Kss 382 bracey quiz 3 – Flashcards
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Sales
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o The revenue-producing element of the marketing process o The process of moving goods and services from the product producers into the hands of those who will benefit most from their use o Involves the application of persuasive skills o May be supported by print, audio, or video message designed to promote the product and make it more desirable
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Factors that could cause customers to perform or fail to preform
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Quality Quantity Time Cost
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Traits of a good salesperson
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o Belief in the product o Belief in yourself o Seeing many people (Sales call volume) o Timing o Listening to the customer (but realizing that what the customer wants not necessarily what they are telling you) o Sense of humor o Knocking on old doors o Asking everyone to buy o Following up after the sale with the same aggressiveness you demonstrated before the sale o Common sense
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What is a good sales oriented organizational structure
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o The reporting structure in an organization o The relationship between departments that are integral in the sales process o The organizational style or philosophy with regard to producing support materials used in sales process o The sales developmental process within the department o Determining the composition of the sales force and the compensation mix for the sales staff
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Developing and managing a sales department
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o Properly train the sales staff o The sales staff must have the resources they need to accomplish the established goals o Identify the strengths and weaknesses of the sales team or its individual members o Complement the various personalities and styles of individual members to benefit the team as a whole o Initiate an attractive incentive structure to complement eachother
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What do sport teams sell?
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o Naming rights o Electronic inventory Anything online o Signage inventory o Print Inventory o Assets related to ticket sales o Tickets and hospitality inventory o Promo inventory o Community programs o Miscellaneous
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Direct data-based sport marketing and sales
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o Database marketing involves the collection of information about past consumers, current consumers, and potential consumers (CH 4) o Need to contain the following Current season ticket holders Co-account holders (share season tickets) Corporate Partial-plan holders Groups Advanced ticket purchasers Phone sales Outlet ticket sales Day of game walk up Sweepstakes or contest entries o Sport organizations should attempt to collect contact data from every customer who touches the product o Sport marketers must manage the data base and should test or measure the responsiveness of customers to certain database sales strategies Lead scoring
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Most commonly used sales strategies
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o Telemarketing o Direct mail o Personal selling
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Applying the telemarketing process
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o Pre-call planning o Approach and positioning Know what they want o Data gathering o Solution generation o Solution presentation o Close o Wrap-up
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Chararistics of direct mail
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o Direct mail is targeted o It is personal o It is measurable o It is testable o Flexible
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Developing a direct mail offer
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o Differentiate the product o Use discount o Flexible payment o Offer a money-back guarantee
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Email marketing
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o Many of the same principles as direct mail o Email and mobile marketing can be precisely shown to show ROI
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Direct mail can be more than an offer
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o Good sport marketers use direct mail ......... Regular method of communication to keep the customer informed Soliciting input, opinions, and feedback through questionnaires, chatrooms, surveys Showing accountability and expanding the knowledge of the consumer with the annual report Thank-you correspondence Delivering invitations to special events and opportunities
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Personal selling
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o The art of convincing, the use of learnable techniques to close a transaction o The application of basic rules to show a prospect that you have what they need Use data based marketing Let it be known that you are in sales and what you are selling Overcome objectives and perceived barriers Manage the conversation by being a effective listener Employee consultative selling Build around strengths of product and service Match the consumer with the appropriate product Follow up o Data-based marketing o Relationship marketing Goal is to create a long term and sustained relationship with the customer o Benefit selling Create new benefits to offset existing perceptions or assumed negatives related to the sport product or service Offer flex plans o Personal selling can be most effective when coupled with Sampling Trial usage Open houses
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Innovative selling strategies
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o Education can sell the fan base o Remember your packaging o Remember that fun is good o Couponing is not just for groceries and fast food o Group sales
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Five propositions of principled negotiation (getting to yes)
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o Separate the people from the problem o Focus on interests, not positions o Invent options for mutual gain o Insist on using objective criteria o Know your BATNA (best alternative to negotiate agreement)
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Pricing
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o Prices are critical elements in the marketing mix for a number reason Prices can be readily changed In certain marketing conditions, price is one of the most effective tools Price is highly visible Price is never far from the consumers mind
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Value
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o Value is the quantitative measure of the worth of the product o Satisfaction= benefit - cost o Price doesn't equal cost Travel Parking or public transportation Concessions Souvenirs Service fees or handling charge
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Yield management
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o Employing a variety if pricing strategies to ensure that the product, particularly tickets, can be purchased by the broadest range of potential buyers o Yield management includes not pricing but also packaging of the tickets to ensure the heist yield of the sale of the product o Organizational buy-in o Understand the marketplace o DATA, DATA o Understand the secondary market Resale market o Understand the implication o Remember the fans
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Secondary market
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o Many cosumers purchase tickets through secondary sources (not the team) because those sources offer a variety of prices, all usually less than those of the team, all usually less than those of the team, which has a higher cost of doing business o Some season ticket buyers resell their tickets in the secondary market to offset cost or make money, which can be critical factor in the decision of purchasing season tickets
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Aftermarketing defined
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o Relationship after all the marketing and sales efforts have been completed, a purchase has been made, and the prospect has become a customer o Thus, the relationship changes to one of support and sustainability
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Costumer lifetime value (CLTV)
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o Formula that helps a marketing manager arrive at the monetary value associated with the long term relationship of any given customer, revealing both the cost and the net worth of that relationship over time o Season ticket holder isn't worth $4,000 but $80,000 over 20 yr.
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Aftermarketing
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o The more valuable the customer is, the more effort the staff must devote and expend to retain the customer o Many sport org. employ retention teams to service current customers and build relationships with them o The cost of acquiring new customers far outweighs the cost of retaining current ones o To retain customers long term, sport marketers should offer them benefits that meet their needs o The integral aspects of sport consumer retention are satisfaction, utilization, and enjoyment of the product purchase o Sport org should continually strive to improve the fan experience Edu-selling Technology
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Customer service and retention programs should encompass the following
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Offer customized or personalized customer contact and treatment Conduct regular customers satisfaction surveys or audits Create and sponsor shit... rewards for coming back Maintain a database of current customers and defectors Create a website with special content and features for members Produce a newsletter and distribute the content on a regular basis Offer frequency incentive programs Conduct stakeholder meetings or luncheons to gather feedback Create special member only events to demonstrate and show appreciation Provide special access to players and other stuff
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Overview of social media
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o Rapid growth of SM enables sport marketers to have more direct communications with fans o Social media followers are far more numerous than traditional team opt-in consumers Some pro sport teams have FB or twitter following in the 100000
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Why is it valuable in sport?
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o It builds an audience of fans to interact with in real time o It engages fans in a way they want to be engaged o It viral o It drives behavior that drives business
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Effective techniques for SM management
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o Build an audience o Engage fans o Drive behaviors o Choose the appropriate platform o Avoid pitfalls o Leverage players and talent
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Building an audience
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o Sport org should promote social media initiatives In-game or in-event During broadcast Through other online, direct, and digital marketing offers Through traditional advertising media By share-optimized mediums (TAF (tell a friend) marketing)
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Engage fans
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o Growing a SM base requires sport marketers to offer engaging content to prevent people from tuning out o A good strategy to do this involves Authenticity of voice and varying of voice Listing Learning Optimizing (testing) Delivering
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Drive behaviors
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o Effective SM marketing should encourage followers should encourage followers to engage in behaviors aligned with org. strategic objectives: Purchasing tickets Increasing TV ratings Attending events Using or engaging with sponsors
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Choose the appropriate platform
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o FB o Twitter o Insta
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Avoid pitfalls
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o Sport marketers should adopt several key lessons embarrassing mistakes in using SM Manage access to accounts Keep personal and official accounts separate Reserve the right to delete but do so with caution Own your mistakes
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Leverage players and talent
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o One of the biggest appeals of SM for sport fans is direct communication from athletes and coaches o Such valuable communication should be leveraged to build brands of athletes, teams, and events.
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Putting it all together
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o To be able to compare and contrast the interaction and effect on the P's o To understand how org. structure, job descriptions, and staff training affect... o To understand the need for analytics and accountability in achieving control and marketing effectiveness o To recognize benchmarks of marketing performance in sport
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Cross-effects among the Five P's
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o Each element of the marketing mix can be addressed individually o Figure 15.1
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• Product and price
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o Effect of product and price is more accurately the effect of the price on product o Price Is the most visible and most readily communicated variable of the marketing mix Influences perceptions of quality and value Directly affects the product image o More often than not, consumers are balancing product and price in their minds as they consider purchasing a sport product
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• Product and Place
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o Big-league products demand big-league places o Sport consumers develop perceptions of the place in which an event occurs, namely, a facility image
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• Product ad promotion
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o Products define appropriate formats and media for promotion o Sport marketers must use the right promotional medium for the right product
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• Product and PR
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o Public relations has an obvious effect on product image and position o Sport marketers do not have control of the media's message as they do with advertising o Perceptions are difficult to change even with proactive PR strategies o A products image is significantly affected by athlete endorsers who need to understand how their behavior is perceived by the public
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• Price and place
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o 2 major effects Sport consumers expect to pay higher prices for better facilities Consumers tend to pay more for convenience (which is a benefit)
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• Price and promotion
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o The price of a product dictates the media for advertising the product The price determines the profit margin on the product and hence the promotion budget and in turn the media choice The price of a product reflects not only its nature and cost but also the market to which the product is targeted o In both cost-plus and market based pricing, the price reflects the target market demographic and its media choices o Break even
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• Price and PR
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o Pricing strategies can have a strong effect on PR, for better or worse o PR strategies should be incorporated into pricing strategies to help consumers understand sport marketing mix
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• Place and promotion
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o The sport facility image is a strong one, and it directly influences product image o A sport marketer can promote a stadium as the place to be. New facilities often have high attendance o Promoting an old, dilapidated facility is an up hill battle o A sport marketer can promote special aspects of the venue as well
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• Promo and PR
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o The effect of a favorable or unfavorable PR image cannot be underestimated o The PR image can negate immense promo efforts o Exercising good judgment and taste I promotion will prevent negative PR
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• Effective marketing control systems
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o Mission statements and objectives should be established in light of current market position as compared with desired position o The organizational structure should marshal resources to meet objectives o Employee performance standards and criteria should logically link performance to objectives o Methods should be in place to adjust strategy, structure and personnel o When theses functional areas within a sport org. are performed by too few employees, the following counterproductive results can occur Lack of functional specializations results in lack of expertise The emphasis turns to operations (getting the job done right)...... o Generating revenue requires investment resources and personnel
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o Many functional areas within a sport org. must work together to market the product effectively
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Marketing PR and communications Sales (ticket and sponsorship) Market research Development and fund raising
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o TMR's fan cost index (team marketing report) The fan cost index TM comprises
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o TMR's fan cost index (team marketing report) The fan cost index TM comprises • The price for 4 average ticket prices • 2 cheapest beers • 4 cheapest soft drinks • 4 cheapest hot dogs • Parking for 1 car • 2 game programs (programs are on the decline in football) • 2 least expensive hats
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• Measuring marketing effectiveness
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o TMR's fan cost index (team marketing report) o Web visitor statistics o Annual survey results reported by industry publications o Many sport org. can incorporate analytics to measure marketing effectiveness in areas such as
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o Many sport org. can incorporate analytics to measure marketing effectiveness in areas such as
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Sales PR Ticket service and operations Promotion and advertising Sponsorships Merch. Sales and operations
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2 thrust
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• Marking sport product • Marketing a product through sport
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Hallmark event
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• One big time event
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Not post Fordism
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• Assembly line
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Cost + pricing =
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• Figuring out the price of something • Break even point
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• Sport marketing predictions for 2012 (made in 2007)
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o Viewership connectivity and on-demand o Europe sports will be more American o Small market baseball will presuer MLB to be more competitive o Sponsers on jerseys in US o Collage sports will add ticket sales departments o Pro women sport will see no real growth o Cell phones will become the ticket o Neutral championship site
