Sports Marketing Flashcards
What is a market?
Potential customers with shared needs who have the desire to buy a product
What is target market?
Specific group customers that an organization selects as the focus of its marketing plan
Why an target markets important?
- provides correct resources to correct audience
-builds brand loyalty
-prevents wasted time, money, etc
-allows small companies to compete
-when and where are answered more clearly
Demographics explain
-age
-location
-ethnicity
-education
-occupation
Psychographics explain
-personality
-values
-attitudes
-lifestyles
What are the 4 Ps of marketing?
Price, product, place, promotion
What is a endorsement?
Publicly saying that you use or like a product in exchange for money
Why endorsements? BBV
- create or build brand awareness
-validate products
-boost brand equity
What is brand equity?
The value a brand has derived from consumer participation
What an the cons that companies may experience because of endorsing athletes and entertainers?
Bad company association
How can companies deal with pitfalls?
-apologize
-cut ties
-public announcement
