Sports Marketing & Entertainment – Flashcards
Unlock all answers in this set
Unlock answersquestion
The creation & maintenance of satisfying exchange relationships
answer
Marketing
question
Blending the four marketing elements of product, distribution, price & promotion
answer
Marketing Mix
question
What a business offers customers to satisfy needs
answer
Product
question
The locations & methods used to make products available to customers
answer
Distribution
question
The amount that customers pay for products & services (value)
answer
Price
question
Means of making customers aware of products & encourages them to buy
answer
Promotion
question
The amount of money individuals have available to spend after paying for the necessities of life & other fixed expenses, such as housing/car payments
answer
Discretionary Income
question
Gathering & using info about customers to improve business decision making
answer
Marketing Information Management
question
Designing, developing, maintaining, improving & acquiring products or services for the purpose of meeting customer needs & wants
answer
Product/Service Management
question
Any direct & personal communication with customers to assess and satisfy their needs
answer
Selling
question
Requires a company to budget for its own marketing activities & to provide customers with assistance in paying for the company's products or services
answer
Financing
question
Common characteristics of a group, such as age/gender
answer
Demographics
question
The number of times per advertisement, game, or show that a product or service is associated with an athlete, team, or entertainer
answer
Gross Impression
question
Using sports to market products
answer
Sports Marketing
question
Whatever people are willing to spend their money & spare time viewing rather than participating in
answer
Entertainment
question
Influencing how people choose to spend their time & money on entertainment
answer
Entertainment Marketing
question
The number of viewers the programming attracts
answer
Ratings
question
The amount of money remaining from revenues after all expenses are paid
answer
Profit
question
Making decisions to use resources in ways that result in the greatest profit
answer
Profit Motive
question
The study of how goods & services are produced, distributed, and consumed
answer
Economics
question
The amount of satisfaction a person receives from the consumption of a particular product or service
answer
Economic Utility
question
Form, Time, Place, Possession
answer
What are the 4 types of Economic Utility?
question
When the physical characteristics of a product or service are improved
answer
Form Utility
question
The result of making the product or service available when the consumer wants it
answer
Time Utility
question
Ensures that the product or service is available where the consumer wants it
answer
Place Utility
question
Results from making the product or service available at an affordable price
answer
Possession Utility
question
The possibility of financial gain or loss or personal injury
answer
Risk
question
Preventing, reducing, or lessening the negative impacts of risk by using the strategies of risk avoidance, risk insurance, risk transfer, and/or risk retention
answer
Risk Management
question
The business is legally responsible for damages and might have to pay for the medical costs and other losses suffered by an injured person
answer
Liable
question
Weather conditions that cannot be avoided, such as tornadoes, blizzards, hurricanes, floods, droughts
answer
Natural Risk
question
The employees who work for an organization
answer
Human Risk
question
Business risk that can result from changes in the business environment, such as the economy
answer
Economic Risk
question
A classification of risk. There are different types of gain/loss risk: speculative, pure, controllable, uncontrollable, insurable, uninsurable
answer
Gain/Loss Risk
question
A loss that can be prevented or the likelihood of its occurrence reduced
answer
Controllable Risk
question
Pure risk for which the changes of loss are predictable & the amount of the loss can be estimated
answer
Insurable Risk
question
Avoidance, Insurance, Transfer, Retention
answer
What are the strategies for risk management?
question
Sports and entertainment marketers need to plan to avoid risky situations
answer
Risk Avoidance
question
Pays for predictable losses
answer
Risk Insurance
question
Sports and entertainment marketers need to plan to avoid
answer
Risk Transfer
question
Business assumes the cost of uninsurable risks
answer
Risk Retention
question
A system of deciding what is right or wrong in a reasoned & impartial manner
answer
Ethics
question
The high standards of rules & guidelines in both business and personal life
answer
Principles
question
The income from a venture that is distributed to investors
answer
Return on Investment
question
A report developed to predict the expenses to be incurred & revenues to be received from an event
answer
Forecast
question
A plan for how available funds will be spent
answer
Budget
question
Shows the company's assets and its liabilities at a specific point in time
answer
Balance Sheet
question
Shows all revenues received & all expenses incurred over a specific period of time
answer
Income Statement
question
A group of organizations involved in producing or handling the same product or type of services
answer
Industry
question
The guidelines & goals set for different industries
answer
Industry Standards
question
The average expectation within an industry
answer
Industry Norm
question
A direction, general course following a tendency or style
answer
Industry Trends
question
Writer who writes a celebrity's story in book form for a fee
answer
Ghostwriter
question
Person an author hires who, for a percentage of the book sales, plans the marketing campaign & appearances
answer
Literary Agent
question
A payment to the author of a book of 10% or more of the price of every copy sold
answer
Royalty
question
Underwriting an event for the purpose of gaining positive association for a brand with the event, the participants, and/or the attendees
answer
Sponsorship
question
Overnight, lengthy, teaching multiple skills, diverse
answer
Camp
question
Workshop, 1-2 days, works on one skill
answer
Clinic
question
Traveling for pleasure
answer
Tourism
question
Total of new spending resulting from the event/attraction
answer
Direct Economic Impact
question
The portion of the money spent by visitors on local goods & services that is in turn spent locally by employers
answer
Indirect Economic Impact
question
Recreational travel/tours planned around a special interest
answer
Niche Travel
question
Responsible travel to natural areas that conserves the environment & sustains the well being of the local people
answer
Ecotourism
question
U.S. visitors
answer
Domestic Visitors
question
When 2 groups (including businesses and government) share the costs and profits of a business
answer
Joint-Venture Structure
question
Water, sewer, roadways, underlying framework of a business
answer
Infrastructure
question
International economic relationships
answer
Globalization
question
Theft of copyrighted material
answer
Piracy
question
A business keeps the focus of satisfying customer needs
answer
Marketing Concept
question
The rate at which companies produce goods/services in relation to the materials/number of employees utilized
answer
Productivity
question
The minimum attendance & sales required to cover all of the expenses of organizing and running the event
answer
Breakeven Point
question
The value of the next best alternative that you forgo when making a choice
answer
Opportunity Cost
question
All of the consumers who will purchase a product/service
answer
Economic Market
question
Value people believe they receive from a product/service
answer
Benefits Derived
question
The capability to produce products/services more efficiently & economically than the competition
answer
Comparative Advantage
question
Purchases made with little thought during emotional highs or lows
answer
Emotional Purchases
question
Purchases based upon careful though & sound reasoning
answer
Rational Purchases
question
Purchases based on loyalty to a particular brand/product
answer
Patronage Purchases
question
Self Actualization- to realize your potential, Self-Esteem- respect, recognition, Social- friends, love, belonging, Security- physical, safety, economic security
answer
Maslow's Hierarchy of Needs Pyramid
question
Data obtained for the first time & specifically for the particular problem or issue being studied
answer
Primary Data
question
Information obtained through government reports, trade/professional organizations, business publications, commercial data, info services
answer
External Sources
question
Information about customer buying habits include a business's own customer records, sales records, production record, operation records
answer
Internal Sources
question
Data that has already been collected for some other purpose but is now found useful in the current study
answer
Secondary Data
question
A specific group of consumers you want to reach
answer
Target Market
question
A group of consumers within a larger market who share one or more characteristics
answer
Market Segment
question
The percentage of total sales of a product or service that a company expects to capture in relation to its competitors
answer
Market Share
question
Divides markets into physical locations, such as Eastern, Northern, Southern, and Western regions of the United States or the urban and rural areas of a state
answer
Geographic Segmentation
question
Market segmentation that focuses on information that can be measured: age, income, profession, gender, etc.
answer
Demographic Segmentation
question
Market segmentation that focuses on characteristics that cannot be physically measured: values, interests, lifestyle
answer
Psychographic Segmentation
question
Market segmentation that focuses on a customer's attitude toward products and service: product usage or benefits
answer
Behavioral Based Segmentation
question
The difference between customer expectations and the service that is actually received
answer
Customer Service Gap
question
Business culture rooted in high performance and excellent customer service
answer
Values Based Culture
question
Research conducted by an independent company and them offered for sale to everyone in an industry
answer
Syndicated research
question
Survey of people's opinion
answer
Polls
question
Repeat customers who are completely loyal to the company's products and services
answer
Engaged Customers
question
Staff researchers work with external research agencies
answer
Client-side Researchers
question
Information is gathered that is very specifically focused on a single target market
answer
Market Research
question
Conducted when a business is unaware of the exact problem
answer
Exploratory Research
question
Reports of other completed research are used to help define the problem
answer
Desk Research
question
Research used when the business is aware of the problem that needs to be solved
answer
Descriptive Research
question
Research used to determine cause-and -effect relationships when the problem is already clearly defined
answer
Causal Research
question
A small number representative of the larger group
answer
Sample
question
The range of prices charged for a category of merchandise
answer
Price Points
question
In charge of sales process, trains employees
answer
Sales Managers
question
Directs which type of marketing is done, determines which data is collected
answer
Marketing Research Managers
question
The use of powerful computers to "dig up" data needed to make decisions
answer
Data Mining
question
A small data file that is placed on the hard drive of a web site visitor that collects and reports data on the visitor
answer
Cookie
question
Measures the effectiveness of an Internet ad by dividing the number of times an ad is clicked on by the number of times an ad is shown up
answer
Click-Through Rate
question
Internet sites like Google that help users find relevant web sites at no cost to the user
answer
Search Engines
question
Product, Distribution, rice, Promotion
answer
What is the Marketing Mix?
question
Distribution, Marketing-Information Management, Pricing, Product/Service Management, Promotion, Selling (DMSPPP)
answer
What are the 6 core standards of marketing?
question
It plays a main role in the economy, very important
answer
What is the value of sports marketing to the economy?
question
Cultural differences, government differences
answer
Why is international marketing so challenging?
question
Promote competition, not war. Also it is a place to settle differences and promote globalization and unity.
answer
What is the international role of sports and entertainment marketing?
question
New interest, technology and ideas.
answer
Why has the amount of sports & entertainment options increased over the last few years?
question
Identify customer needs and location Provide products perceived as superior Maintain successful customer relationships Offer appropriate marketing mix: products, price, promotion, location
answer
What is successful marketing strategy?
question
Efficiency, solve problems, know the market
answer
What is the purpose of marketing-information management?
question
1. Discover/Define the problem 2. Analyze current conditions 3. Develop process for data for data collection 4. Collect/analyze/report data 5. Find solutions (determine) based on data 6. Implement & evaluate resolutions
answer
What are the steps of the marketing research process?
question
Lying, bias, the way the question is asked
answer
What are some human factors in marketing research?
