Questions and Answers
What is marketing?
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?
What are demographics?
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The marketing mix consists of the 4 Ps: product, price, ____, and promotion.
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Economic downtrends do not affect consumer spending patterns.
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What is a copyright?
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What is meant by consumer loyalty?
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Which is a primary research method?
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Define goodwill in the context of institutional advertising.
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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.
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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.