Sports and Entertainment and the 4 Ps Flashcards
Define endorsement and give an example
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
Ancillary product
A product related to or created from the core product which can earn companies a lot of revenue
Example of a core product
Ex. Avengers movie
Ex. Super Mario video game
Core product
The main product such as sports event, movie, stage show, or book
Example of an ancillary product
Ex. Toys, posters, action figures from the movie
Ex. Super Mario Bros movie, toys
What invention has changed the way individuals shop for traditional products?
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”
List the 5 pricing problems
- Strike
- Ticket scalpers
- Piracy
- Bootlegging
- Royalty
Explain strike
When highly paid players and celebrities (TV) go on strike for salary increases, fan loyalty can be damaged
Explain ticket scaplers
An unauthorized tickets sellers who stand outside a game or concert and offer tickets at a higher price
Explain piracy
Is the unauthorized use of an owner’s or creator’s music, movies, or other copyrighted material
Ex. watching
Explain bootlegging
Copyrighted goods are produced and distributed without permission
Ex. Sharing
Explain royalty
When consumers copy and illegally distribute copyrighted material, they cut the property owner out of profits
Define promotion
Any form of communication used to persuade people to buy products
Explain what a tie-in is and give an example
The use of ancillary products such as merchandise for promotional tools
Ex. Happy Meal at McDonalds with a toy from the latest movie
Describe what cross-promotion is and give an example
Is any form of communication through which one industry relies on another industry to promote its product
Ex. Raptors and Tims donut