Sports and Entertainment Marketing – Flashcards
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Define - Licensing
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an agreement which gives a company the rights to use another's brand name, patent, or other intellectual property for a royalty or fee
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Define - Trade Name
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The legal name of a company, such as Reebok
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Define - Brand
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A name, word, or words, symbols or design that identifies an organization and its products
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Define - Co-Branding
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Combines one or more brands to increase customer loyalty and sales for each product (visa and Mastercard)
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Define - Intermediary brand
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Carries a name developed by the wholesaler, retailer, or catalog house. Intermediaries contract with manufactures to make products that are sold under their own private labels.
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Define - Trademark
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Device that legally identifies ownership of a registered brand or trade name
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Define - Sponsorship
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The promotion of a company in association with a property
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Define - Brand Equity
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The value a brand has beyond its actual functional benefits
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Define - Manufacturer Brand
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A brand owned by the producer of that product
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Define - Generic Brand
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Represents a general product category and does not carry a company or brand name
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Define - Endorsement
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Approval or support of a product or idea by a reputable source
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Define - Brand Personality
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Attaching human traits to a brand name
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Define - Point of Difference
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It is what makes your brand different - it is a unique characteristic or benefit that sets it apart from a competitor
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Define - Focus Group
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Panel of 6-10 consumers who discuss their opinions about a topic under the guidance of a moderator
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Define - protocol
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Written during 2nd - Idea generation step of product development - a statement that identifies a target market, specifies customer's needs and wants, and explains the new product and what makes it unique
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Define - Prototype
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The first model of the product
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Define - Mark up
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The difference between the retail or wholesale price and the cost of an item
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Define - Elastic Demand
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A change in the price will affect demand
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Define - Inelastic Demand
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A change in the price will not affect demand
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Define - market share
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A percentage of total sales volume in a market captured by a brand, product, or company
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Define - infrastructure
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physical development of an area including the major public systems, services, and facilities of a country or region needed to make a location function.
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Define - Discretionary Income
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income remaining after deduction of taxes, other mandatory charges, and expenditure on necessary items.
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Define - Piracy
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Unauthorized use of another's music, movies, or copyrighted material
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Define - Royalty
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A payment for material that has been copyrighted, or legally declared as belonging to the creator
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What are the phases of the product life cycle
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1) Introduction Phase 2) Growth Phase 3) Maturity Phase 4) Decline Phase
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What is the Characteristics of the Introduction Phase of the product life cycle?
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- Product is first introduced - promote consumer awareness to get customers to try it
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What is the Characteristics of the Growth Phase of the product life cycle?
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- more competitors will enter the market if it is successful -to be competitive, the new product may be improved adding distribution outlets is important
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What is the Characteristics of the maturity Phase of the product life cycle?
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-sales begin to slow down -repeat customers may stop buying and new customers are hard to attract -changes may be made to distinguish it from competitors -marketers may focus on identifying new buyers
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What is the Characteristics of the decline Phase of the product life cycle?
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-sales and profits begin to drop -technological advances can cause entire product categories to enter this stage -products are dropped from product line little or no marketing support
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What type of pricing is aimed at suggesting a bargain?
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odd pricing - (ex $9.99)
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Who is a key figure in Sports and entertainment marketing?
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Professional sports players Pop singers, etc.
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Year Magic Kingdom was created?
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1971
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what is market segmentation?
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a marketing strategy that involves dividing a broad target market into subsets of consumers, businesses, or countries who have common needs and priorities, and then designing and implementing strategies to target them.
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what is odd pricing strategy?
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suggests a bargain.
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what is even pricing strategy?
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reflects a quality item
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what is price lining
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selling all goods in a product line at specific price points.
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what is loss leader pricing
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pricing an item at cost or below to draw customers in to a store.
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What is prestige pricing
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pricing based on customer perception
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What is penetration pricing
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Pricing a new product low in comparison to competitors in order to quickly generate demand
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define target pricing
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pricing good according to what the customer is will to pay.
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what is the difference between coupons, premiums, and sweepstakes.
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coupons offer reduction in price, premiums are items that are given away with a purchase, and sweepstakes is a incentive to purchase for a chance to win something.
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three ancillary products for frozen
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stuffed animal, coloring books,costumes.
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what are the 4 p's
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price, product, promotion, and place.
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what are elements in a print add
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elements of the print add are he headline, illustration, identification, sub headline, copy, and layout. news papers, direct mail, magazines, outdoor advertising (billboard), stadium signage
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which element is considered the copy.
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the text of the advertisement.
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which element identifies the advertiser or maker of the product.
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identification
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what is the difference between sponsorship and endorsement
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sponsorship the promotion of a company, and an endorsement is a approval or support of a product.
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what is order taking vs order getting
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order taking does not involve much sails ability because the consumers ask for it. order getting you need professional sails people.
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can any celebrity endorse any product
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no they should be related to the product in at-least one way.
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What is the Sherman Anti-Trust act prohibit
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Price fixing and predatory pricing
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Example of a product that would illustrate inelastic demand
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Gasoline
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What is the risk of cause packaging?
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Uses packaging to promote social and political causes which may be related to the product. Risk could be that you could alienate people that don't agree with you
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What does SWOT stand for
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The company's : Strengths, Weaknesses, external Opportunities and Threats in the marketplace
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What are the similarities between sports and entertainment marketing
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Both have product, place, price , promotion , convergence (overlapping of product promotion)
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What are the differences between Sports marketing and entertainment marketing
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Sports marketing has: Consumer loyalty, Consistent product, Few ancillary products Entertainment marketing has: lack of consumer loyalty, variable products, many ancillary products
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4 p's are also known as
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the marketing mix
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What type of label gives information about the product's use, construction, care, performance, and other features
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Descriptive label
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Example of an open ended question
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NOT - yes or no - it lets them explain. Explain why do you like Tide detergent better than Gain?
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Which step in the product development process is a focus group used?
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Step 3 - Screening and Evaluating
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In which step of the product development process is the product offered for sale in small geographic areas.
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Step 6 - Test marketing
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What are the steps in the selling process?
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1- Approach 2- Determine needs 3- Present the products 4- Overcome Objections 5- Close the Sale 6- Preform suggestion selling (ideas for additional sales) 7 - follow up
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What is the purpose of the pre-approach
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Before you go to sell - find out about the product and the potential customers
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What is the purpose of suggestion selling
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Suggest other addtional products that will meet the customer's needs (after they agree to purchase original product)
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What is the difference between a feature and a benefit?
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Feature - what the product has or does Benefit - how it helps the people Example: Phone offers 50 numbers for speed dial Benefit: more convenient and faster for me to use
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Do people usually buy features or benefits?
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BENEFITS "What's in it for me?"
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What is an example of cross promotion?
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any form of communication through which one industry relies on another industry to promote its product
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What is product tie-in?
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use of ancillary products such as merchandise as promotional tools
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what is an example of a core product and an ancillary product?
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Core - Movie - Toy Story Ancillary Product - Buzz Light Year Action figure
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60% of sports fans become a fan of that sport by what age?
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5 or 6
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Difference between promotional advertising and institutional advertising
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Promotional - goal to sell product - advertising is promotional Institutional - goal is to develop goodwill and positive image
