Sports Marketing Exam Review 2025

A group of consumers you try to reach with your marketing efforts.

Tangible products like sporting equipment.

Intangible services like a movie ticket.

Statistics about people based on personal traits like age, income, or gender.

Statistics revealing psychological aspects like hobbies, interests, or lifestyles.

The idea that businesses satisfy customers while reaching their own goals.

Any communication where one industry uses another to promote its product. Example: Celebrities promoting movies.

Possible financial risk or loss, like a canceled event due to bad weather.

The initial stage where a product is launched into the market.

The product gains popularity, sales rise rapidly, and profits increase.

Sales slow down, but the product is still popular and generates revenue.

Sales and profits decline as the product loses market appeal.

A strategic approach to prolonging a product's life cycle by finding new uses and customers.

A combination of strategies used to market a product, including product, price, place, and promotion.

Competing with other companies on factors other than price, such as quality, service, or brand image.

Companies will produce more of a product when prices are high due to increased profits.

Companies will produce less of a product when prices are low to avoid losing profits.

Consumers will buy more of a product when prices are low due to increased affordability.

Consumers will buy less of a product when prices are high due to reduced affordability.

Legal protection for creators' intellectual property, such as books, films, music, and video games, that lasts for the life of the author plus 70 years.

Legal protection for inventions, granted for 20 years, that prevents others from making, using, or selling the invention.

Direct communication between a salesperson and potential customers, either in person or over the phone.

The process of developing, promoting, and distributing products or services that satisfy customers' needs and wants through entertainment, diversion, amusement, or time-filling activities.

A short-term incentive to encourage consumers to buy a product.

Selling additional related products tied to one name, like a band's merchandise or a movie's soundtrack.

A business owned and operated by one person.

When a product line has different names for each product to target specific consumers.

Partnerships between two or more brands to increase customer loyalty and sales.

A product's added value based on its brand name and reputation. Highly recognizable brands have strong brand equity.

Agreements allowing companies to use another company's brand name, patents, or intellectual property for a fee.

Financial support for events, often involving promotional rights and visibility for sponsoring companies.

The difference between the selling price and the cost price of a product. It represents the profit generated by selling the product.

The dollar markup expressed as a percentage of the cost price. It indicates the profitability of selling a product.

A pricing strategy that aims to determine the selling price by adding a predetermined markup percentage to the cost price of the product.

The total cost of producing or acquiring the goods that a company sells during a specific period. It includes direct costs related to production, such as raw materials and labor.

The total amount of money a company earns from selling its goods or services during a specific period.

The difference between a company's total revenue and its total expenses. A positive net profit indicates profitability, while a negative net profit indicates a loss.

A legally protected name, symbol, or design that identifies a particular company or its products. It helps customers distinguish a brand from its competitors.

A pricing strategy where all products within a specific product line are priced based on a similar markup percentage. It maintains a consistent pricing structure across related items.