Exam Study Notes Flashcards
(119 cards)
1
Q
Define entertainment
A
Spend $ & time on
2
Q
Discretionary income
A
$ left to spend after paying necessary expenses
Teens
3
Q
Beginning of 20th century, what was major form of entertainment & how was it marketed?
A
Performing arts
Posters, newspaper , word of mouth
4
Q
How did public transport help entertainment?
A
Allowed working class to travel to enjoy entertainment (broadened market)
5
Q
Explain chain of events that led to birth & development of movies
A
Louis Le Prince - 1st moving picture Britain 1888
Thomas Edison - kinetoscope to view moving pictures (1890s)
Lumiere Brothers - 1st to charge $ for movie in a Paris Cafe (1895)
Building theatres followed & first movie with sound = The Jazz Singer 1927
6
Q
Who is Bill Veeck
A
Developed sports marketing by introducing entertainment during games (score boards, fireworks)
7
Q
Define marketing
A
Develop, promote, & distribute products to satisfy customer needs/wants
8
Q
Define marketing concept
A
Organizations need to satisfy customers & reach their company goals
9
Q
Define demographics
A
Stats that describe population by characteristics (age, gender, income)
10
Q
Mass marketing
A
1950s promoting products to everyone - no target market
11
Q
Cohort marketing
A
Studies groups who underwent same experiences during formative years (kids in Toronto in 70s vs 80s)
12
Q
4Ps in marketing mix
A
Product -designing, naming, packaging
Price - cost to produce, market, profit
Place - make available to target market
Promotion - tell about product
13
Q
Channel of distribution
A
Path from producer to consumer
14
Q
4 types of promotion
A
Ads
Sales promotion
Publicity
Personal selling
15
Q
7 key marketing functions
A
1) product management
2) distribution
3) selling
4) marketing-info management (learn about consumers/target market)
5) financing - budget & loyalty program
6) pricing
7) promotion
16
Q
Cross marketing
A
1 company spreads across ent. markets
Disney from TV/movies to cruise lines etc
17
Q
Sponsorship
A
Sponsors financially support sports/ent events/organizations - image, exposure, target consumers
18
Q
Endorsement
A
Publicly approve a product
- association
- demographic match
- success
- image
19
Q
Global entertainment economy
A
Biggest form of entertainment = travel industry
20
Q
Economics
A
Study of choices & decisions that affect making, distributing & using goods/services
GDP measures economic growth
21
Q
Price competition
A
Demand elasticity & available substitutes - many subs for product makes demand elastic
Price 👇🏾, demand 👇🏾& vice versa
22
Q
Non price competition
A
Quality
Service
Image
(Starbucks) outweighs price
23
Q
Intellectual property rights
A
1) copyright - legal protection of creators intellectual property (books) must pay royalty to use
2) patent - not used without owner permission ( MK)
3) trademark - protects names, symbols, sounds etc & can be renewed
24
Q
Sole proprietorship
A
1 owner
👍🏾all profits, complete control
👎🏾liability & time
25
Partnership
👍🏾shared investment & responsibility
👎🏾disagreements, shared profit
26
Limited partnership
Silent partner with limited liability
27
Corporation
👍🏾easy to leave or join, hire experts
👎🏾high tax, increased gov rules
28
5 pricing problems
1) strikes
2) ticket scalpers
3) piracy
4) bootleg
5) royalty
29
Convergence
Overlapping product promotion (tims roll up the rim, TV commercial, etc)
30
Synergy
Products by one source promote growth of related products. Convergence + cross promotion = synergy (O magazine & Oprah show)
31
3 differences in marketing of sports vs ent
1) consumer loyalty - (more for sports)
2) product - sports consistent & ent products vary with trends/fads
3) revenue stream - sports from sponsorships & ent from merchandise etc (more $ for ent)
32
3 areas needed for activity to be a sport
1) normal physical activity
2) rules
3) recreational purpose ie competition, self enjoyment etc
33
Sports marketing
Marketing of sports: commercials, ads, ticket sales
Marketing through sports: companies endorse athletes, they wear products like Nike during games, commercials
34
Growth of sports marketing
1984 Los Angeles Summer Olympics - corporate sponsors market such as Coca Cola
Peter Ueberroth CEO credited with showing power of sports marketing
35
Sports franchise & commissioner
Sports teams - revenue from ticket sales, broadcast media contracts, sponsors, licensing
Head of league
36
Olympics timeline
First games 776 BC in Olympia with 1 event - 192m
Theodosius I stopped it
Revived 1890 Pierre de Coubertin
IOC - international olympic committee
Amateur rule overturned 1986
37
International sports
Soccer
Biking
Cricket
Rugby
38
Mildred Babe Didrikson Zaharias & Billie Jean King
Olympic gold medalist & great athlete
SportsWoman of the Year & won in battle of the sexes agains Bobby Riggs
39
Title IX
Law banning gender discrimination in school that received federal funds - more participation in women's sports
40
Political clout
Power over gov
Sports franchises can threaten to leave city if they don't get what they want
41
Sports consumer
Environmental influence: fam/friends, culture & values
Individual influence: self-image, physique, motivation
42
Market segmentation
Analyze market by specific characteristics to form target market
Geographic, demographic, psychographic, product benefits
43
Product mix
Product line
Product item
Product extension
Everything in Nike
Bball line
Just a basketball
Ancillary products like hats & jerseys
44
Opportunity cost
Loss of opportunity in order to receive something in exchange
45
Infrastructure
Physical development of area to make location function
46
Economic impact
```
Tourist dollars
Taxes
Parking
Food
Media outlets
```
47
Grassroots marketing
Marketing activities on local community level
48
Ethics
1) steroids
2) violence
3) illegal behaviour (domestic/child)
49
7 steps in product development
1) SWOT analysis
2) Idea generation
3) Screening & evaluation (need tech)
4) Business Analysis (financial)
5) Development (prototype)
6) Test marketing (small area)
7) Commercializing (produce & market)
50
Product life cycle
| Not all fit - coke
1) Introduction
2) Growth
3) Maturity
4) Decline
51
Manage Product Life Cyle
1) modify product
2) market
3) reposition (change image)
52
Gross profit
| Net profit
Revenue -cost of goods sold
Gross profit -expenses (tax, ads)
53
5 pricing goals
1) recover costs
2) return on investment
3) competition pricing
4) higher profit margin
5) increase market share
54
Consumer perception
Entails prestige pricing (expensive must mean good quality)
Odd Even pricing
Target pricing (what consumer will pay)
55
4 situations where price will have no effect
1) product is necessity (milk)
2) subs don't exist (gas)
3) enough income so it doesn't matter
4) time constraints
56
Mark up pricing
Wholesalers & retailers buy goods for resale
Markup is difference between retail price & cost of item. Must ensure profit
57
Cost plus pricing
Manufacturers & service providers
Price calculated by expenses & adding in profit
58
Skimming pricing
New product is priced high to recover cost of development
59
Penetration pricing
New product priced low to draw immediate demand
60
Price lining
Bundle pricing
Selling goods in product line @ specific price points (9.99, 19.99)
Selling items as package @ set price
61
Loss leader pricing
Yield management pricing
Price below cost to draw customers in store so they will buy other items
Different prices due to capacity (concert)
62
Price fixing
Predatory pricing
Companies all set same price
Company sets low price to drive others out of business
63
Market research
Collecting & analyzing data related to marketing goods
64
5 steps in research process
1) identify problem
2) secondary research
3) primary research
4) collect data (census/sample/data mining)
5) report & analyze (qualitative or quantitative)
65
Market testing
Test consumer reaction to see if product will sell
66
6 qualitative research methods
1) interviews
2) focus groups
3) online focus groups
4) mall intercepts
5) surveys
6) product testing
67
4 quantitative research methods
1) surveys
2) observational research
3) mystery shoppers
4) ethnography
68
Direct channel
Indirect channel
Multiple channels
No intermediaries (Internet/infomercial)
Agents, retailers & wholesalers (costco)
Direct & indirect
69
Outlet
Venue
Place where product is available
Same but with live events
70
Brand
Trademark
Brand equity
Name, word, design identifying organization & its products
Device legally identifies ownership of registered brand
Value a brand has so customers $
71
How to develop Brand Equity
1) develop brand (Gatorade=sports drink)
2) link to benefits (helps athletes perform)
3) help consumers feel good about product (best drink for athletes)
72
Manufactured brands
1) multi product branding - one name for all products (Nike)
2) multi branding - distinct name (Procter & gamble has tide, pampers, etc)
3) co branding - scotiabank scene card
73
Intermediary brands
Generic brands
Brand made by wholesaler (Kirkland -Costco)
General product with no brand or name (no name)
74
Brand succes
1) offer benefit
2) be simple
3) be different
4) reflect image
5) be previously unregistered
6) be lasting
75
Licensing
Benefits for licensor & licensee
Gives company right to use another's brand name, patent etc for royalty
Licensor: image & team spirit
Licensee: Profit, new audience
Mutual: publicity, revenue, awareness
76
Types of sponsorship
1) signage (scoreboard, floorboards)
2) entitlement (Rogers cup - 1 sponsor entire event)
3) facility entitlement ( ACC)
4) product exclusivity (only coke @ acc)
77
3 functions of promotion
1) generate sales
2) attract target audience
3) positive image
78
Promotional mix
1) advertising
2) sales promotion
3) publicity
4) personal selling
79
Promotional budget
Percentage of sales
Competitive parity
Objective & task method
80
Advertising
Types
Paid promotion of idea by sponsor
1) print
2) broadcast
3) direct marketing
4) online
81
Sales promotion
1) coupons & rebates
2) samples
3) premiums
4) contests & sweepstakes
82
Public relations
Publicity
Press kit
Activities promote image
Free mention of product in media
Promo material used by media like fact sheets, press release ( 5 w's)
83
Personal selling
Direct communication with customer by phone, online, or in person
84
2 types of selling
1) order taking - customer knows what they want & asks for it (souvenir shop)
2) order getting - follows steps of sale (sports agent)
85
2 ways to prepare for sales process
1) prospecting - look for customers
| 2) pre-approach - learn about products & potential customers
86
7 steps professional selling
1) approach
2) determine needs
3) present product
4) overcome objections
5) close sale
6) suggestion selling
7) follow up
87
Purpose of marketing plan
1) use within business
| 2) show investors for financial support
88
6 elements of marketing plan
1) executive summary
2) situational analysis
3) marketing goals
4) marketing strategies
5) implementation
6) evaluation & control
89
Non-media advertising
Airplanes, direct mail, flyers, billboards
90
Cross selling
Selling additional related products tied to one name
91
Brand identity
Consistent feeling associated with a brand
92
Brand extension
Celebrities are brands (clothing lines)
93
Entertainment franchises
Films or TV that expand to series (HP, 007)
94
Archived brands
From the makers of....
| Equity
95
Corporate conglomerates
Merge with other companies to make big business
1) Disney
2) Sony
3) Viacom (paramount)
4) Time Warner
5) Vivendi Universal
6) News Corp
96
Horizontal distribution
Vertical distribution
Rely on others for promotion (Netflix)
Produce, market, distribute & do all channels of distribution functions
97
Oligopoly
Indie
Few companies affect industry but don't control (Disney)
Operate solo
98
Theme/Water Parks
Europe 1550 Pleasure Gardens for adults
then Disneyland all ages 1950 with sponsors
1980s water park
99
TV networks
Supported by advertising sponsors
& shows come from networks or studios
3yrs or 60 eps = success
Independent or major network (independent can lead to affiliating which contracts with larger network like fox or global)
100
Prime time for TV
| Prime time for radio
8-11pm
6-9am
101
Music industry
Dependent on record labels & costs $125 000 to produce album
27-37% profit
MTV revolutionized music
Concerts & merchandise help combat illegal downloads
102
Awards
1) Academy/Oscar (film)
2) Razzies (worst film)
3) Grammy (music)
4) Tony (theatre)
5) Juno (music Canada)
6) Golden Globe (film & TV)
7) Canadian Screen Awards (film/Tv)
8) Emmy (TV)
103
Other entertainment businesses
Circus
Themed restaurant (hard rock)
Opera & Ballet
104
Merchandising
Promo material to advertise
1) direct - recreate image (iron man toy)
2) indirect - put on (iron man on drink)
3) tie-in (iron man & Burger King)
105
Entertainment goods
1) media based goods (dvd, video games)
2) media based services (shows, concert, movie in theatres)
3) recreation based services (amusement park, zoo)
106
Record club
Rack jobber
Receive free record if they purchase additional records in time frame
Vendors who distribute, price & control inventory within store
107
LBE
Location Based Entertainment
-theme & water parks
108
Edutainment
Educational entertainment
Museums, zoo, art gallery
109
Media marketing channels
```
Film
TV
Radio
Print
Internet
```
110
Exhibitor
Theatres that show films
Gross revenue 70% tickets & 30% concession
Exhibitor sets price
111
Syndication
Sell TV program to individual station over network to make more $ on reruns
112
Programming
Scheduled times for broadcasting (sat morn kid shows)
113
Satellite radio
Bringing competition to industry
114
Payola
Illegal payment by labels to stations to play their records
115
Record labs market music
1) target market
2) stations with specific markets
3) internet ads
4) MTV music stations
5) magazines
116
Performers market music
1) jingles
2) ad campaigns
3) artist web site
4) talk show
5) record signings
6) chat room
7) charitable activities
117
Ad campaign
Selling, advertising, public relations & media to reach target market
118
Print media types
Books
Magazines
Newspapers
119
5 ways print can promote
```
Book fairs
Book signings
Talk shows
Direct mail
Subscriptions
```
