Sports Entertainment Marketing midterm

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Marketing
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The process of developing, promoting, pricing, and distributing products in order to satisfy customers’ needs and wants.
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Goods
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Tangible objects that are useful to consumers
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Services
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Intangible and include tasks or acts performed for a customer for a price or fee
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Sports Marketing
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The process of planning and executing the conception, pricing, promotion, and distribution of sports ideas, goods and services to create exchanges that satisfy individual and organizational objectives
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Entertainment Marketing
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Involves the use of entertainment to develop, promote and distribute goods and/or services to satisfy the wants and needs of customers.
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Participant
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A person or group that participates or partakes in the event
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Spectator
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Observers of an event
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Sponsor
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Businesses or organizations that pay to associate their names or products with a sporting event
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Event Marketing
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Designing or developing a live themed activity, occasion, display or exhibit, such as a sport, music festival or concert to promote a product, cause, or organization
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Brand
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All the combined impressions and experiences associated with a particular company, good or service.
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Licensed Merchandise
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Goods bearing the name or logo of a sport/event product produced and distributed by an authorized manufacturer.
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Owned- goods service
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A product that involves repairing or changing a good that the consumer has already purchased.
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Perishability
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A product’s ability to withstand being stored
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Quality
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The degree of excellence of a good or service
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Rented- goods service
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A product that involves giving consumers limited use of a good for a certain period of time
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Separability
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A product’s ability to be considered apart from its provider
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Smoothing
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– Offering consumers a discount for purchasing products that otherwise would go to waste
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Venues
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Buildings or places where sports and events occur.
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Feature
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Describes an actual part or physical characteristic of a product
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Benefit
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– Describes how a product will directly offer a user a solution
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Market
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– Includes the group of all potential customers who share common needs and wants, and have the ability and willingness to buy the product
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Target Market
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Includes the group of consumers that a company desires to have as customers
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Copyright
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Legal protection of original works and intellectual properties granted by the government to give their creators sole rights to them
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Naming rights
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A financial transaction and form of advertising whereby a corporation or other entity purchases the right to name a facility or event, typically for a defined period of time
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Endorsement
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A form of testimonial from someone that indicates that they like or approve of a product
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Guarantee
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The fee a licensee pays up front in order to use trademarked property
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Licensing
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Permission to copy the name, logo, or trademark of a league, athlete, sports team, entertainer, film, television show, or character for a fee, also called a royalty
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Licensee
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A company that wants to manufacture and sell products using trademarked property
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Licensor
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An organization or company that holds the rights to trademarked property
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Logo
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The name and/or symbol used by a business (also called a signature)
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Royalties
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A percentage of actual sales that a licensee pays to a licensor, usually anywhere from 5 to 15 percent
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Slogan
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A phrase that is easy to remember and represents a company or a product
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Sponsorship
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An agreement that allows a company to pay a fee to a team or an event for the right to affiliate itself with that team or even
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Trademark
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A symbol, design, or word used to identify a good or service and registered with the government to prevent use by others
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Brand awareness
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Extent to which a brand is recognized by potential customers, and is correctly associated with a particular product. Expressed usually as a percentage of target market, brand awareness is the primary goal of advertising in the early months or years of a product’s introduction.
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Brand image
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The consumers’ beliefs about the company and/or its goods or services often in terms of quality, price, and value
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Brand equity
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The perception of added value a product has as a result of its brand name
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Brand loyalty
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The extent of the faithfulness of consumers to a particular brand

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