Unit 3 Flashcards
Define brand
A name, word, symbol, or design that identifies an organization and irs product
Define brand personality
Connecting your brand on a emotional level with fans
A brand name should:
-be positive
-reflect an image
-be significant and meaningful
-offer a benefit
Explain multi product brand strategy:
-one name for all products
-creates one image for all products
-existing brand sells more products
Why use dynamic pricing for tickets?
Dynamic pricing enables individuals, leagues, teams, etc to maximize profit and use all resources responsibly
Explain dynamic pricing Vs variable
Dynamic: not fixed, may change at any time
Variable: once on sale, prices do not changw
What are the different ways to generate revenue?
B.L.S.S
Broadcasting
Licensing
Stadium Ticket Sales
Sponsorships
How does NHL generate revenue?
Media, ticket, sponsor
How does NFL generate sales?
Media contracts
How does MLB generate sales?
Ticket sales
Why spend time engaging fans?
- giving fans bang for their buck
-sponsorship opportunities
-numerous viewing experiences
Difference between entitlement and exclusivity
Entitlement: facility entitlement/event entitlement
Exclusivity: one product is granted sponsorship in the marketing category
