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 |