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Sports & Entertainment Marketing > Exam 2 (4/14) > Flashcards

Exam 2 (4/14) Flashcards

8-13 (very little guest speaker info)

1
Q

law of demand

A

inverse relationship

when the price goes down, demand goes up and vice versa

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2
Q

producers

A

businesses that use resources to make products and services

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3
Q

supply

A

the relationship between how much product a producer can make, and the cash value of what they make

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4
Q

law of supply

A

linear relationship

when the price goes up the amount produced goes up and vice versa

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5
Q

equilibrium

A

the point where supply and demand curves intersect

indicates the best $ & quantity for goods/services

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6
Q

supply curve

A

how much will be produced at different prices

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7
Q

demand curve

A

how much consumers will buy at different prices

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8
Q

anti-trust laws

A

serve to encourage competition and prevent the formation of monopolies that control the whole market

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9
Q

what does competition in a free market allow?

A

supply and demand sets the $ of goods and services

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10
Q

price fixing

A

businesses conspire to charge higher prices

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11
Q

price discrimination

A

someone is charged a higher price than someone else

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12
Q

pricing

A

the process of establishing & communicating value to the customer

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13
Q

markup

A

additional price to cover expenses and generate a profit

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14
Q

price lines

A

distinct categories of merchandise based on price, quality, and features

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15
Q

how to determine the price? (5 steps)

A

1) establish $ objectives

2) determine the cost of product/service

3) estimate consumer demand

4) decide on pricing strategy

5) test the price & adjust accordingly

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16
Q

business cycle

A

ups & downs of the economy, roller-coaster ride that fluctuates

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17
Q

inflation

A

prices of goods rise faster than consumer income increases

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18
Q

shoulder period

A

time of moderate demand

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19
Q

media

A

channels of communication used to send the target market messages

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20
Q

advertising

A

paid form of communication for a seller to reach a buyer

many forms and appeals to the masses

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21
Q

sales promotion

A

additional incentive offered for a limited time to persuade consumers to buy a product

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22
Q

publicity

A

unpaid media attention whether good or bad

“all publicity is good publicity”

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23
Q

personal selling

A

face to face selling to help mitigate hesitation on the consumers end

more personal experience

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24
Q

AIDA (effective ads have this)

A

Attraction
Interest
Desire
Action

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25
copy
content written to sell/persuade readers to take action
26
product placement
integration of products into tv or movies not necessarily mentioned but embedded in the viewers mind
27
reach
the expected # of consumers that an ad will reach through the chosen media
28
frequency
#of times the target audience has been exposed to the ad
29
native advertising
online content created by a company that doesn't look like a typical ad sponsored articles & social media posts
30
trade sales promotion
targets retailers and distributors to incentivize them to buy & sell more of a product
31
consumer sales promotion
directed at the end user of the product
32
publicist
person who maintains relations with the public by issuing a statement
33
goodwill
positive feelings about the firm/organization
34
grass-roots efforts
unknown person or event is propelled into the spotlight by fans
35
viral campaign
few online mentions produce millions of comments
36
fake grass-roots & front groups
deceptive practice that aims to conceal the brand/sponsorship behind a message as it gains popularity
37
PR (public relations)
promotion that aims to paint a favorable picture to the masses
38
body language
unspoken part of communication that conveys true feelings to give our message more/less impact
39
endorsement
well known individual makes their support of a product public expensive to the sponsoring company
40
GRP
gross rating points reach x frequency
41
CPM
cost per thousand cost of each exposure to an ad / reach in thousands
42
what is personal selling good for?
expensive things in niche markets that involve long decision making processes
43
what must salespeople understand?
their product, their customer, and their competition
44
customer 5 step process
recognize a need search for what's available evaluate options make a decision decide if it was worth it
45
customer management
building a customer base and spending time with customers
46
ticket brokers
legal buying and reselling
47
ticket scalpers
unauthorized resale outside the events for inflated prices
48
marketing plan
written out and describes situational analysis, marketing strategy, and plan to meet objectives and ways to do it
49
marketing strategy
ideas for achieving marketing objectives that can be put into place
50
applied research
focuses on solving specific problem and often used for development of new products
51
interpretation
explanation of research data that makes it useful
52
executive summary
placed at the front of marketing plan to present concise summary of contents
53
non-price competition
emphasize other factors in marketing mix besides price
54
positioning statement
description of marketing mix's unique qualities
55
project matrix
chart displaying who is responsible for what
56
intellectual property
unique works of people that are protected under copyright laws
57
patent
other people can't make, use, or sell an invention
58
royalty
payment for use of copyrighted work
59
public domain
realm in which the originators work can be used without permission
60
fair use
limited creative use of copyrighted stuff without permission of payment
61
labor union
organization of workers that wants to advance their rights & interests
62
what fields are highly unionized
tv and movie industry
63
strike
refusal of work by employees when negotiations with employers fail
64
collective bargaining
group of employees join together as single unit to bargain with employers
65
CBA
collective bargaining agreement employment contract with owners or management with the unions salary, conditions, contract lengths and rules under which people operate
66
lockout
period of time where owners keep players from using facilities
67
agent
legal representative of an athlete or celebrity
68
agent contract
agreement in which athlete allows their agent/agency to act in their own best interests
69
contract
agreement that is enforceable by law, and details the transactions between two or more people
70
noncompete clause
prohibits working for a competitor for a certain period of time
71
push money
incentivizes employees to "push" or sell more of a certain product
72

Sports & Entertainment Marketing (2 decks)

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