Sports and Entertainment Marketing DECA – Flashcards
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Marketing
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the process of developing, promoting, and distributing products, or goods and services, to satisfy customers needs and wants
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marketing concept
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idea that organizations need to satisfy their customers while also trying to reach their organizations goals
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market
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potential customers with shared needs who have to desire and ability to buy a product
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needs
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a lack of basic necessities, such as food, clothing, or shelter
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wants
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things that people desire based on personality, experiences, or information about a product
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target market
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a specific group of consumers that an organization selects as the focus of its marketing plan
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demographics
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statistics that describe a population in terms of personal characteristics
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marketing mix
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a combination of four basic marketing strategies, known as the 4 Ps - product, price, place, and promotion
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channel of distribution
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path a product takes from the producer to the consumer
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economics
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the study of the choices and decisions that affect making, distribution, and using goods and services
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GDP
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the value of all goods and services produced within a country
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profit
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the money left after all costs and expenses of a business are paid
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competition
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as a characteristic of free enterprise, the struggle among companies for customers
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copyright
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the legal protection of a creators intellectual property or products
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Patents
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granted for 20 years to protect owners of patented products.
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Trademarks
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Words, symbols, sounds, or colors that distinguish goods and services are also registered with USPTO.
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Sole proprietorship
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business involving only one owner
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Partnership
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Business involving two or more owners
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Corporation
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Business entity that has the ability to conduct business and enter into contracts apart from its owner or owners.
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Limited partnership
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One general partner who assume unlimited liability
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Subchaper S corporation
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Same government regulations as a corporation, but it is taxed like a partnership.
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consumers
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people who use products
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discretionary income
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money left to spend after necessary expenses are paid
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kinetoscope
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a device used to view a sequence of moving pictures
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vendors
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sellers of products
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product
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a good or service that any for-profit industry sells to its customers
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promotion
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any form of communication used to persuade people to buy products
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endorsement
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approval or support of a product or idea, usually by a celebrity
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core product
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the main product, such as sports event, movie, stage show, or book
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ancillary product
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a product related to or created from the core product
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revenue
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gross income
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piracy
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the unauthorized use of an owner's or creator's music, movies or other copyrighted material
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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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product tie-in
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use of ancillary products such as merchandise as promotional tools
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cross-promotion
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any form of communication through with one industry relies on another industry to promote its products
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synergy
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a combined action that occurs when products owned by one source promote the growth of related products
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risks
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unforeseen events and obstacles that can negatively affect business
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risk management
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a strategy to offset business risks
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Consumer loyalty
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consumers attitude that occurs when they are happy with a company and become repeat customers
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Sponsorship
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the promotion of a company in association with a property
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Sports Marketing
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all the marketing activities designed to satisfy the needs and wants of sports consumers
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amateur athletes
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a person who does not get paid to play a sport
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NCAA
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a national organization that governs college athletics and oversees important decisions pertaining to athletics
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profesional athlete
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an athlete who has the will and ability to earn an income from a particular sport
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Title IX
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a law that bans gender discrimination in schools that receive federal funds
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extreme sports
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sports that involve nontraditional, daring methods of athletic competition
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Sports consumer
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a person who may play, officiate, watch or listen to sports, or read, use, purchase and/or collect items related to sports
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market segmentation
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a way of analyzing a market by specific characteristics to create a target market
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sports products
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the goods, services, ideas or combination of those things related to sports that provide satisfaction to a consumer
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Tangible products
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physical goods that offer benefits to the consumer
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product line
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a group of closely related products manufactured to/or sold by a company
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product mix
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the total assortment of products that a company makes and/or sells
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opportunity cost
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the loss of the opportunity that is passed up in order to receive something in exchange
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infrastructure
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the 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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sports franchise
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an agreement or contract for a sports organization to sell a parent company's god or service within a given area
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grassroots marketing
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marketing activity on a local community level
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product item
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specific model or size of a product
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consumer goods
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goods purchased and used by the ultimate consumer for personal use
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business goods
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goods purchased by organizations for the use in their operations
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point of difference
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a unique product characteristic or benefit that sets it apart from a competitor
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focus group
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a panel of 6 to 10 consumers who discuss opinions about a topic under the guidance of a moderator
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commercialization
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process that involves producing and marketing a new product
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repositioning
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changing a product's image in relation to a competitor's image
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price
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the value placed on goods or services being exchanged
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prestige pricing
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pricing based on consumer perception
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odd-even pricing
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pricing goods with either an odd number or an even number to match a product's image
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target pricing
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pricing goods according to what the customer is willing to pay
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markup
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difference between the retail or wholesale price and the cost of an item
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cost-plus pricing
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pricing products by calculation all costs and expenses and adding desired profit
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non-price competition
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competition between businesses based on quality, service, and relationships
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market share
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the percentage of the total sales of all companies that sell the same type of product
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price lining
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selling all gods in a product line at specific price points
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bundle pricing
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selling several items as a package for a set price
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loss-leader pricing
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pricing an item at cost or below cost to draw customers into the store
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yield-management pricing
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pricing items at different prices to maximize revenue when limited capacity is involved
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price fixing
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an illegal practice whereby competitors conspire to set the same prices
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market research
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the process of systematically collecting, recording, analyzing, and presenting data related to marketing goods and services
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secondary research
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published data that have been collected for some other purpose
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primary research
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original research conducted for a specific marketing situation
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observation method
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research technique that involves watching actual behavior and recording it
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census
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A study that counts everyone in the research population
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sample
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a number of people who are representative of a study's
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direct channel
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the path a product takes without the help of any intermediaries between the producer and consumer
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direct marketing
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marketing activities to sell products directly to customers through the use of a customer database
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indirect channel
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the path a product takes using intermediaries between the producer and consumer
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brand
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a name, word or words, symbol, or design that identifies an organization and its products
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brand name
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a word or words, letters, or numbers representing a brand that can be spoken
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trademark
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a device that legally identifies ownership of a registered brand or trade name
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brand equity
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the value of a brand has beyond its actual functional benefits
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manufacturer brand
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a brand owned by the producer of the product
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co-branding
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A branding strategy that combines one or more brands to increase customer loyalty and sales for each product
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intermediary brand
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a brand that carries a name developed by the wholesaler,retailer, or catalog house
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generic brand
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A brand that represents a general product category and does not carry a company or brand name
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licensing
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An agreement that gives a company the right to use another's brand name, patent, or other intellectual property for a royalty or fee
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event marketing
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all activities associated with the sale, distribution, and promotion of a sport event
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promotional mix
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any combination of advertising, sales promotion, publicity, direct marketing, and personal selling
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advertising
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any paid promotion of an idea, good, or service by an identified sponsor
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promotional advertising
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advertising with a goal of selling an item being promoted
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institutional advertising
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advertising with a goal of developing goodwill or a positive image
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sales promotion
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a short-term incentive to get consumers interested in buying a product
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public relations
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activities promote image and communications
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Publicity
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free mention of product or company in the media
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Press release
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newsworthy article that provides info
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Personal selling
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direct communication by salesperson to potential customer
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Marketing Plan
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written document provides direction for marketing activities
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Executive Summary
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overview of entire marketing plan
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Situation Analysis
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study of internal and external factors
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SWOT Analysis
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study of strength, weakness, opportunities, threats
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Marketing Strategy
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method identifies target markets to make marketing-mix decisions
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Implementation
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putting marketing plan into action
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Sports Venues
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facility where sporting event takes place
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Sports Agencies
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companies that market or manage sports event, teams, and athletes
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Entertainment Marketing
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process producing products through entertainment
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Media
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methods used for communicating or transmitting messages
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Fad
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short-term popular trend, style, product, or service
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Cross selling
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method of selling the customer additional related products tied to one name
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Leisure Time
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time free from work or duties
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Breakeven
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costs and expenses equal to income revenues
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Oligopoly
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few firms affect but do not control an industry
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Affiliate
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independent broadcaster contracts with larger national networks
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Ratings
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rankings of Tv shows or radio-show in certain time period
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Niche Marketing
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focuses on small target market
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Brick- and -mortar
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retail business w/ physical location or store site
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Nonprofit organization
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nongovernmental organization that focuses on providing a service
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Concessions
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snack-bar that sell refreshments
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Evergreens
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films or products that are popular year after year
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Record clubs
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club receive free records with agreement
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Rack jobbers
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independent vendor control own inventory
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Location based entertainment
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amusments, theme animal and water parks
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Impulse spending
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buying w/o prior planning
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Primary market
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theaters shows first run
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Secondary market
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audience after film has been released
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Exhibitors
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theaters that sell tickets & show films to audience
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Gross revenue
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total income before deductions
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Trailers
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previews of upcoming movies
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Syndication
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selling TV programs to individual stations
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Programming
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schedule for TV shows
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Payola
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illegal payment for record labels
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Jingle
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catchy tune
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Ad Campaign
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promotional plan using different media
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Brand identity
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consistent image or felling that consumers recognize
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Brand Mark
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brand name or symbol
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Soundmark
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trademark identified by sound
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Motionmark
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trademark identified by specific movement
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Brand extension
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development of new products that extend the brand
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Entertainment franchise
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series of films expand character activity
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Crossover
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expansion of popular appeal
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Product placement
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appearance of product as prop
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Gross profit
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revenue minus cost of goods
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Net profit
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gross profit minus expenses
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Profit Margin
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difference between expense and retail price
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Reach and Frequency
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number of people exposed to an advertisement
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Psychographics
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study of consumers based on their attitudes
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Product testing
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assessment of product to see if it works
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Primary data
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info collected from primary sources
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Trend
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pattern, habit or tendency
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Secondary data
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info collected secondary or preexisting research
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Qualitative research
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data that measure qualities
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Quantitative research
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data expressed as amount in numbers
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Respondent
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consumer who participates in personal interviews
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Mall intercept
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market research collected in public place
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Statistics
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collection of numerical data
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Observational method
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collecting data by observing
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Traffic count
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measure of how many people do or don't stop to look
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Mystery shopper
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researcher who possess as shopper
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Ethnography
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study of social & cultural behavior
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Outlet
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place where marketed product is released
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Venue
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place live events are presented
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Capacity
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maximum number people venue can hold
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Image
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mental picture or concept of something
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Merchandising
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variety of promotional activities and materials
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Return
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amount of profit given to sponsor
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Licensed products
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goods that legally use logos owned by another company
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Release date
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day a film is first shown in theaters
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Media advertisement
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form of advertisement that uses advertising
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Non-media advertisement
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form advertising use anything other than media
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Fiscal year
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12 month accounting period
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Buisness plan
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proposal describe a new business plan
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Viability
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possibility of successful operation
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Promtional plan
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detailed strategy of how to focus advertising
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Media Mix
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combination of two or more promotional methods
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Internship
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gives student direct work experience
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Networking
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a process of finding out about potential clients from friends, business contacts, coworkers, acquaintances, and fellow members in professional and civic organizations
