Sports and Entertainment Marketing Flashcards

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?

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

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

place Signup and view all the answers

Economic downtrends do not affect consumer spending patterns.

False Signup and view all the answers

What is a copyright?

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

What is meant by consumer loyalty?

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

Which is a primary research method?

Observation method. Signup and view all the answers

Define goodwill in the context of institutional advertising.

The positive image or reputation promoted through advertising. 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.

Legal Considerations

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.

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.