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Religion > Sports and Entertainment Marketing > Flashcards

Sports and Entertainment Marketing Flashcards

Final Exam

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1
Q

Marketing

A

The creation (product) and maintenance (relationships) of satisfying exchange relationships

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2
Q

Creation

A

Suggests that marketing involves product development (improve, constantly updating)

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3
Q

Satisfaction

A

Implies that marketing must continue as long as a business operates (long lasting relationships with customers)

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4
Q

Exchange Relationships

A

Occurs when the parties involved (business and customer) both give and receive something of value (customers needs and wants are getting met in exchange for profit)

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5
Q

Marketing Mix

A
  • Product: Is what a business offers customers to satisfy needs
  • Place: Involves the locations and methods used to make products available to customers
  • Price: Is the amount that customers pay for products (research, covering costs)
  • Promotion: Describes ways to make customers aware of a products and encourage them to buy (advertising)
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6
Q

Discretionary Income

A

Money that is left over after expenses are paid

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7
Q

Demographics

A

Shared characteristics of a group (age, marital status, gender, ethnic background, income level, and education level)

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8
Q

Sports Marketing

A

Spectators of sporting events are the potential consumers of a wide array of products ranging from apparel and athletic equipment to food items and automobiles

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9
Q

Entertainment Marketing

A

Entertainment involves some type of performance people are willing to spend their money and spare time watching

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10
Q

Gross Impression

A

The number of times per advertisement, game or show that a product or service is associated with an athlete, team or entertainer

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11
Q

Core Standards of Marketing IMPORTANT

A
  • Channel Management: Determining the best way to get a company’s products or services to customers
  • Pricing: The process of establishing and communicating to customers the value (quality, feel, prestige) or cost of the goods and services they have available to purchase
  • Marketing Information Management: Involves gathering and using information about customers to improve business decision-making
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12
Q

Guerilla Marketing

A

An advertising strategy that focuses on low-cost unconventional marketing tactics that yield maximum results with obtaining the maximum exposure for a product

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13
Q

Marketing Concept

A

A business that keeps the focus on satisfying customer needs (while also trying to reach their organizations goals)

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14
Q

Opportunity Cost

A

The value of the next best alternative that you pass up when making a choice, and the value is measured in terms of the benefits that you are giving up. For example, you may want to go to a care race and a music concert, but you cannot afford both. If you go to the concert the car race would be the opportunity cost.

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15
Q

Benefits Derived

A

The value people believe they receive from a product or service

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16
Q

Comparative Advantage

A

The capability to produce products or services more efficiently and economically than the competition

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17
Q

Maslow’s Hierarchy of Needs

A
  1. Physiological: Foods, sleep, water, shelter, air
  2. Security: Physical safety and economic issues
  3. Social: Desire for friends, love, belonging, acceptance
  4. Esteem: To gain recognition and respect from yourself and others
  5. Self-actualization: To realize your potential
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18
Q

Emotional Purchase

A

When consumers spend little though during emotional highs or lows

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19
Q

Patronage Purchase

A

Based on consumer loyalty to a particular brand or product

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20
Q

Rational Purchase

A

Take place when individuals recognize needs and wants, asses their priorities and budget, conduct research, compare alternatives, and then make purchases based on careful thought and sound reasoning

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21
Q

Mass Marketing

A

An attempt to appeal to a large, general group of consumers

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22
Q

Customer Service Gap

A

The difference between customer expectations and the service that is actually received

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23
Q

Market Segmentation

A

Most businesses do not try to satisfy the needs of al possible customers. They recognize that individuals have different wants and needs and view product choices quite differently.

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24
Q

4 Market Segmentations

A
  • Geographic Segmentations: Divided markets into physical education locations, such as eastern, Northern, Southern, and Western regions or urban and rural areas.
  • Demographic Segmentation: Focuses on information that can be measured, such as age, income, profession, gender, education, martial status and size of household.
  • Psychographic Segmentation: Focus on characteristics that cannot be measured physically, such as values, interests, and lifestyle choices
  • Behavioural-Based Segmentation: Focuses on a consumer’s attitude towards products and services. There are 2 categories: Product usage (reflects what products you use and how often) and Product Benefits (benefits derived from products or services)
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25
Q

Brand

A

The name, symbol, logo, word, or design (or combination of these) that identifies a product, service, or company. The brand represents the company’s reputation for quality, reliability, and status

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26
Q

Product Life Cycle: Introduction Stage

A
  • Product is unique in the marketplace and only one brand of the new product available.
  • Product development begins by finding ideas for new products and these ideas are screened to select the one that has the greatest chance of succeeding
  • Research is conducted two identify a target market and product mix
  • Product is developed and tested then introduced to the market
  • To encourage customers to try a new product, businesses may use a price strategy (skimming or penetration pricing)
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27
Q

Product Life Cycle: Growth Stage

A
  • Sales and profits increase
  • The target market knows about he product and regularly purchases it
  • Product in the growth stage may need to be modified and new models offered in order to maintain customer loyalty (through product enhancement and extensions)
  • Completion increases in this stage as competitors begin offering alternative products
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28
Q

Product Life Cycle: Maturity Stage

A
  • Sales often level off or slow down
  • Most of the target market has already purchased the product at one time or another
    Price is an important factor because of increase competition; sales prices may be offered
  • Marketing costs ruse at this stage because it is important to increase promotion to fight off competition and maintain market share
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29
Q

Product Life Cycle: Decline Stage

A
  • Sales decrease and may not generate enough revenue to justify continued marketing
  • Marketers are forced ti a=make tough decisions that wink have a major impact on the future of the product
  • Businesses have several choices during the decline stage: Drop a product (to cut company losses, marketers ay choose to drop a product entirely), sell/license (some companies may choose to sell or license the product to another company), discount (some companies may choose to reduce prices so that merchandise sells faster), regionalize (a business may choose to regionalize by committing its product to a geographic location where it is most popular and profitable), modernize/alter (the enthusiasm of consumers for a product may be re-ignited by modernizing or altering the product in some way), and recommit (the decision occurs when other purposes for the product are discovered)
30
Q

Positioning

A

Strategy uses by a business to differentiate its products from its competitors products. There are different position strategies: price and quality, features and benefits, by comparing them to the completion’s products to point out differences, and by grouping its products together to promote the product line

31
Q

Skimming Price Strategy

A

Introduces new products at a very high price

32
Q

Penetration Price Strategy

A

uses low pricing to help capture a large market share early

33
Q

Product Extension IMPORTANT

A

An item offered in addition to the main product ti make it more attractive to the target market

34
Q

Levels of Brand Recognition

A
  1. Nonrecognition: Consumers can’t identify the brand
  2. Rejection: Consumers don’t want to buy the brand
  3. Recognition: Consumers know of the brand, but it has little influence on their purchases
  4. Preference: Consumers will buy the brand if its available
  5. Insistence: Consumers buy only the desired brand
35
Q

Product Enhancements IMPORTANT

A

One with features added to a basic product, in order to satisfy additional needs and wants with a single purchase

36
Q

Distribution

A

One of the 4 elements of the marketing mis and it involves locations and methods used to make products available to customers

37
Q

Channels of Distribution

A

Include all of the businesses through which products or services pass on the way to the consumer

38
Q

Intermediaries

A

The businesses, or channel member, involved in making the product or service available

39
Q

Simple vs Complex Channels of Distribution

A
  • Simple: Arranging for local singer to perform at a restaurant, the restaurant owner may contact the singer directly to make the arrganmnts and then pay the musician for the performance
  • Complex: The distribution of a live boxing match produced in Macau, China, by a U.S. company. The originators of the event must conduct research to collect data about the target audience for the live event. Distribution channel members, such as ESPN, want to know that the audience is large enough to produce profit
40
Q

4 Elements of Promotion

A
  • Advertising: Paid form of communication delivered to consumers by a product maker or seller
  • Sales Promotion: Additional incentive offered for a limited time to encourage consumers to buy a product
  • Publicity: Unpaid media attention, negative or positive, about a business and its products, services, or events
  • Personal Selling: In-person, face-to-face communication between a seller and a customer
41
Q

Frequency

A

The number of times the targeted group has been exposed to the message

42
Q

Consumer Sales Promotion

A

When a sales promotion is directed at the final con Sumer

43
Q

Publicist

A

The pubic figure cannot control the publicity that results from such an arrest and therefore often hires a publicist that is responsible for maintaining relations with the public and news media

44
Q

Public Relations

A

The arm of promotion that tries to create a favourable public opinion

45
Q

4 Components of Advertising IMPORTANT

A
  • Attraction: The ad catches the attention of then intended consumer
  • Interest: The ad holds the interest of the consumer long enough to present the message
  • Desire: The ad’s message makes the consumer want the product
  • Action: The consumer is motivated to buy the product
46
Q

Product Placement

A

The integration into a movie or television show of a product

47
Q

Event Triangle

A

Formed by the interaction of the event, the sponsors, and the fans

48
Q

Exchange

A

The give and take between the event, the sponsors, and the fans

49
Q

The Event

A
  • Booking agent: A firm that contacts with the venue on behalf of the performers
  • Once a contract for a concert/event has been issued ,the venue operations staff will review the facility requirements for the event
50
Q

The Sponsors

A
  • The venue and booking agent have to agree on who will sponsor the event
  • The venue controls the final selection of businesses approved as sponsors
  • The sponsors will pay for access to the fans in attendance, as well as those watching a broadcast of the event
  • Sponsors work with the event promoter to set up all of their own marketing and promotional strategies and others pay the venue’s marketing department to develop and carry out the promotional strategies
51
Q

The Fans

A
  • Fans benefit when a sporting event or concert is broadcast
  • Price that fans pay for tickets mat be less because of the financial exchange between the sponsors and the event
  • Fans also assume a role in the broadcast by cheering and clapping for the athletes or musicians which becomes an integral part of the show because it motivates fans watching at home and athletes to perform their best
52
Q

Logo

A

The graphics representation of a company’s name

53
Q

Selling

A

Is direct, personal communication with prospective customers in order to assess and satisfy their needs with appropriate products and services

54
Q

Promotional Plan

A

A written, detailed description of how the four elements of promotion will be used

55
Q

6 Step Sales Process: Preapproach IMPORTANT

A

Salesperson learns everything about the products and services offered and the target market

56
Q

6 Step Sales Process: Approach IMPORTANT

A
  • First contact the customer to gain the customer’s attention and interest. - Salesperson should have a plan for what to say when speaking with a customer
  • Salesperson must listen carefully to the customer to determine the needs and wants
  • Sales person should strive to create a good first impression
57
Q

6 Step Sales Process: Demonstration IMPORTANT

A
  • Salesperson presents the product in a way that addresses the needs of the customer
  • The product’s features and benefits should be highlights
  • If all is going well, the salesperson may even ask the customer to make a purchase at this point
58
Q

6 Step Sales Process: Closing the Sale IMPORTANT

A
  • Customer makes the decision to buy
  • May offer customer a discount or incentive gift for buying
  • Salesperson may suggest additional items to increase customer satisfaction and sale amount
  • Suggestion Selling: Salesperson asks customers if they want to purchase related products
59
Q

6 Step Sales Process: Follow-up IMPORTANT

A
  • The success of a salesperson is based on establishing long-term relationships with customers
  • Customer relationships can strengthen through follow-ups
  • Valuable feedback can be obtained, improving future services
60
Q

When Personal Selling is Effective

A
  • Expensive, complex products
  • Small markets
  • Unfamiliar, unique products
  • Customers in a limited area
  • Complicated, long decision-making process
  • Customers who expect personal attention and help with the decision-making process
61
Q

3 Things Successful Salespeople Must Understand

A
  1. The product/service they are selling
  2. Their Customer
  3. The competition
62
Q

Cold Calling

A

Contracting potential customers at random without researching the customers needs first

63
Q

Leads

A

Information and data on prospective customers who have shown interest in the product on prospective customers who have shown interest in the product or service and/or meet the deflation of the target market

64
Q

Understand Customer Decision

A
  1. Recognize a need for a product or service
  2. Search for information about the alternative products or services available
  3. Evaluate all the options to see which one best meets needs
  4. Reach a decision and buy the product or service
  5. Evaluate the purchase decision to determine if it is satisfactory
65
Q

Customer Management

A

Building base and carefully scheduling time spend with customer

66
Q

Marketing Plan

A

A written document that describes a company’s situational analysis, marketing strategy, and implementation plan for meeting company objectives

67
Q

Situational Analysis

A

An in-depth look at the current conditions of the business, the completion, and the target market

68
Q

Marketing Strategy

A

An idea for achieving marketing objectives that can be put into action

69
Q

SWOT Analysis IMPORTANT

A
  • Strengths: Characteristics of a business or product that give it an advantage over others
  • Weaknesses: Characteristics of a business that place It al a disadvantage relative to others
  • Opportunities: External factored that a business could use to its advantage
  • Threats: External factors that could cause trouble for the business o product
70
Q

SMART Objectives

A
  • Specific: Objectives are specific and answer “What” “Why” and “How”
  • Measurable: Objectives include a quantifiable way to measure whether they have been accomplished
  • Attainable: Ob ejectives are stated as outcomes can be compared to previous seasons
  • Relevant: Objectives pertain to the mission of the business, which is generally to make a profit
  • Timely: Objectives have a start date and completion date. Objectives should be reviewed at least every three months to value their progress
71
Q

Applies Research

A

Focuses on solving a specific problem and used in the development of new or improves products

72
Q

Product Portfolio

A

All of the products a company has available for customers at any one time

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