midterm 2 Flashcards
(89 cards)
1
Q
what is a product
A
good or service
2
Q
differences between goods and services
A
seperability
heterogeneity
intangibility
perishability
3
Q
what makes a sport product unique
A
core performance is one element of larger ensemble
4
Q
what does the sport experience include
A
atmosphere equipment music/entertainment concession/food pre-/post-game activities
5
Q
relation between the marketer and the sport product
A
marketer has little control over core product
focus on extensions
6
Q
core elements of the sport product
A
apparel/equipment rules, technique venue fan behavior personnel and process
7
Q
extensions of sport product
A
tickets, programs (printed material) memories, artifacts hybrid products the organization electronic products
8
Q
key issues in sport product strategy
A
differentiation product development product position brands product and brand cycles
9
Q
differentiation
A
marketers must consider consumers and competitors simultanously
product must be distinct
10
Q
product develoment
A
marketing is a process
continous development of product
generation of ideas
screen/implementing ideas
11
Q
5 perceptual issues in product development
A
relative advantage of new product over old preferences complexity in adoption and use compatibility with consumers values divisibility into smaller portions communicability of benefits
12
Q
product position
A
consumer´s image of the product
contributed by elements of sport product
13
Q
five images to consider in product position
A
trademark imagery (logo of org.) product imagery (apparel, team performance) associative imagery (association with product) user imagery (consumers of particular product) usage imagery (frequency of use, high-tech)
14
Q
brands and branding
A
brand building never ends
can be communicated through names, logos, images, associations
15
Q
brand equity
A
added value of a product from its brand
brand recognition
16
Q
elements of marketing mix
A
product
price
promotion
place
17
Q
dynamic pricing
A
based on the marketer´s sense of consumer demand for certain seat, time of day, priveledge
18
Q
fixed pricing
A
everyone pays the same price for a product (same price for every seat)
19
Q
what do sport marketers need to consider related to sport pricing
A
what strategy for right price
what factors influence price
will financial benefit of increasing prices offset neg. fan relation
20
Q
what is price
A
price paid by consumer is a function of the value placed on sport product
statement of value
exchange for benefit of using product
21
Q
why is price a critical element in the marketing mix
A
only element that produces revnue - others cost
most flexible marketing mix elements
can be readily changed and easily communicated
has direct impact on company´s bottom line (overall profit)
22
Q
core issues of pricing vs. cost
A
price of ticket does not represent realt “COST” of attendance
sport marketers must appreciate total cost from consumer´s perspective
23
Q
what happens if the company prices the product below its cost
A
profits will suffer
24
Q
price floor
A
no profit below this price
25
Fan Cost Index (FCI)
measures real price to attending a game
26
examples for FCI price elements
```
2 adult average price tickets
2 child average price tickets
four small soft drinks
four hot dogs
parking
...
```
27
what is consumer´s perception of value based on
own unique experiences with sport product
28
value satisfaction
perceived benefit - total cost
29
price ceiling
no demand above this price
30
2 forms of major pricing strategies
customer value-based pricing
| cost-based pricing
31
customer value-based pricing
setting price based on consumers´ perceptions of value ather than on the seller´s cost
32
steps of customer value-based pricing
assess customer needs and value perceptions
set target price to match customer perceived value
determine costs that can be incurred
design product to deliver desired value at target price
33
cost-based pricing
price based on costs for production, distribution and selling + rate of return its effort
34
steps of cost-based pricing
design product
dtermine costs
set price based on costs
convince buyer of product´s value
35
what can pricing be determined by
internal and external factors
36
internal factor of pricing
```
product
promotion
distribution
cost
organization objectives
```
37
external factors
```
consumers demand
competition
legal
economy
technology
```
38
pricing objectives
consideration of organization´s objectives when setting product prices
39
factors of pricing objectives
profit
survival against competition
max product exposure and distribution
positive user atiitudes or image
40
how do we distribute a sport product
at the facility (location, layout, image)
| other distribution channels (retail distribution, ticket sale)
41
hwy does mullin say the place is the most important choice a marketer need to make
often long-term range implication
| harder to change
42
what does the place include
```
sport facilities
surrounding areas
artifacts
history/memories
ideologies
experiences
aesthertics
problems
```
43
what needs to be considered related to a sport facility
```
accessibility
design
layout
amenities
personnell
```
44
accessibility of a sport facility
factors contibute to individuals willingness to travel to an event
45
aspects of accessibility of a sport facility
```
demographics
duration/frequency of the event
emotional commitment
perception of quality
parking
surrounding area
```
46
design and layout of a sport facility
easier access, exit and intenal movement to minimize length of lines
access for consumers with physical disabilities
location/design/number of food services, bars, restrooms...
flexibility vs. dedicated usage
aesthetics
47
amenities (Annehmlichkeiten)
connectivity
screen/display
sound system
upscale food & drink
48
what is promotion
verhicle by which marketers convey info about product
| communication tool
49
what functions do promotions serve
inform (create awareness)
persuade (encourage action)
remind
position a product in the mind of consumers
50
inform as part of promotion
introductory phase of product life cycle
important objective for targeting new consumers
important for product changes and extensions
51
what needs to be considered for informing
to no take consumer´s awareness for granted
52
persuade as part of promotion
convince consumer to purchase a product
53
two stages of persuade
informaing (informational strategy)
| persuading (transformational strategy) - satisfaction of cuónsumer needs
54
remind
remind of product availability and benefit
maintain top of mind awareness
objective of reminding is retention
may use informational and transformational strategy
55
position aspect of promotion
establish image in mind of consumer
goes beyond informing
establishing specific association
56
repositioning a brand
has different reasons
57
promotion mix
```
advertising
sales
personal selling
publich relations
direct marketing
```
58
promotion mix advertising
any paid form of non-personal presentation and promotion of ideas goods or services
59
what does promotion mix advertising include
broadcast, print, internet, outdoor and other forms
60
advantages of promotion mix advertising
reach mass audience
repeat a message
reflect seller´s popularity
build up a long-term image
61
disadvantages of promotion mix advertising
only one-way communication
| can be costly (TV)
62
what does sales promotion include
discounts
coupons
displays and demonstrations
63
advantages of sales promotion
attract consumer attention
offer strong incentives
invite quick response
64
disadvantages of sales promotion
effects often short lived
| not as effective as ad or personal sellin in building long run brand preference
65
what does personal selling promotion include
sales presentation
trade shows
incentive programs
66
advantages of personal sellin promotion
convey more and complex info of the audience
| increase chance of developing long-term relationships by solving problems
67
disadvantages of personal selling promotion
require long-term commitment but size of sales is harder to change
most expensive promotion tool
68
what is public relations promotion
building good relations with other companies
69
how does publich relations promotion work
obtaining favorable publicity
building good reputation
handling unfavorrable rumors, stories, events
70
advatages of public relations promotion
more real and believable
dramatize company or product
message get to consumer as news rather than as ads
71
disadvantages of publich relations promotion
never controlled by the public relations department weather a messafe is delivered, interesting, and important or not
72
what does public relations promotion include
press releases
sponsorships
speciale vents
web pages
73
what is direct marketing promotion
direct connection with targeted consumers
| acquire an immediate response
74
what does direct marketing promotion include
```
direct mail
catalogs
telephone
mobile marketing
kiosks
...
```
75
advantages of direct marketing promotion
message can be customized to sppeal to consumer
message can be altered depending on response
building on-to-one relationships
76
disadvantages of direct marketing promotion
growing invadion of privacy concern
| unwanted junk mail, spam
77
what is the goal of promotion
move consumer through buying process
78
what does promotion start with
understanding needs and wants
79
promotion chain
```
awareness
knowledge
linking
preference
conviction
purchase
```
80
what is public relations
strategic communication process
| builds benefitial relationships
81
what do public relations include
anticipating, analyzng and interpreting public opinion, attitudes and issues
researching, conducting and evaluating on actions and communications
planning and implementing organizations effort
82
what influences public relations
media relations + community relations
83
what does media relations involve
formpulating and shaping favorable opinion through media
84
subsections of media relations
proactive - shape/formulate
reactive - respond
interactive - work with
85
community relations
activities that benefit community, which may foster community support, loyalty and goodwill
86
subsection of community relations
corporate social responsibility (CSR)
87
corporate social responsibility (CSR)
corporate citizenship
| corporate philanthropy
88
reputation
reciprocal of image
| created by the audience
89
perception
what the consumer thinks about a company is what matters
| company can control the image that is send out but not what it reflects back
