Intro

Question 1

What is a market?

Answer 1

A location where buyers and sellers meet to exchange goods and services for a set price

Question 2

What is sports marketing?

Answer 2

The ongoing process through which contests with an uncertain outcome are staged creating opportunities for the simultaneous fulfilment of direct and indirect objectives amongst sports consumers, business and other related individuals and organisations

Question 3

What are the direct and indirect outcomes of sport marketing? e.g. London Olympic

Answer 3

. Direct=fan attendance, sponsorship and broadcast rights

. Indirect= promotion of active nation, economic benefits of the area

Question 4

What are the specific challenges of sport that marketeers face?

Answer 4

. Product led-marketing opportunities largely determined by the sport players
. Uncertainty of outcome and how to market it
. Sports consumers help to produce the producte.g. atmosphere
. Emotional and social connection of sport fans
. Sport success is measured in different ways

Question 5

What is marketing?

Answer 5

American Marketing Association (2004) definition:
“Marketing is an ORGANISATIONAL FUNCTION and a set of processes for creating, communicating, and delivering VALUE FOR CUSTOMERS and for managing customer relationships in ways that BENEFIT the ORGANISATION and its STAKEHOLDERS”

Question 6

What are the three dimensions of the marketing concept?

Answer 6

1. Customer orientation
2. Integrated effort
3. Goal Achievement

Question 7

What is customer orientation in the marketing concept?

Answer 7

Corporate activities focused upon providing customer satisfaction

Question 8

What is the integrated effort within the marketing concept?

Answer 8

All staff and departments accept the responsibility for creating customer satisfaction

Question 9

What is goal achievement within the marketing concept?

Answer 9

The belief that corporate goals can be achieved through customer satisfaction

Question 10

What is customer value?

Answer 10

Benefits delivered to customers minus the costs they incur to purchase those products

Question 11

What ways can companies deliver value to customers?

Answer 11

. Price value (e.g., Sports Direct)

. Performance value (e.g., Nike)

. Emotional value (e.g., Manchester United)

. Relational value (e.g., service quality)

Question 12

What are the costs that customers can incur to receive value from products?

Answer 12

. Financial costs (e.g., money for replica shirts)

. Social costs (e.g., pollution from manufacturing)

. Temporal costs (e.g., time queuing for match tickets)

. Psychological costs (e.g., new alternatives)

Question 13

What is market orientation?

Answer 13

The organisation-wide implementation of the marketing concept

Question 14

What are the components of market orientation?

Answer 14

. Customer Orientation
. Competitor Orientation
. Interfunctional orientation

Question 15

What is competitor orientation?

Answer 15

Awareness of the activities, strengths and weaknesses of rivals

Question 16

What is inter-functional orientation?

Answer 16

Where all departments are focused on creating customer value e.g. finance department needs to be on board with a marketing strategy to finance activities

Question 17

Who are the stakeholders in marketing?

Answer 17

. Customers-most important-meeting needs
. Competitors- level of rivalry,how many
. Suppliers- Supply chains and logistical processes
. Society-relationships and effect
. Employees-well trained market-orientated staff

Question 18

What is a sustained competitive advantage and definition by…

Answer 18

Implementation of value-creating strategies not simultaneously being implemented by any other current or potential firm and the other firms are unable to duplicate the benefits of this strategy (Barney, 1991)

Question 19

According to a cross sectional survey what does market orientation lead to and author?

Answer 19

Finding showed firm’s generate greater profitability, sales and growth and new product development (Slater and Narver, 1994)