Unit 5 Flashcards Preview

Sports Economics > Unit 5 > Flashcards

Flashcards in Unit 5 Deck (91):
1

physical features that can be seen, felt

tangible goods

2

the nonphysical service features

intangible services

3

the total assorted features with the product

product mix

4

brand name, products offered under the brand

product mix

5

product backgiving

product mix

6

items added on to appeal

product extensions

7

features that are added to a product

TV, HD, DVR, 3D, Netflix

8

group of similar products-slight variations

product line

9

specific product in a line

product items

10

color, size, model

product items

11

ease of use, safety

packaging

12

brand name, symbol, word, design

packaging

13

legally protected

trademark

14

well known name and symbols of establishment

licensed brand

15

five stages of brand recognition are

nonrecognition
rejection
recognition
preference (demand, substitute)
insistence (NB shoes)

16

excellent athletes

blue-chip athletes

17

demonstrate good character and leadership qualities on and off the field

blue-chip athletes

18

bottom line for sports is

winning

19

bottom line for business if

profit

20

winning teams

generate profit

21

a voluntary organization through which the nation's colleges and universities govern their athletic programs

NCAA

22

athletes receive scholarships and grants for their college education

compensation for athletes

23

after signing with an agent, a college athlete can no longer participate in college sports

compensation for athletes

24

in some states, proposals, have been brought to the legislature to pay college athletes

compensation for athletes

25

success requires

skilled coaches
top-notch players
popular entertainers

26

best coaches can command annual salaries in excess of $1 million.

attracting and keeping coaches

27

incentives received in addition to base salary

fringe benefits

28

competition for top athletes is fierce

attracting and keeping star athletes

29

recruiters compete with professional teams as well as with other colleges

attracting and keeping star athletes

30

recruiters need a well refined sales and marketing effort to attract talent to their schools

attracting and keeping star athletes

31

popular performers can attract large enough crowds to make an event profitable

price for top musicians and other entertainers

32

popular celebrities increase revenue to shows

price for top musicians and other entertainers

33

in recent years, women's sports have grown in popularity

marketing women's sports

34

relative to male counterparts, women receive far less pay

marketing women's sports

35

creative marketers may develop new products to appeal to females who are relatively new sports fans

marketing women's sports

36

changing a product to fit the needs or wants of a particular market

customizing

37

cars, college majors

customizing

38

spontaneous and changing

impromptu

39

although local programming is less expensive to produce, it has fallen out of favor with major networks

local TV American style

40

excessive salaries of sports figures have helped drive up the costs of television coverage of sporting events

sports programming

41

specific sports programs will be offered outside the basic cable or satellite package

tiering

42

are viewer-and listener-supported

public TV and Radio

43

programming is tailored to local audiences

public TV and Radio

44

born between 1946 and 1964, one of the best-known market segments

marketing to Baby Boomers

45

Baby Boomers have the discretionary income to pay for the products and services they desire

Boomers won't retire

46

U.S. population is aging

segmenting the group

47

marketers will need to focus their efforts on this aging market

segmenting the group

48

through 2002, Baby Boomers will continue to be a major target of entertainment marketing

segmenting the group

49

as the Boomer group is so large, marketing messages need to be developed for specific subgroups

segmenting the group

50

introduction, growth, maturity, and decline

product life cycle

51

product is a novelty

introduction stage

52

only one brand or product is available

introduction stage

53

introduces new products at a very high price

skimming price strategy

54

uses low pricing to help capture a large market share early

penetration price strategy

55

second part of product life cycle

growth stage

56

target market purchases the product regularly

growth stage

57

advertising focuses on customer satisfaction

growth stage

58

competition increases

growth stage

59

third stage of product life cycle

maturity stage

60

sales are level or slowing down

maturity stage

61

marketing costs increase

maturity stage

62

sales prices often offered to hold off competition

maturity stage

63

sales decrease

the decline stage

64

alternatives include:

drop a product, sell/license, discount, regionalize, modernize/alter, recommit

65

also called breadth

width

66

the number of product lines a company carries

width

67

offers a limited number of product items

narrow product mix

68

allows a company to specialize effectively

narrow product mix

69

allows a company to produce efficiently

narrow product mix

70

allows a company to concentrate its marketing efforts on its few product lines

narrow product mix

71

broad product mix

width

72

offers many product lines

width

73

provides many opportunities to make sells

broad product mix

74

provides many opportunities to appeal to customers with a variety of needs

broad product mix

75

provides many opportunities to promote one-stop shopping

broad product mix

76

also called length

depth

77

the number of products and the assortment of sizes, colors, and models offered in a company's product lines

depth

78

offers a great many items within the product line

deep product mix

79

allows the business to meet the needs of a variety of consumers

depth

80

allows the business to use a range of prices

depth

81

allows the business to compete effectively

depth

82

also called a short product mix

shallow product mix

83

offers few items within the product line

shallow product mix

84

helps control costs and ensure a product

shallow product mix

85

how closely a company's product lines are related in terms of end use

consistency

86

methods of distribution and production

consistency

87

target market(s)

consistency

88

price range

consistency

89

consistent or

inconsistent

90

used by a company to differentiate its products or services from its competitors' products or services

positioning

91

status, price, or brand recognition

positioning