for all it’s products
    Ex: Nike
57
Q

Co branding

A
  • Combines one or more brands to increase customer loyalty and sales for each product
  • Ex: using American Express gets you air miles
58
Q

Generic brands

A

represents a general product category and does not carry a company or brand name

59
Q

Intermediary brands

A
  • carries a name developed by the wholesaler
  • Intermediaries contract with manufacturers to make products that are sold under their own private labels
    Ex: Costco - Kirkland, No frills - No name, Shoppers - Life
60
Q

Brand

A

a name, word or words, symbol or design that identifies an organization and its products

61
Q

Brand name

A

a word or words, letters or numbers representing a brand

62
Q

Brand equity

A
  • the value a brand has beyond its actual functional benefits
  • customers are generally willing to pay a higher price for products with brand equity
63
Q

Promotional advertising

A

advertising with a goal of selling an item being promoted

64
Q

Institutional advertising

A
  • Advertising with a goal of developing goodwill or a positive image
  • Ex: at the end of Blue Jays or Raptors or Maple Leafs season, you might see an ad in the newspaper thanking the fans.
    Ex. Tim Hortons advertisements
65
Q

Define licensing.

A
  • an agreement which gives a company the right to use another’s brand name, patent, or other intellectual property for a royalty or fee
  • Sports teams, athletes, and entertainment companies may have licensing agreements with product manufacturers
66
Q

Licensor

A

the company or individual granting the license

67
Q

Licensee

A

The company or individual paying for the rights to use the licensor’s name or property

68
Q

licensed products

A
  • Goods or services that legally use logos or images owned by other companies or people.
  • Ex: royalty/licensing fee to Sony to be able to use the Spider man image.
69
Q

Define endorsement.

A

Approval or support of a product/service usually by a celebrity

70
Q

Explain what sponsorship is

A

promotion of a company in association with a property

71
Q

Signage

A
  • scoreboard, floorboards, rafters
  • Ex. Scotiabank Arena on the scoreboard you can see the Remax logo, Ford on the ice, and a lot of sponsors on the boards, zamboni has a MasterCard logo
72
Q

Entitlements

A
  • occur when there is one major sponsor for an event
    Ex. national bank open is the major sponsor for this tennis event in Toronto and Montreal
73
Q

Facility entitlements

A

a company purchases the promotional rights to an entire stadium
Ex. Budweiser Stage, Scotiabank arena

74
Q

Product exclusivity

A
  • only one product in a product category is granted sponsorship
  • This prevents competitors from selling or promoting their product during sponsored events
    Ex. At McDonald’s you can only buy Coca-Cola products, not Pepsi
75
Q

4 elements of the promotional mix/plan.

A

Advertising
sales promotion
publicity
personal selling

76
Q

Define advertising.

A

Any paid promotion of an idea, good, or service

77
Q

List the 5 types of sales promotion.

A

Coupons & Rebates
Samples
Premiums
Contests & Sweepstakes
Price matching

78
Q

coupon and rebates

A

offer some type of price reduction or free merchandise
the biggest difference is that coupons must be redeemed at the store while rebates must be sent to the manufacturer for reimbursement
Ex. Mcdonalds coupons, honey coupons

79
Q

Samples

A

in a sampling campaign samples of a new product are given away to potential customers
local newspaper, mail, online or in person
In-store promotions or booths at sporting events
Ex. Costco samples

80
Q

Premiums

A

Are items that are given away free with the purchase of merchandise
Free toys given away with the purchase of a McDonald’s happy meal

81
Q

contest and sweepstakes

A

For a contest a task must be performed to win a prize (ex roll up the rim or answer a skilled testing question)
Sweepstake participants need only to sign u to be included in the competition (paper or online)

82
Q

price matching

A

is a practice where a retailer agrees to match and/or beat a lower advertised price from a rivals store
Selling you the same product for a lower price

83
Q

Publicity

A

The free mention of a product, celebrity or company in the media.

84
Q

Press release

A

A newsworthy article that provides the basic information to answer questions such as who, what, where, when, and why.

85
Q

personal selling

A

personal selling allows for two-way communication between the buyer and seller
Direct communication by a salesperson to potential customers either in person, by telephone, or online

86
Q

Explain the power of the promotional mix and what it achieves.

A

the right combination of all the elements of the promotional mix works to create synergy
Advertising, sales promotion, publicity, and personal selling leads to attract customers and fans, sales, and a positive image

87
Q

explain what a marketing plan is.

A

A document that provides direction for the marketing activities for a specific period of time

88
Q

whats a situation analysis

A

a study of the internal and external factors

89
Q

Internal factors

A

Target markets
Current performance
Financial resources

90
Q

External factors

A

External
Competition
Political
Economical
Regulatory/legal
Technological
Cultural
Industry trends

91
Q

SWOT analysis

A

Strength
Weaknesses
Opportunity
Threats

92
Q

6 elements of a marketing plan.

A

Executive summary
Situation analysis
Marketing goals/objectives
Marketing strategies
Implementation
Evaluation and control

93
Q

What is the marketing mix and give examples

A

Product
the design, packaging, brand name
product warranty, image and customer benefits
point of difference

Price
Cost, competition, economic conditions and what the consumer is willing to pay will impact the price
psychological and emotional factors will play a role such as value, reputation, or prestige

Place
distribution strategies to get the product to the consumers
Direct channels, intermediaries, direct marketing, websites

Promotion
Sales promotion, advertising, publicity, public relations, personal selling
Can focus on informing, eductiing and or persuading customers

94
Q

Define entertainment marketing.

A

the process of developing, promoting, and distributing products, or goods and services, to satisfy customers needs and wants through entertainment, or any diversion, amusement, or method of occupying time

95
Q

Brand Identity

A
  • a consistent image or feeling that consumers recognize when encountering the brand
  • a consumer may accept the product and possibly buy it with no product knowledge beyond brand name recognition
96
Q

Define ratings and explain why they are important

A

Ratings are a type of market research that determines if a program stays on television schedule or is dropped

97
Q

niche marketing

A

A type of marketing that focuses on a small target market of consumers who have very similar interests.

98
Q

Define corporate conglomerate

A

Entertainment companies are often corporate conglomerates or companies that have merged with or bought other companies and absorbed them into larger, more competitive businesses.

99
Q

the big 5 entertainment conglomerates.

A

The walt disney company
Sony entertainement
Viacom (paramount)
Time warner
Comcast

100
Q

3 entertainement categories

A

Media based entertainemnt goods
Media based entertainemnt services
Recreation based entertainment services

101
Q

Media based entertainment goods

A

Films on DVD and Blu Ray
Music on DVD and CDs
Video and electronic games
Books and magazines
Toys
T-shirts
Concessions
Ex.super mario bros games

102
Q

Media based entertainemnt services

A

Television shows
Movies in theaters
Concert performances
Theater performances
Streaming services
Ex. Movies, minions

103
Q

Recreation based entertainment services

A

Amusement parks
Zoos
Museums
Snack-bars
Ex. canadas wonderland

104
Q

Define evergreen and give an example.

A

films or products that are popular year after year
Evergreens are important to the film industry
EX: Grown ups, star wars

105
Q

Location-based entertainment (LBE)

A
  • entertainment that includes amusement, theme, animal, and water parks
  • has evolved into major entertainment forms and can be local, regional or national attractions.
106
Q

Describe impulse spending and why it is important to LBEs.

A

buying without prior planning
The park environment is set up for impulse spending.

Sports Marketing (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions