Module 2 Flashcards
What does STP stand for?
Segmentation,
Targeting,
Positioning.
What is market penetration?
Marketing more of existing portfolio to existing market segments.
What is market development?
Marketing existing portfolio to new customers.
What is development of offerings?
Marketing new products to existing consumers.
What is customer relationship management?
Enhancing loyalty, relationships, and values with existing market segments.
What is De-marketing?
Excluding customers you do not target.
What are the 5 key aspects of segmentation in sport marketing?
(WBETS)
Wide product application,
Broad reach,
Efficient reach,
Timing,
Segment boundaries.
What are the 4 keys criteria for effective segmentation?
(RMAS)
Responsiveness,
Measurability,
Accessibility,
Substantiality.
What are the 3 ways to target markets?
(UMC)
Undifferentiated targeting,
Multi-segment targeting,
Concentrated targeting.
What are the 4 positioning strategies in marketing segmentation?
(Position by: APUA)
Position by attributes,
Position by price-quality association,
Position by use,
Position by advantage over competition.
What is the sport marketing mix? 4 P’s
Product,
Price,
Promotion,
Place.
What is the difference between a product and a service?
Product is tangible, service is intangible.
What are the 4 steps to the product lifecycle?
Introduction
Growth
Maturity
Decline
What are some examples of primary products in sports?
Events (Olympics)
Athletes
Teams
Leagues
What are some examples of derivative products in sport?
Facilities
Skilled services (chiropractor)
Media (sports networks)
What is a brand?
Name, logo, or symbol that distinguishes a product from others
What is a brand audience?
All groups of people who influence a brand and those influenced by one.
Examples of brand audiences?
Staff & volunteers
Athletes
Host cities
Sponsors
Media
Fans
What are brand touchpoints?
Where a brand interacts with its audience
What are the 4 dimensions to brand equity?
Brand awareness
Perceived Quality
Brand association
Brand loyalty
What is brand association?
The representation of a brand image from the consumer point of view
What are the 3 types of brand associations for sports clubs?
Attributes (success)
Benefits (fan identification)
Attitudes (overall perception)
What are the 3 elements brand associations are evaluated on?
Strength
Favourability
Uniqueness
Provide an example of a Team, Organization, and Market related antecedent?
Team related: team success
Organization related: reputation
Market related: media coverage
What is the product mix?
All the different products and services an organization offers.
What is brand equity?
The added value that a product has by virtue or its brand name.
What is merchandising?
A product with a name or logo of a sports team.
What is licensing?
A contractual agreement where a company uses another company’s trademark.
What is a brand extension?
A new product sold with the same brand name as a strong existing brand.
