Unit 7 Flashcards Preview

Sports Economics > Unit 7 > Flashcards

Flashcards in Unit 7 Deck (26):
1

the process of communicating to customers to make them aware of a product, service, or event

promotion

2

increasing sales is the primary goal of

promotion

3

related goals include

increasing customers' usage
maintaining customer loyalty
building a fan base
educating potential customers
overcoming the hesitation of first-time buyers

4

a paid form of communication delivered by a product maker or seller to consumers

advertising

5

a product integrated into the plot of a television show or a movie

product placement

6

more discreet than placement

product placement

7

any unpaid media attention

publicity

8

either positive or negative

publicity

9

additional incentives offered for a limited time to encourage consumers to buy a product

sales promotions

10

an in-person, face-to-face communication between a seller and a customer

personal selling

11

set a measurable advertising

goal

12

develop the advertising

budget

13

create an advertising

theme

14

choose the advertising

media

15

create the

message

16

develop an advertising

schedule

17

measure the effectiveness of the

advertising

18

specific

the goal

19

measurable

the goal

20

setting the advertising budget by estimating the point at which an additional dollar spent on advertising equals additional profit

marginal analysis

21

directs a percentage of expected sales revenues to the advertising budget

percent of sales

22

an advertising budget based on expected number of units to be sold

fixed sum per unit

23

designed to maintain the current share of voice

competitive parity

24

maintaining a similar dollar amount or frequency of advertising as that of competitors

share of voice

25

choosing the media that will bring the most effective advertising message to the targeted customer

media strategy

26

the number of people in the target market expected to receive the message through the chosen medium

reach