Exam 3 Flashcards
Retention
process of providing continuing satisfaction and reinforcement to individuals who are past or current customers which in turn will create lasting relationships with all customers
Licensing
the act of granting a second party permission to use a mark, name, symbol, or likeness
Brand associations
anything such as symbol, activity, famous person etc. that makes a consumer think of a particular brand or product
A
the ongoing process of identifying and creating new value with individual customers and then sharing the benefits over a lifetime of association
He sport property derives its earnings in the form of a ___________, which is charged to the licensed manufacturer.
royalty
A number of steps were suggested for relationship marketing by Seth Gordon (2004). Which step is closely related to the following comment?
“Providing customers with what they want must be compatible with what the organization want.”
Step 2: Growing through scope
and partnering
A more effective way of viewing the four Ps, at least in relation to sales and promotional activities, is from a more ( α ), ( β ) orientation.
a. customer-centric
B. service-based
A number of steps were suggested for relationship marketing by Seth Gordon (2004). Which step is closely related to the following comment?
“Sport organizations can provide customers the value they want by using technology throughout all communication interactions.”
Step 1: Using technology to serve
individual customers
What’s is Disney’s magic marketing formula?
“Ask the guests what they want and give it to them”
Which step is related to relationship marketing?
Step 3: Rethinking the four Ps
Which step is related to a relationship manager’s job?
Step 4: Creating the position of
relationship manager
According to Milne and McDonald, four steps are needed to build a robust network with consumers in sport industry. Which order is correct?
1) Build a customer database: CRM
2) Collect customer-level data: survey (onsite,
mail, e-mail)
3) Differentiate your customers: segmentation
4) Develop innovative programs: Applications
“EA sports has licensed the right to develop, publish, and distribute interactive college football video games with a variety of collegiate program.”
In the aforementioned case, who is a licensor?
college programs
Anderson and Zemke suggest five ways to establish a trademark in customer service. What are the 5 ways?
-- Be reliable – Call customers by name – Focus on accuracy in everything that you do – Recognize your repeat customers – Know your products and more
What are three elements of licensing?
Conduct a market analysis
Conduct a technical analysis
Conduct a financial analysis
George bought a new UCM hoodie for $40.00 at the bookstore. Considering average royalty rates range discussed in the textbook, how much money possibly goes to UCM as a royalty (Choose all that apply)?
$2.40-$4.00 the royalty is 6% to 10% of the sale price
OR it’s $37.60-$46.00
Benefits of Licensing (3)
– Establish a presence in the marketplace
– Establish an alternative means of revenue production
– Establish the power to legally defend itself against
unauthorized logo usage
4 fundamental product and market growth strategies:
- Market penetration
- New market development
- New product development
- Diversification
2 most popular methods of recruiting licensees
Licensing program literature
Trade-show networking
In order to enhance product appeal and to spark demand in a new market, sport licensor of all sizes have actively pursued ______________, in which two or more rights holders allow their marks to appear together on merchandise or other items of commercial value.
joint-use agreements
Those working with licensees to identify new product offerings or logo applications should employ the three-step process. Which one of the followings is correct order?
market analysis
technical analysis
financial analysis
Explain Retailer Programs
Distribution of licensed products spread through other channels, such as sporting-goods stores, mass merchants, and even grocery stores
Royalty management procedures (4)
Assessment of advance royalty fees
Establishment of royalty performance guarantees
Submission of royalty reports
Execution of royalty computation audits
The 5 C’s
Change Choice Community Cool Customize
Characteristics of 1-on-1 marketing? (10)
Individual customer Customer profile Customized market offering Customized production Individualized distribution Individualized incentives Two-way message Economics of scope Profitable customers Customer retention
Ways of Personalization (5)
Identification Differentiation Interaction Customizing Permission marketing
Elements of situational analysis (4)
- Review of both existing and potential
consumers - Assess the strengths and weaknesses of a
product - Review past branding campaign
- Situational analysis needs to include an
analysis of the competition
Ways to develop a segmentation strategy
Demographic variables
Geographic data
Psychographic or lifestyle information
Usage
“Benefits” type of brand association
Fan identification Escape Nostalgia Pride in place Peer-group acceptance
The fifth step of strategic brand communication process is selecting the media for the message. Before selecting the media, two factors should be considered. Which ones are correct?
Integration
Budget
There are several modes of brand communication. Which one is related to the following statements?
In the interest of generating exposure, sport organization may also often supply products for inclusion in visual media sources that need props and personalities. For example, many athletes have hosted NBC’s Saturday Night Live shit show.
Product placement
It offers a number of advantages over other mass media. It can stimulate higher levels of attention and message retention. It allows the source to tell a story that includes the features and benefits of the product. What is it?
Mass-media publicity
Advertising budget affects and often inhibits the effective integration of advertisements across all media platforms. Which one of the following is NOT related to typical methods of advertising budget analysis?
Marginal analysis
Percentage of sales
All that can be afforded
Competitive parity
