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Exam Study Notes Flashcards

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1
Q

Define entertainment

A

Spend $ & time on

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2
Q

Discretionary income

A

$ left to spend after paying necessary expenses

Teens

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3
Q

Beginning of 20th century, what was major form of entertainment & how was it marketed?

A

Performing arts

Posters, newspaper , word of mouth

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4
Q

How did public transport help entertainment?

A

Allowed working class to travel to enjoy entertainment (broadened market)

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5
Q

Explain chain of events that led to birth & development of movies

A

Louis Le Prince - 1st moving picture Britain 1888

Thomas Edison - kinetoscope to view moving pictures (1890s)

Lumiere Brothers - 1st to charge $ for movie in a Paris Cafe (1895)

Building theatres followed & first movie with sound = The Jazz Singer 1927

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6
Q

Who is Bill Veeck

A

Developed sports marketing by introducing entertainment during games (score boards, fireworks)

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7
Q

Define marketing

A

Develop, promote, & distribute products to satisfy customer needs/wants

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8
Q

Define marketing concept

A

Organizations need to satisfy customers & reach their company goals

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9
Q

Define demographics

A

Stats that describe population by characteristics (age, gender, income)

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10
Q

Mass marketing

A

1950s promoting products to everyone - no target market

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11
Q

Cohort marketing

A

Studies groups who underwent same experiences during formative years (kids in Toronto in 70s vs 80s)

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12
Q

4Ps in marketing mix

A

Product -designing, naming, packaging
Price - cost to produce, market, profit
Place - make available to target market
Promotion - tell about product

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13
Q

Channel of distribution

A

Path from producer to consumer

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14
Q

4 types of promotion

A

Ads
Sales promotion
Publicity
Personal selling

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15
Q

7 key marketing functions

A

1) product management
2) distribution
3) selling
4) marketing-info management (learn about consumers/target market)
5) financing - budget & loyalty program
6) pricing
7) promotion

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16
Q

Cross marketing

A

1 company spreads across ent. markets

Disney from TV/movies to cruise lines etc

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17
Q

Sponsorship

A

Sponsors financially support sports/ent events/organizations - image, exposure, target consumers

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18
Q

Endorsement

A

Publicly approve a product

  • association
  • demographic match
  • success
  • image
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19
Q

Global entertainment economy

A

Biggest form of entertainment = travel industry

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20
Q

Economics

A

Study of choices & decisions that affect making, distributing & using goods/services

GDP measures economic growth

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21
Q

Price competition

A

Demand elasticity & available substitutes - many subs for product makes demand elastic
Price 👇🏾, demand 👇🏾& vice versa

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22
Q

Non price competition

A

Quality
Service
Image
(Starbucks) outweighs price

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23
Q

Intellectual property rights

A

1) copyright - legal protection of creators intellectual property (books) must pay royalty to use
2) patent - not used without owner permission ( MK)
3) trademark - protects names, symbols, sounds etc & can be renewed

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24
Q

Sole proprietorship

A

1 owner
👍🏾all profits, complete control

👎🏾liability & time

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25
Q

Partnership

A

👍🏾shared investment & responsibility

👎🏾disagreements, shared profit

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26
Q

Limited partnership

A

Silent partner with limited liability

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27
Q

Corporation

A

👍🏾easy to leave or join, hire experts

👎🏾high tax, increased gov rules

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28
Q

5 pricing problems

A

1) strikes
2) ticket scalpers
3) piracy
4) bootleg
5) royalty

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29
Q

Convergence

A

Overlapping product promotion (tims roll up the rim, TV commercial, etc)

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30
Q

Synergy

A

Products by one source promote growth of related products. Convergence + cross promotion = synergy (O magazine & Oprah show)

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31
Q

3 differences in marketing of sports vs ent

A

1) consumer loyalty - (more for sports)
2) product - sports consistent & ent products vary with trends/fads
3) revenue stream - sports from sponsorships & ent from merchandise etc (more $ for ent)

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32
Q

3 areas needed for activity to be a sport

A

1) normal physical activity
2) rules
3) recreational purpose ie competition, self enjoyment etc

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33
Q

Sports marketing

A

Marketing of sports: commercials, ads, ticket sales

Marketing through sports: companies endorse athletes, they wear products like Nike during games, commercials

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34
Q

Growth of sports marketing

A

1984 Los Angeles Summer Olympics - corporate sponsors market such as Coca Cola

Peter Ueberroth CEO credited with showing power of sports marketing

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35
Q

Sports franchise & commissioner

A

Sports teams - revenue from ticket sales, broadcast media contracts, sponsors, licensing

Head of league

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36
Q

Olympics timeline

A

First games 776 BC in Olympia with 1 event - 192m

Theodosius I stopped it

Revived 1890 Pierre de Coubertin

IOC - international olympic committee

Amateur rule overturned 1986

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37
Q

International sports

A

Soccer
Biking
Cricket
Rugby

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38
Q

Mildred Babe Didrikson Zaharias & Billie Jean King

A

Olympic gold medalist & great athlete

SportsWoman of the Year & won in battle of the sexes agains Bobby Riggs

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39
Q

Title IX

A

Law banning gender discrimination in school that received federal funds - more participation in women’s sports

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40
Q

Political clout

A

Power over gov

Sports franchises can threaten to leave city if they don’t get what they want

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41
Q

Sports consumer

A

Environmental influence: fam/friends, culture & values

Individual influence: self-image, physique, motivation

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42
Q

Market segmentation

A

Analyze market by specific characteristics to form target market

Geographic, demographic, psychographic, product benefits

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43
Q

Product mix
Product line
Product item

Product extension

A

Everything in Nike
Bball line
Just a basketball

Ancillary products like hats & jerseys

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44
Q

Opportunity cost

A

Loss of opportunity in order to receive something in exchange

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45
Q

Infrastructure

A

Physical development of area to make location function

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46
Q

Economic impact

A 
Tourist dollars
Taxes
Parking
Food
Media outlets
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47
Q

Grassroots marketing

A

Marketing activities on local community level

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48
Q

Ethics

A

1) steroids
2) violence
3) illegal behaviour (domestic/child)

49
Q

7 steps in product development

A

1) SWOT analysis
2) Idea generation
3) Screening & evaluation (need tech)
4) Business Analysis (financial)
5) Development (prototype)
6) Test marketing (small area)
7) Commercializing (produce & market)

50
Q

Product life cycle

Not all fit - coke

A

1) Introduction
2) Growth
3) Maturity
4) Decline

51
Q

Manage Product Life Cyle

A

1) modify product
2) market
3) reposition (change image)

52
Q

Gross profit

Net profit

A

Revenue -cost of goods sold

Gross profit -expenses (tax, ads)

53
Q

5 pricing goals

A

1) recover costs
2) return on investment
3) competition pricing
4) higher profit margin
5) increase market share

54
Q

Consumer perception

A

Entails prestige pricing (expensive must mean good quality)

Odd Even pricing

Target pricing (what consumer will pay)

55
Q

4 situations where price will have no effect

A

1) product is necessity (milk)
2) subs don’t exist (gas)
3) enough income so it doesn’t matter
4) time constraints

56
Q

Mark up pricing

A

Wholesalers & retailers buy goods for resale

Markup is difference between retail price & cost of item. Must ensure profit

57
Q

Cost plus pricing

A

Manufacturers & service providers

Price calculated by expenses & adding in profit

58
Q

Skimming pricing

A

New product is priced high to recover cost of development

59
Q

Penetration pricing

A

New product priced low to draw immediate demand

60
Q

Price lining

Bundle pricing

A

Selling goods in product line @ specific price points (9.99, 19.99)

Selling items as package @ set price

61
Q

Loss leader pricing

Yield management pricing

A

Price below cost to draw customers in store so they will buy other items

Different prices due to capacity (concert)

62
Q

Price fixing

Predatory pricing

A

Companies all set same price

Company sets low price to drive others out of business

63
Q

Market research

A

Collecting & analyzing data related to marketing goods

64
Q

5 steps in research process

A

1) identify problem
2) secondary research
3) primary research
4) collect data (census/sample/data mining)
5) report & analyze (qualitative or quantitative)

65
Q

Market testing

A

Test consumer reaction to see if product will sell

66
Q

6 qualitative research methods

A

1) interviews
2) focus groups
3) online focus groups
4) mall intercepts
5) surveys
6) product testing

67
Q

4 quantitative research methods

A

1) surveys
2) observational research
3) mystery shoppers
4) ethnography

68
Q

Direct channel
Indirect channel
Multiple channels

A

No intermediaries (Internet/infomercial)

Agents, retailers & wholesalers (costco)

Direct & indirect

69
Q

Outlet

Venue

A

Place where product is available

Same but with live events

70
Q

Brand
Trademark
Brand equity

A

Name, word, design identifying organization & its products

Device legally identifies ownership of registered brand

Value a brand has so customers $

71
Q

How to develop Brand Equity

A

1) develop brand (Gatorade=sports drink)
2) link to benefits (helps athletes perform)
3) help consumers feel good about product (best drink for athletes)

72
Q

Manufactured brands

A

1) multi product branding - one name for all products (Nike)
2) multi branding - distinct name (Procter & gamble has tide, pampers, etc)
3) co branding - scotiabank scene card

73
Q

Intermediary brands

Generic brands

A

Brand made by wholesaler (Kirkland -Costco)

General product with no brand or name (no name)

74
Q

Brand succes

A

1) offer benefit
2) be simple
3) be different
4) reflect image
5) be previously unregistered
6) be lasting

75
Q

Licensing

Benefits for licensor & licensee

A

Gives company right to use another’s brand name, patent etc for royalty

Licensor: image & team spirit
Licensee: Profit, new audience
Mutual: publicity, revenue, awareness

76
Q

Types of sponsorship

A

1) signage (scoreboard, floorboards)
2) entitlement (Rogers cup - 1 sponsor entire event)
3) facility entitlement ( ACC)
4) product exclusivity (only coke @ acc)

77
Q

3 functions of promotion

A

1) generate sales
2) attract target audience
3) positive image

78
Q

Promotional mix

A

1) advertising
2) sales promotion
3) publicity
4) personal selling

79
Q

Promotional budget

A

Percentage of sales

Competitive parity

Objective & task method

80
Q

Advertising

Types

A

Paid promotion of idea by sponsor

1) print
2) broadcast
3) direct marketing
4) online

81
Q

Sales promotion

A

1) coupons & rebates
2) samples
3) premiums
4) contests & sweepstakes

82
Q

Public relations
Publicity
Press kit

A

Activities promote image

Free mention of product in media

Promo material used by media like fact sheets, press release ( 5 w’s)

83
Q

Personal selling

A

Direct communication with customer by phone, online, or in person

84
Q

2 types of selling

A

1) order taking - customer knows what they want & asks for it (souvenir shop)
2) order getting - follows steps of sale (sports agent)

85
Q

2 ways to prepare for sales process

A

1) prospecting - look for customers

2) pre-approach - learn about products & potential customers

86
Q

7 steps professional selling

A

1) approach
2) determine needs
3) present product
4) overcome objections
5) close sale
6) suggestion selling
7) follow up

87
Q

Purpose of marketing plan

A

1) use within business

2) show investors for financial support

88
Q

6 elements of marketing plan

A

1) executive summary
2) situational analysis
3) marketing goals
4) marketing strategies
5) implementation
6) evaluation & control

89
Q

Non-media advertising

A

Airplanes, direct mail, flyers, billboards

90
Q

Cross selling

A

Selling additional related products tied to one name

91
Q

Brand identity

A

Consistent feeling associated with a brand

92
Q

Brand extension

A

Celebrities are brands (clothing lines)

93
Q

Entertainment franchises

A

Films or TV that expand to series (HP, 007)

94
Q

Archived brands

A

From the makers of….

Equity

95
Q

Corporate conglomerates

A

Merge with other companies to make big business

1) Disney
2) Sony
3) Viacom (paramount)
4) Time Warner
5) Vivendi Universal
6) News Corp

96
Q

Horizontal distribution

Vertical distribution

A

Rely on others for promotion (Netflix)

Produce, market, distribute & do all channels of distribution functions

97
Q

Oligopoly

Indie

A

Few companies affect industry but don’t control (Disney)

Operate solo

98
Q

Theme/Water Parks

A

Europe 1550 Pleasure Gardens for adults
then Disneyland all ages 1950 with sponsors
1980s water park

99
Q

TV networks

A

Supported by advertising sponsors

& shows come from networks or studios

3yrs or 60 eps = success

Independent or major network (independent can lead to affiliating which contracts with larger network like fox or global)

100
Q

Prime time for TV

Prime time for radio

A

8-11pm

6-9am

101
Q

Music industry

A

Dependent on record labels & costs $125 000 to produce album
27-37% profit

MTV revolutionized music

Concerts & merchandise help combat illegal downloads

102
Q

Awards

A

1) Academy/Oscar (film)
2) Razzies (worst film)
3) Grammy (music)
4) Tony (theatre)
5) Juno (music Canada)
6) Golden Globe (film & TV)
7) Canadian Screen Awards (film/Tv)
8) Emmy (TV)

103
Q

Other entertainment businesses

A

Circus
Themed restaurant (hard rock)
Opera & Ballet

104
Q

Merchandising

A

Promo material to advertise

1) direct - recreate image (iron man toy)
2) indirect - put on (iron man on drink)
3) tie-in (iron man & Burger King)

105
Q

Entertainment goods

A

1) media based goods (dvd, video games)
2) media based services (shows, concert, movie in theatres)
3) recreation based services (amusement park, zoo)

106
Q

Record club

Rack jobber

A

Receive free record if they purchase additional records in time frame

Vendors who distribute, price & control inventory within store

107
Q

LBE

A

Location Based Entertainment

-theme & water parks

108
Q

Edutainment

A

Educational entertainment

Museums, zoo, art gallery

109
Q

Media marketing channels

A 
Film
TV
Radio
Print 
Internet
110
Q

Exhibitor

A

Theatres that show films

Gross revenue 70% tickets & 30% concession

Exhibitor sets price

111
Q

Syndication

A

Sell TV program to individual station over network to make more $ on reruns

112
Q

Programming

A

Scheduled times for broadcasting (sat morn kid shows)

113
Q

Satellite radio

A

Bringing competition to industry

114
Q

Payola

A

Illegal payment by labels to stations to play their records

115
Q

Record labs market music

A

1) target market
2) stations with specific markets
3) internet ads
4) MTV music stations
5) magazines

116
Q

Performers market music

A

1) jingles
2) ad campaigns
3) artist web site
4) talk show
5) record signings
6) chat room
7) charitable activities

117
Q

Ad campaign

A

Selling, advertising, public relations & media to reach target market

118
Q

Print media types

A

Books
Magazines
Newspapers

119
Q

5 ways print can promote

A 
Book fairs
Book signings
Talk shows
Direct mail
Subscriptions

Sports Marketing (1 decks)

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