Sports and Entertainment Marketing Flashcards
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Questions and Answers

What is marketing?

  • The process of developing, promoting, and distributing products. (correct)
  • The study of consumer behavior.
  • A way to eliminate competition.
  • Always focuses on lowering prices.

    • What is the marketing concept?

    The idea that organizations need to satisfy their customers while also trying to reach their organizations' goals.

    Which statement best defines a target market?

  • Any customer who can afford to buy a product.
  • The total sales of all companies selling the same product.
  • A specific group of consumers that an organization selects as the focus of its marketing plan. (correct)
  • All potential customers in a market.

    • What are demographics?

    <p>Statistics that describe a population in terms of personal characteristics.</p> Signup and view all the answers

    The marketing mix consists of the 4 Ps: product, price, ____, and promotion.

    <p>place</p> Signup and view all the answers

    Economic downtrends do not affect consumer spending patterns.

    <p>False</p> Signup and view all the answers

    What is a copyright?

    <p>The legal protection of a creator's intellectual property or products.</p> Signup and view all the answers

    What is meant by consumer loyalty?

    <p>Consumers return to a company because they are satisfied.</p> Signup and view all the answers

    Which is a primary research method?

    <p>Observation method.</p> Signup and view all the answers

    Define goodwill in the context of institutional advertising.

    <p>The positive image or reputation promoted through advertising.</p> Signup and view all the answers

    Study Notes

    Marketing Fundamentals

    • Marketing is the process focused on developing, promoting, and distributing products to meet customer needs.
    • The marketing concept emphasizes satisfying customer needs while achieving organizational goals.
    • A market consists of potential customers with shared needs and the desire and ability to purchase products.

    Needs and Wants

    • Needs are essential requirements, such as food, clothing, or shelter.
    • Wants are shaped by personal experiences and information about products.

    Target Market and Demographics

    • Target market refers to a specific group of consumers targeted in a marketing strategy.
    • Demographics provide statistical data about a population’s characteristics, useful for market analysis.

    Marketing Strategies

    • The marketing mix includes the 4 Ps: product, price, place, and promotion.
    • Channels of distribution define the path a product follows from producer to consumer.

    Economics in Marketing

    • Economics examines choices and decisions impacting the production and distribution of goods and services.
    • GDP reflects a country's overall economic activity, measuring the total value of goods and services produced.

    Business Concepts

    • Profit is the financial gain remaining after all business costs are covered.
    • Competition involves various companies vying for customer attention in a free enterprise system.

    Intellectual Property

    • Copyright protects original works owned by creators, while patents secure exclusive rights for 20 years.
    • Trademarks distinguish products and services through words, symbols, or colors.

    Business Structures

    • Sole proprietorships are owned by a single individual, while partnerships involve two or more owners.
    • Corporations are legal entities that can conduct business independent of their owners.

    Financial Concepts

    • Discretionary income is the money remaining after essential expenses have been paid.
    • Revenue refers to the gross income generated by a business.

    Marketing Communication

    • Promotion encompasses all communications intended to persuade consumers to purchase products.
    • Endorsements involve celebrities supporting products, enhancing their credibility.

    Sports Marketing

    • Sports marketing involves activities aimed at meeting the needs and wants of sports consumers.
    • Amateur athletes are unpaid players, contrasting with professional athletes who earn income from sports.

    Consumer Behavior

    • Sports consumers engage in various activities related to sports, including playing, attending events, and purchasing merchandise.
    • Consumer loyalty reflects a positive attitude leading to repeat purchases from satisfied customers.

    Market Strategies

    • Market segmentation analyzes consumer characteristics to establish a target market.
    • Grassroots marketing focuses on community-level marketing efforts.

    Pricing Strategies

    • Pricing is influenced by factors like cost-plus, prestige, and odd-even pricing approaches.
    • Loss-leader pricing sets products at cost to attract customers.

    Research Methods

    • Market research involves gathering and analyzing data to inform marketing decisions.
    • Primary research is original data collection for specific marketing situations, while secondary research uses previously published data.

    Branding and Advertising

    • A brand represents an organization's identity, encompassing brand names and trademarks.
    • Brand equity highlights a brand's additional value beyond its functional benefits.

    Promotional Activities

    • Event marketing encompasses all activities related to a sports event's promotion and sales.
    • The promotional mix includes advertising, sales promotions, publicity, and direct marketing strategies.
    • Licensing allows companies to use others' intellectual property for a fee or royalty.
    • Piracy involves unauthorized use of copyrighted materials, affecting creators' rights.

    Conclusion

    • Understanding these key concepts equips individuals with essential knowledge for engaging in sports and entertainment marketing successfully.

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    Description

    Explore key concepts in Sports and Entertainment Marketing with these informative flashcards. Each card provides a definition of important marketing terms to enhance your understanding of the field. Ideal for students and professionals looking to reinforce their knowledge.

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