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
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