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Sports & Entertainment Marketing > Exam 1 > Flashcards

Exam 1 Flashcards

Chapters 1-7 & guest speaker presentations (85 cards)

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1
Q

marketing mix

A

how a business chooses to blend price, product, distribution and promotion

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2
Q

product

A

what is it?

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3
Q

distribution

A

where and how?

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4
Q

price

A

how much?

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5
Q

promotion

A

how do we make customers aware and wanting to buy?

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6
Q

discretionary income (fun money)

A

the amount of $$ that people have left to spend after paying for necessities

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7
Q

demographics

A

shared characteristics of a group

age, marital status, gender, ethnic group etc.

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8
Q

when was the first admission charged?

A

baseball in 1858

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9
Q

when was the first endorsement deal?

A

1923

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10
Q

when was the first pay-per-view?

A

boxing in 1975

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11
Q

when did ESPN debut?

A

1979

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12
Q

what is the goal of sports marketing?

A

use the right marketing mix to meet customer needs while still generating profit

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13
Q

gross impression

A

of times per ad that a product is associated with an athlete, team or entertainer

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14
Q

monetary value of sports marketing

A

multi-billion dollar industry that affects the economy

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15
Q

emotional value of sports marketing

A

fans have emotional ties to teams

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16
Q

entertainment

A

performance that people are willing to spend time & $$ to watch

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17
Q

entertainment marketing

A

influencing how people choose to spend their time and money on entertainment

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18
Q

marketing concept

A

keep the focus on the customers by listening to their feedback and monitoring customer trends

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19
Q

examples of marketing strategies

A

monitor the competition, monitor the consumer trends, and make improvements

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20
Q

breakeven point

A

minimum $ sales amount to cover expenses

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21
Q

opportunity cost

A

the value of the next best alternative when making a decision.

the value is the benefit that you “give up” by making your choice

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22
Q

benefits derived

A

the value that people think they receive from a product or service

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23
Q

comparative advantage

A

the capability to be more effective/efficient than the competition

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24
Q

emotional purchase

A

buying with little thought during emotional highs/lows

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25
rational purchase
buying based on wants & needs, budgets, research, and alternatives
26
patronage purchase
buying based on loyalty to product or brand
27
mass marketing advantages
reach large audience, gain wider exposure, increase sales volume, and lower marketing cost
28
mass marketing disadvantages
targets a massive group of consumers that may have different needs, and increased competition
29
geographic segmentation
divides markets into physical locations
30
demographic segmentation
divides market by variables that can be measured age and income
31
psychographics
characteristics that can't be measured values & interests
32
behavioral-based segmentation
based on customer attitude toward products and services
33
customer service gap
difference between customer expectations and reality customer service is often spread through word of mouth
34
values-based culture
culture that communicates values through excellent customer service
35
revenue stream
an activity that will produce $$
36
economic impact
effect produced such as jobs created or revenue generated, as a result from consumer and business decisions
37
loss
not enough revenue to cover expenses
38
economic utility
amount of satisfaction someone receives from consuming a product or service more likely to buy higher utility products
39
how to improve economic utility
form, time, place, and possession
40
form utility
improves PHYSICAL characteristics of product/service
41
time utility
makes product available WHEN people want it
42
place utility
makes the product available WHERE consumers want it
43
possession utility
makes product/service AVAILABLE when people want it
44
bootstrapping
building company without outside assistance
45
capital
wealth in the form of money or property
46
venture capital
financing provided to start a company in return for part ownership
47
forecast
report that predicts expenses incurred and revenue to be earned
48
risk
situation involving exposure to harm or danger
49
natural risk
things like weather, can't be avoided
50
human risk
customer dishonesty employee theft employee incompetence
51
economic risk
caused by changes in the business environment
52
speculative risk
investment could gain or lose
53
pure loss risk
no chance of gain
54
controllable risk
can be prevented or reduced
55
uncontrollable risk
cannot be prevented
56
insurable risk
chance of loss is predictable, and the $ amount can be estimated
57
uninsurable risk
chance that loss will occur, and the $ amount cannot be estimated
58
strategies to avoid risk
careful planning, attention to detail, and adherence to legal regulations
59
liable
legal responsibility for damages and medical bills of the injured person/object
60
risk transfer
either transfer to company (insurance), or transfer to customer (waivers)
61
what kind of loss cannot be recovered through insurance?
retained loss
62
contingency planning
preparation for unexpected emergency
63
ESA
Event Safety Alliance is a non-profit that promotes event safety
64
risk assessment
step by step process that involves identifying and preparing for risks with a trained staff
65
risk assessment process
identify hazards determine who they might affect evaluate risk management options implement best option review to see if adjustments are necessary
66
ethics
system for deciding between right and wrong in a reasoned matter
67
ethical dilemma
choice between two equal moral principles
68
joint venture
agreement between two or more companies to work together on a project
69
piracy
theft of copyrighted material major problem in Chinese film industry
70
censorship
altering or editing media that is considered objectionable
71
differentiation
customizing product to appeal to different markets
72
box office
income from ticket sales
73
niche travel
traveling planned around a special interest
74
ecotourism
responsible travel that conserves the environment and wellbeing of local people
75
MIS
Marketing-Information System procedures and methods used to store info that businesses need to make decisions about how to please customers
76
Marketing research
provides solutions to marketing problems through the use of scientific problem solving
77
syndicated research
conducted by independent company and then offered for sale to businesses in the industry
78
client-side researchers
in house staff researchers that also work with external agencies
79
analytics
process of using computer programming to organize data into meaningful patterns
80
algorithm
instructions on how to sort data
81
data mining
uses tech to "dig up" data
82
CLV
customer lifetime value is estimated profit a company will earn from a customer
83
cohort
group of people that share certain characteristics generally behaves in a certain way
84
trademark
legal protection of words and symbols used by a company
85
licensed brand
well known name or symbol established by a company and sold for use by others to promote products

Sports & Entertainment Marketing (2 decks)

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