SPMT 483 – Chemistry – Flashcards
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| Sport Product |
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| . Any bundle or combination of qualities, processes, and capabilities that a buyer expects will satisfy wants and needs . inconsistent . the game is only part of the ensemble . little control over the game |
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| Core Elements |
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| . game form (rules and techniques) . players . equitment . venue |
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| Things that enhance the experience |
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| . coaches . tickets . luxury boxes . programs . video screens . music . memorabillia . mascots |
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| Game Form |
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| . most changes in rules and techniques are centered around attempts to gain a competitive advantage . special features that may make a sport product attractive to certain customers . individul moves |
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| Star Power |
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| . a presence that transcends the actual playing . extended beyond the event . star talent can make or break the league . sponsor are keys to broad product extension |
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| Equipment |
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| . needed to compete . tangible . enhances experience . demonstrates affilitation . separates players from nonplayers |
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| Venue |
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| . place of distribution . teams and francjoses are closely alligned with venue. . memories created . communities created . provides revenue streams during and outside game days |
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| Personnel |
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| . point of contact for customer . Disney's guest-centered policy |
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| Organization |
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| . all elements of the product are under one umbrella |
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| Sport Product Strategy |
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| . differentiation . product development . product position . brands and branding |
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| Differentiation |
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| . markets and venues . star appeal . tv . season of play . ex: WNBA v. ABL |
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| Product Development |
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| . generation of ideas . screening and implementation of ideas |
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| Product Innovations |
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| . relative advantage of new product over old preferences . complexity or difficulty in adoption and use . compatibility with consumer values . divisibility into smaller trial portions . communicability of benefits |
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| Positioning |
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| . how customers located proposed and present brands in the market . defines the market that will be targeted . assists sport manager in understanding how customers see their market . based on that information, the marketer can maintain position or attempt to reposition the product |
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| Potential Attributes |
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| . excitement level . price . proximity to action . level of performance . authenticity . affiliation . socalization |
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| Brand Equity |
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| . name recognition and awareness . strong mental or emotional associations . percevied name branding . strong customer loyalty . NIKE |
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| Life Cycle |
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| . introduction . growth . maturity . decline |
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| Brand |
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| . name, logo, symbols . provide point of differentiation from the other sport products . starting point in the brand management process: name, logo, marks, colors |
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| Brand Equity |
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| . set of assets and liabilities linked to a brand, its name and symbol that add to or subtract from the value provided by a product or service to a firm and its customers |
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| Benefits of Brand Equity |
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| . less drastic revenue declines when team loses . ability to charge price premiums . more corporate interest . licensing and merchandising opportunities |
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| Developing Brand Equity |
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| . creation of awareness about the brand . creation of brand image |
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| Brand Equity Equation |
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| brand assets- brand liablities |
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| Associations Formed based on benefits of consumption |
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| . nostagic . social . identification with a team . identificiation with a city |
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| brand association formation for sponsors |
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| . enhance or reinforce the brand associations with their company . the image can help create strong, unqiue, and favorable associations for the brand |
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| Brand association formation for agencies |
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| . clients they represent . people who work for them . area of specialization |
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| Brand Ass. for Health Clubs |
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| . services and equipment provided . staff . size and quality of facility . cost . amentities . crowd size |
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| Tipping Point Theory's Impact on Throwback Licensed Products |
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| 1. Contagiousness 2. Stickiness 3. Rapidity of change due to one big moment |
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| Contagiousness |
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| efforts of a handful of exceptional people |
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| Stickiness |
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| how people identify and remember information |
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| Licensed Products |
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| . items of clothing or products bear the name or logo of a popular team . industry is huge #1 Texas (2. Alabama 3. Florida) #19 Texas A&M |
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| Clothing |
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| . clothing styles are a transmitted code that can impact meanings of: .identity . gender . status . sexuality |
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| Licensed Product Relationships |
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| . The Licensees vs. the Licensors |
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| Licenees |
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| . maufacturers of licensed products . Nike, Reebok |
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| Licenees |
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| . maufacturers of licensed products . Nike, Reebok |
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| Licensors |
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| . licensees pay the licensors for the right to make products bearing team names and school names . sporgs transfer the right use of their names, marks, and logos to other companies so that these companies may use them in producing products for sale |
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| Trademark |
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| . any word, name, symbol, or device or combo . adopted and used by a maufacturer or merchant to identitfy his goods and distinguish them from those maufactuered of sold by others . have to apply for the mark - basis for filing |
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| Industry Structure |
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| . pro. league licensing . collegiate licensing: CLC . licensing programs of other sporgs . international licensing . licensing in pro individual and tour sports |
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| In House Source |
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| . keep all revenue . do not have the expertise . difficulties in reinforcement |
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| Out House Source |
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| . give a % of royalties to licensing agent . gain expertise . have an enforcement arm |
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| Branded Merchandise |
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| . those products bearing the name of the clothing manufacturer . sppealing to the youth market . fashion over function |
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| Brand Identity |
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| . measures of meaning, prestige, and social standing in consumer society . teams establish valued perceptions through redesign of their uniforms, marks, and logos |
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| Rebranding |
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| changing to communicate different message |
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| Cross- Licensing |
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| . relationship between two licensors that benefit both |
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| electronics and technology |
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| modern tech. leads to new opportunities |
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| Trading Cards |
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| . Topps was preeminent card maker until 1981 . market flooded after antitrust ruling . memorbillia inside, special sets, high-end card sets |
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| Pricing |
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| . the exchange value of a good or service and the value of an item in the market place . MOST manipulated part of marketing . easily changed . effective tool . highly visible |
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| Core Issues of Pricing |
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| . cost . value . objectives . satisfaction= benfit- cost . cost is the most visible and coompelling part |
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| Cost vs. Price |
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| price of a ticket does not represent the real cost of attendance : .travel .parking .concessions |
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| Potential Pricing Objectives |
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| . efficient use of resources . fairness . maximum participation opportunities . positive user attitudes and image . maximum product exposure and distribution . profits . survival |
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| Standard Appraches to Pricing |
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| . production costs . market conditions . competitors prices . organizational objectives . product or event frequency . brand strength |
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| Break- Even Analysis |
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| . fixed cost: stadium rental, taxes, office equipment . variable cost: wages, material cost, concession stands * FC/ (selling price- VC) |
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| Economies of Scale |
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| efficiencies that accrue due to size |
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| diseconomies of scale |
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| organziation can become too large |
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| marginal revenue |
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| additional rev. from last unit sold |
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| marginal cost |
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| additional cost from last until sold |
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| cost- plus pricing |
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| . cost + desired profit= price . account for cost paid, then mark up to desired level . demands accurate FC and VC info |
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| Capitation Pricing |
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| . offering a price "per head" . typically used on a group basis . providing a group discount (creates a bulk revenue stream) |
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| What will the market bear |
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| . largely based on experiencenad comparisons . mistakes can be costly |
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| special pricing factors |
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| . market demand . lead time . user segemtnation . discounting . smoothing . actions of competitors |
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| Market Demand |
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| . the elasticity of demand= percent change in q demanded/ percent change in price . a measure of how sensitive a market is to price change |
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| inelastic |
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| . occurs when a given % change in price results in a small percentage change in quantity . increase in price will mean increase in profits |
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| elastic |
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| . exisits when a given percentage change in price results in a larger percentage change in quantity . increase in price will mean decrease in profits |
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| unitary |
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| . when a given percent change in price results in an equal percentage change in quantity . end result is same as before |
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| Inelastic Demand |
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| . an increase or decrease in price will not significantly affect demand for the product |
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| elastic demand |
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| . when customers buy more or less of a product when the price changes |
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| penetration pricing |
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| . pricing in the lower range . beleive that you have an elastic market and lower price will increase the quanitity purchases . goods priced below this level are perceived as cheap |
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| Skim Pricing |
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| . pricing high in the expected range of prices . demand is inelastic . luxury or prestige goods |
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| Lead Time |
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| the average amount of time between ticket purchase and the date of the event typically decreases as the price for the event decreases |
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| user segmentation |
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| . sinlge game . miniplan . season tickets . group tickets |
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| Price and Value Elements |
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| . clear image of the venue, ticket location, and direction to venue . clear table of discounts if part of the plan . focus on value added . calendar |
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| Sales |
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| . lifeblood of any sporg . majority of revenue . |
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| media |
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| provides the amount of coverage according tothe interest accorded the sport by the fans |
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| sponsors |
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| provide financial support for the sporg based on fan support |
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| fans |
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| their support attracts sponsors |
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| Developing & Managing a sales dept. |
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| . properly train the staff . have resources to accomplish goals . incentives for motivation |
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| Incentives |
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| . team goals . individual sales staff goals . fair commission structure |
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| direct-data based marketing |
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| . an interactive system of marketing that uses one or more advertising media to effect a measureable response and or transaction at any location . collection of info. about past and current customers |
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| sales strategies |
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| . telemarketing . direct mail . personal selling |
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| direct mail |
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| .targeted .personel .measureable .testable .flexable |
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| long term customer relationships |
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| 1. quality as conformance 2. customer satisfaction 3. market perceived quality vs. that of competitors 4. customer value management (replacing a customer costs 5 times as much as an exisiting customer) |
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| Sponsorship or Partnership |
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| . a cash or inkind fee paid by a client to a property in return for access to the exploitable commercial potential associated with the property . a win win situation where the clietnt and the property both benefit |
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| Sponsorship |
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| . the acquisition of rights to affiliate or directly associate with a product or event for the purpose of derviving benefits related to that affiliation . |
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| Sponsorship Categories |
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| . names are irrelevant as long as you match the benefits with the level of the sponsorship . do not have competing sponsors . be aware of sponsor relationships . do not have too many sponors |
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| What to want from sponsors |
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| . revenue . cost avoidance . activation . commitment to the association |
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| Activation |
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| invest dollars beyond their sponsorship obligation |
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| Effectiveness |
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| . return on investment - revenue generated . number of impressions- how many people saw or heard |
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| Affinity marketing |
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| an individual's levels of cohessiveness, social bonding, identification, and conformity to the norms and standards of a particular reference group : . credit cards . rewards programs . donations |
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| Ambush/Guerilla Marketing |
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| . a pllaned effort by a sporg to associate themselves indirectly with an event in order to gain at least some of the recognition and benefits that are associated with being an official sponsor |
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| 6 step process of sponsorships |
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| . indentify and arrange meeting . hold meeting . arrange follow up meeting . create proposal . hold follow up meeting . negociate final deal |
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| Ethical Issues |
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| . undue influence . social responsibility . unfair labor practices . alcohol sponsorship |
