Second Test Flashcards
what are sports and entertainment
leisure activities for the purpose of enjoyment
who do sports and entertainment marketers always sell participation in sports or entertainment to
consumers
what is a consumer
people who use products; person who spends money on stuff (goods and services)
discretionary income
money left to spend after necessary expenses are paid
what has the growth of sports and entertainment relied on
customers with free time, discretionary income, and a desire for recreation
who were sports and entertainment originally made for and why
wealthy people; others could not afford the prices to go to different events
how were all people eventually able to go to all of the entertainment
wages were raised, better working conditions, and reasonable working hours for their members (people could now afford it all)
what else made entertainment more available to the working class
development of technology and some new inventions
kinetoscope
a device used to view a sequence of moving pictures; everyone could use it no matter what social class, so people really liked it
William “Bill” Veeck
key figure in the development of sports marketing (owned Cleveland Indians and the Chicago White Sox)
what did William “Bill” Veeck introduce
fireworks, dazzling scoreboards, special event nights, grandstand manager’s day (all of this made the games more valuable to fans
Adolph Zukor
founder of Paramount Pictures; knew how to get a crowd
what can’t you rely on today
cannot simply rely on the entertainment value of their products; need other aspects to complete the experience for people
vendors
sellers of products
what is needed to ensure that everything will go smoothly with entertainment and everything
a plan; will be based on demographics
product
a good or service that any for-profit industry sells to its customers; good or service bought or sold
what are celebrities and athletes used for
to advertise and start an exposure of different things on television, magazines, ads, or anything like that
what is basis of all marketing
4 P’s
what is sometimes considered the 5th P of that marketing mix
people
promotion
any form of communication used to persuade people to buy products
what is the difference between sports and entrainment products from traditional consumer products
sports and entertainment products are not physical goods that can be stacked on a store shelf; they are more dynamic
examples of that more dynamic aspect
tiger woods sells more than just golf stuff, esp. restaurant sells burgers and gods, not just tickets or stuff to places
endorsement
approval or support of a product or idea, usually by celebrity
what are celebrities used for and why
not only used in sports marketing; they are powerful marketing tools because they have a public persona
what is public persona
personality perceived by the public
core product
the main product, such as sports event, move, stage show, or book (tangible)
ancillary product
a product related to or created from the core product (cane tangible/intangible
what can companies market products as in sports and entertainment and what can come from it
either core or ancillary products/ can earn additional revenue
revenue
gross income
place relation
matters when marketing a certain product and who you are going to market it to
price relation
radically different than traditional consumer product prices (movie theaters don’t lower prices to compete with other theaters)/ price is set and adhered to uniformly, based on what people will pay
price problems
when rich athletes or celebrities protest for more money, which can later damage their public relationship
ticket scalpers
unauthorized ticket sellers who stand outside an event and offer tickets at a higher price
piracy
the unauthorized use of an owner’s or creator’s music, movies, or other copyrighted material
bootleg
products and distributed without organization
royalty
a payment for material that has been copyrighted, or legally declared as belonging to the creator
product tie-in
use of ancillary products such as merchandise as promotional tools
cross promotion
any form of communication through which one industry relies on another to promote its product
convergence
the overlapping of product promotion
snyergy
a combined action that occurs when products owned by one source promote the growth of related products
risks
unforeseen events and obstacles that can negatively affect business
risk management
a strategy to offset business risks
what can’t marketers just do
can’t just sell tickets, they must generate a fan base/loyalty
what are the three main areas that sports and entertainment differ in
consumer loyalty, product, revenue stream
consumer loyalty
consumer’s attitude that occurs when they are happy with a company and become repeat customers
product
we know what this is by now
revenue stream
the amount of revenue that something gets and where it comes from; entertainment has a stronger revenue stream because there are more aspects to get money from it, where sports usually just generate about the same amount of money each night form the game and all that
what do sports marketers target
a core group of fans and wok on maintaining their loyalty
