Sports and Entertainment and the 4 Ps Flashcards

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1
Q

Define endorsement and give an example

A

Is approval or support of a product or idea, usually by a celebrity lending his or her image or name to a product
Ex. Lebron James endorses Nike

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2
Q

Ancillary product

A

A product related to or created from the core product which can earn companies a lot of revenue

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3
Q

Example of a core product

A

Ex. Avengers movie
Ex. Super Mario video game

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4
Q

Core product

A

The main product such as sports event, movie, stage show, or book

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5
Q

Example of an ancillary product

A

Ex. Toys, posters, action figures from the movie
Ex. Super Mario Bros movie, toys

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6
Q

What invention has changed the way individuals shop for traditional products?

A

The internet and e-commerce

Successful sports and entertainment marketing strategies have always appealed to the desire to go out to a special event or “occasion”

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7
Q

List the 5 pricing problems

A
  1. Strike
  2. Ticket scalpers
  3. Piracy
  4. Bootlegging
  5. Royalty
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8
Q

Explain strike

A

When highly paid players and celebrities (TV) go on strike for salary increases, fan loyalty can be damaged

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9
Q

Explain ticket scaplers

A

An unauthorized tickets sellers who stand outside a game or concert and offer tickets at a higher price

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10
Q

Explain piracy

A

Is the unauthorized use of an owner’s or creator’s music, movies, or other copyrighted material
Ex. watching

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11
Q

Explain bootlegging

A

Copyrighted goods are produced and distributed without permission
Ex. Sharing

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12
Q

Explain royalty

A

When consumers copy and illegally distribute copyrighted material, they cut the property owner out of profits

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13
Q

Define promotion

A

Any form of communication used to persuade people to buy products

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14
Q

Explain what a tie-in is and give an example

A

The use of ancillary products such as merchandise for promotional tools
Ex. Happy Meal at McDonalds with a toy from the latest movie

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15
Q

Describe what cross-promotion is and give an example

A

Is any form of communication through which one industry relies on another industry to promote its product
Ex. Raptors and Tims donut

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16
Q

Define what cross-marketing is and give an example

A

When a company/individual starts off in one industry and then expands into different industries
Ex. Disney Animations - amusement parks - cruises - toys - tv - clothing - music - streaming services - online

17
Q

Define convergence and give an example

A

The overlapping of product promotion
Multiple types of promotions occurring at the same time
Ex.Tim Hortons having a billboard, tv commercial, Roll up the rim contest, internet ad, etc

18
Q

Define synergy and give an example

A

Is a combined action that occurs when products owned by one source promote the growth of related products
Owned by the same person or company
Ex. Drake owns OVO
Synergy occurs when the OVO clothing/label steers people back to Drake’s music on concerts