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Sports Marketing > Unit 1 Test > Flashcards

Unit 1 Test Flashcards

1
Q

What makes a sport a sport?

A
  1. Involves an activity or skill
  2. Set of rules
  3. With a recreational purpose for competition
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2
Q

What is entertainment

A

Whatever people are willing to spend their money and spare time on.

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3
Q

Consumer

A

People who buy/use products.

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4
Q

What is Discretionary Income

A

Money left to spend after expenses are paid.

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5
Q

Early 20th Century Entertainment

A

Performing arts (live theatre, ballet, opera, concerts)

Marketing: Limited to posters, newspapers, magazines, and word of mouth.

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6
Q

What helped both wealthy and working-class families seek forms of entertainment?

A

Public Transportation

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7
Q

Birth of Movies

A

Louis Le Prince made the first moving pictures in 1888.

Thomas Edison invented the kinetoscope in the late 1890s.

Lumiere brothers presented the first projected movie in 1895.

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8
Q

Bill Veeck

A

Introduced entertainment to sports through fireworks, dazzling scoreboards, and special-event nights.

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9
Q

Modern Marketing Methods

A

Public buses/subways cars.

Cell phones/social media.

Sports stadiums named after advertisers.

Corporate logos on jerseys.

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10
Q

What is marketing?

A

The process of making, promoting, and distributing goods and services to satisfy customers’ needs and wants.

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11
Q

What are Needs

A

Basic necessities like food, clothing, shelter.

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12
Q

What are Wants?

A

Desires based on personality or experiences

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13
Q

Marketing Concept

A

Organizations need to satisfy customers while trying to reach organizational goals.

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14
Q

Target Market

A

A group of consumers an organization selects as the main focus of its marketing plan.

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15
Q

What are demographics?

A

Statistics that describe the population by personal characteristics.

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16
Q

Mass Marketing

A

Promoting products with one message directed to everyone.

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17
Q

What is cohort Marketing?

A

Studies groups of people who underwent the same experiences as kids.

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18
Q

4 P’s in the Marketing Mix

A

Product, Price, Place, Promotion.

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19
Q

Product

A

Design, development, maintenance.

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20
Q

Price

A

Establishing and communicating value.

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21
Q

Place

A

Distribution to consumers.

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22
Q

Promotion

A

Using methods to advertise the product

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23
Q

What is the Channel of Distribution?

A

The path a product takes the product from the producer to the consumer.

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24
Q

4 Types of Promotion

A

Advertising, sales promotion, publicity, personal selling.

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25
Q

7 Key Marketing Functions

A
  1. Product/service management
  2. Distribution
  3. Selling
  4. Marketing information management
  5. Financing
  6. Pricing
  7. Promotion.
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26
Q

What is economics?

A

The study of choices and decisions that affect; making, distributing, and using goods and services.

27
Q

GDP

A

A measure of economic development, showing how much a country made over a period of time

28
Q

Supply vs. Demand

A

Supply: All products available.

Demand: Customer desire and ability to buy products.

29
Q

Supply and Demand Theory

A

Prices rise with limited supply and high demand.

Prices fall with many products and low demand.

30
Q

Demand Elasticity and Available Substitutes

A

Follows price competition. ( When there are many substitutes for a product)
Elastic demand: Price changes affect demand.

31
Q

What is Non-Price Competition?

A

Quality, service, image.

32
Q

Risks in Sports and Entertainment

A

Financial risk, potential for losses in events, movies, or sports teams.

33
Q

Tangible Property

A

Buildings, equipment.

34
Q

Intangible Property

A

Services, intellectual rights

35
Q

Intellectual Property Rights

A

Copyrights, patents, trademarks.

36
Q

What is copyright?

A

Legal protection of a creator’s intellectual property (music)

37
Q

What are royalties?

A

Payment to owners for the use of intellectual property.

38
Q

Patent

A

Protection for inventions, for the inventor.

Inventions protected for 20 years.

39
Q

What is a trademark?

A

recognizing words, names, symbols, sounds, or colours for goods/services.

40
Q

Sole-Proprietorship

A

Business ownership with one owner.

Advantages: Easy start and end, complete control.

Disadvantages: Lack of finances, unlimited liability.

41
Q

Partnership

A

Business ownership with two or more owners.

Advantages: Shared investment, expertise.

Disadvantages: Unlimited liability, potential disagreements.

42
Q

Limited Partnership

A

Partnership with silent partners and at least one unlimited partner.

43
Q

Corporation

A

Business ownership by stockholders.

Advantages: Shared ownership, expertise.

Disadvantages: Complex management, potential for conflicts.

44
Q

Endorsement

A

Celebrity approval or support of a product.

Example: LeBron endorses Nike.

45
Q

Core vs. Ancillary Product

A

Core Product: Main product (e.g., sports events, movies).

Ancillary Product: Related or derived from the core (e.g., movie merchandise).

46
Q

Influence of the Internet?

A

Changed the way people shop for products.

47
Q

Sports and Entertainment Marketing

A

To make people attend events through promotions.

48
Q

Pricing Problems

A

Strikes, ticket scalpers, piracy, bootlegging, royalties.

49
Q

Promotion

A

Any communication to make people buy products.

50
Q

Tie-In

A

Use of ancillary products for promotional purposes.

Example: Happy meals with movie toys at McDonald’s.

51
Q

Cross-Promotion

A

Industries promoting each other’s products.

Example: A movie star appearing on talk shows to promote a film.

52
Q

Cross-Marketing

A

Expanding from one industry into others.

Example: A clothing brand expanding into music.

53
Q

Convergence

A

Overlapping of product promotions.

More than one promotion occurs for the organization.

54
Q

Synergy

A

An action where products promote related products.

Example: Clothing brand promoting music.

55
Q

Differences in Sports and Entertainment

A

Loyalty, product consistency.

56
Q

Consumer Loyalty

A

Attitude when customers are happy with the company

57
Q

Product/Service Management

A

Involves designing, developing, maintaining, improving, and acquiring goods/services that meet customer needs.

58
Q

Distribution

A

Focuses on determining the best way to get the company’s product or service to the customer.

59
Q

Selling

A

Is the direct and personal communication with customers to assess and satisfy current and future needs.

60
Q

Marketing Information Management

A

Gathering and using information about customers to improve decision-making.

61
Q

Financing

A

A company’s budget for its own marketing activities.

Provide customers with assistance in paying for the product or service.

62
Q

Pricing

A

The process of establishing and communicating the value or cost of goods/services to customers.

63
Q

Promotion

A

Using advertising and other forms of communication to provide information about products, services, and ideas.

Sports Marketing (1 decks)

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