Sports and Entertainment Marketing Terms – Flashcards
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The creation and maintenance of satisfying exchange relationships.
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Marketing
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Describes how a business blends the four marketing elements of product, distribution, price, and promotion.
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Marketing Mix
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What a business offers customers to satisfy needs
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Product
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The amount that customers pay for products and services.
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Price
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Ways to make customers aware of products and encourage them to buy using advertising and other forms of communication to distribute information about products, services, images, and ideas to achieve a desired outcome.
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Promotion
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the amount of money individuals have available to spend after paying for the necessities of life and other fixed expenses, such as housing and car payments.
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Discretionary Income
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common characterists of a group, such as age range, marital status, gender, ethnic background, income level, and education level
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Demographics
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using sports to market products
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Sports Marketing
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the number of times per advertisement, game, or show that a product or service is associated with an athlete, team, or entertainer
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Gross Impression
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influencing how people choose to spend their time and money on entertainment
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Entertainment Marketing
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Whatever people are willing to spend their money and spare time viewing rather than participating in
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Entertainment
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the number of viewers the programming attracted
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Ratings
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the amount of money remaining from revenues after all expenses are paid
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Profit
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making decisions to use resources in ways that result in the greatest profit
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Profit Motive
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The study of how goods and services are produced, distributed, and consumed
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Economics
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the amount of satisfaction a person receives from the consumption of a particular product or service
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Economic Utility
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The possibility of financial gain or loss or personal injury
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Risk
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preventing, reducing, or lessening the negative impacts of risk by using the strategies of risk avoidance, risk insurance, risk transfer, and/or risk retention
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Risk Management
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The business is legally responsible for damages and might have to pay for the medical costs and other losses suffered by an injured person
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Liable
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a system of deciding what is right or wrong in a reasoned and impartial manner
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Ethics
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the high standards of rules and guidelines in both business and personal life
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Principles
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the income from a venture that is distributed to investors
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Returns of Investment
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A report developed to predict the expenses to be incurred and revenues to be received from an event
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Forecast
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a plan for how available funds will be spent
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Budget
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shows all the company's assets and its liabilities at a specific point in time
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Balance Sheet
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shows all revenues received and all expenses incurred over a specific period of time
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Income Statement
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a business keeps the focus of satisfying customer needs
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Marketing Concept
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The rate at which companies produce goods or services in relation to the amount of materials and number of employees utilized
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Productivity
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the minimum attendance and sales required to cover all of the expenses of organizing, promoting, and running the event
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Break Even Point
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the value of the next best alternative that you forgo when making a choice
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Opportunity Cost
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all of the consumers who will purchase product or service
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Economic Market
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the value people believe they receive from a product or service
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Benefits Derived
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the capability to produce products or services more efficiently and economically than the competition
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Comparative Advantage
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Purchases you make without much thought
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Emotional Purchases
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Purchases based upon careful though and sound reasoning that take place when individuals recognize needs and wants, assess their priorities and budget, conduct research, and compare alternatives
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Rational Purchases
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purchases based on loyalty to a particular brand or product
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Patronage Purchase
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a specific ground of consumers you want to reach
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Target Market
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a group of consumers within a larger market who share one of more characteristics
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Market Segment
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the percentage of total sales of a product or service that a company expects to capture in relation to its competitors
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Market Share
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the way a product or service is differentiated in the minds of customers from other competing products or services
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Tactic
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The processes by which tactics are implemented
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Strategies
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information gathered about competitors
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Marketing Intelligence
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identifies the nature of the business and the reason it exists
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Mission Statement
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broad group of customers
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Mass Market
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all the products a company has available for customers at any one time
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Product Portfolio
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the sales portential for a new product is tried in a regional, or otherwise small, market prior to its final release nationwide or worldwide
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Test Marketing
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a new product's final form and its total assorted features, including brand name, the various products offered under the brand, and the packaging
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Product Mix
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items added to a product to make it more attractive to the target market, including guarantees, warranties, and instructional information
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Product Extensions
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Features added to the basic product that satisfy additional needs and wants in the same purchase
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Product Enhancements
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a group of similar products with slight variations to satisfy the different needs of consumers
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Product Line
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the name, symbol, word, design, or combination of these elements that identifies a product, service, or company
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Brand
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the legal protection of words and symbols used by a company
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Trademark
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a well-known name or symbol established by one company and sold for use by another company to promote its products
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Licensed Brand
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incentives received in additional to a base salary, such as medical insurance, use for an organization's vehicles, and paid travel
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Fringe Benefits
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an economic system that allows the unregulated supply and demand of products to drive the economy
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Free Enterprise
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oval-shaped outdoor theater with tiered seating around a central staging area
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Amphitheaters
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the facility where live performances are held
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Venue
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a term used to describe a means of distributing an event to a large volume of people, including radio, television, and the internet
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Mass Media
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types of delivery systems for sports and entertainment
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Platforms
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A paid form of communication delivered by a product maker or seller to consumers
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Advertising
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a product is integrated into the plot of a movie or television show
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Product Placement
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any unpaid media attention, both positive and negative, about a business and its products, services, or events
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Publicity
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additional incentives offered for a limited time to encourage consumers to buy a product
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Sales Promotion
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an in-person, face-to-face, communication between a seller and a customer
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Personal Selling
