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MKT 358 test 1
Terms in this set (48)
what is utility
the want-satisfying power of a good or service
what are the different types of utility?
form, place, time, ownership (possession)
what is marketing?
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
what is lifestyle marketing?
srategy for seizing the concept of a market by its most meaningful recurrent patterns of attitudes and activities and then tailoring products and their promotional strategies to fit these patterns
what is sports marketing?
The specific application of marketing principles and process to sports products and the marketing of non-sports products associated with sports
what are the two components of sport marketing?
marketing of sport
marketing through sport
social identity theory
the idea that ingroups consist of individuals who perceive themselves to be members of the same social category and experience pride through their group membership
five unique characteristics of sports marketing
1. intangible and subjective
2. inconsistent and unpredictable
3. perishable commodity
4. publicly consumed
5. consumer satisfaction is invariably affected by social facilitation
basking in reflected glory
"cutting off reflective failure," a strategy by which we try to disassociate ourselves from others who have failed or behaved poorly
Basking in spite of reflected failure
they lost but I still support them anyway
what are the four segments of sport industry?
1. "packaged" events to spectators
2. facilities, equipment, and programing
3. packaged events for players
4. general administrative support for organizations
How is sport marketing different?
no other product evokes such a strong personal identification and emotional attachment as sport
what is the marketing mix
Product, Price, Place, Promotion
what is a product
a good or service
how can you differentiate between goods and services
Goods can be stored for later use (surplus) services cannot
what is the product life cycle
Intro- awareness, advertising
Growth- differentiation and sales
Maturity- maintain sales
Decline- decide to eliminate or exten
Why is price important in the marketing mix?
Price is the ONLY part of the marketing mix that directly affects the revenue of an organization
what is price
what the buyer gives up in exchange process
what is the value function?
Value = perceived benefits of sports product / price of sports product
What is price elasticity?
the measure that reflects the change in the level of demand in response to a change in price
What is the fan cost index?
The amount it costs for a family of 4 to attend a professional sporting event (4 tickets, food, drinks)
the business practice of selling the same good at different prices to different customers
What is break-even analysis?
Break-even analysis is the process used to determine profitability at various levels of sales.
The break-even point is the point where revenues from sales equal all costs.
adding a standard markup to the cost of the product
Takes the total costs of the product and adds a specific percentage to determine the final price.
prices vary on the time of day, week
the practice of changing prices for products and services in real time in response to supply and demand conditions
what are PSL's
personal seat license
Price insensitive consumers purchase high priced tier (close to the field/court).•
For non-sell out events, price sensitive consumers purchase low priced tickets
what is place
the activities associated with transferring goods from producers to final buyers and users
what is the traditional marketing channel for a hard good?
•Manufacturers (M)•Wholesalers (W)•Jobbers (J)•Retailers (R
What are forms of observation used in place management
These elements include layout accessibility, facility aesthetics, seating comfort, electronic equipment and displays and facility cleanliness.
what is promotion
Communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response
Promotional Mix Elements
Advertising: any paid form of nonpersonal presentation of ideas, good and services
Publicity: any nonpersonal stimulation of demand for a good service. Not paid
Personal contact: personal selling, any personal to person communication involving an organizational representative
Incentives: getting a customer to do something, encouraging consumption
Atmospherics: focusing on the environment when communicating with the customers.
Licensing: when an entity outside of the organization uses its symbol for profit
broadcast , sponsorship, ticketing, licensing
Community relations: interaction and connection between the sport organization and the community.
professionals- earn money, don't need side job
the negotiation process between an employer and a union comprised of workers to create an agreement that will govern the terms and conditions of the workers' employment " (
spending limits that control how much a team can spend on a player
a miniature world or universe; a group or system viewed as the model of a larger group or system
as the level of interest, involvement, passion, and loyalty a fan exhibits to a particular sports entity
where does most of the revenue from the NCAA come from
tv and marketing rights
championship ticket sales
where is most of the revenue distributed
what is the Front porch theory
having a sports team be the face of the university
1984 Hail Mary pass by Boston College QB Doug Flute to upset Miami in the Orange Bowl•Increase in applications by 40% for two years
Front Porch Theory•The Ewing Effect•Georgetown University (1983-1986)•Patrick Ewing led basketball to a 1984 national title.•Applications increased by 45%
what are the revenue sources for a college athletic program
Sources of Revenue for College Athletics•State•Federal•Ticketing•Broadcasting Rights Fees•Conference Payouts•Donors•Sponsorship•Licensing (CLC
major industry players
learfield and IMG
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