S&E Marketing Exam Review

marketing through s&e

planning and implementing activities THROUGH s&e. usually p/s isn’t s&e

marketing with s&e

planning and implementing activities ASSOCIATED WITH s&e. usually p/s is also s&e.

marketing through example

a car company sponsors a popular sports events and uses the event to promote its vehicles

marketing with example

a sports apparel brans like Nike or an entertainment company like Netflix markets its own products directly

potential market

anyone who isinterested in the p/s and have means to purchase it

target market

group of people that a company wants to reach with its p/s. has been identified based on shared characteristics

market segmentation

process of dividing up the market into subsets of customers who share common characteristics

demographics

grouping based on age, gender, family life cycle, income, education, ethnicity + culture

psychographics

grouping based on activities, interests, opinions, values

geographics

grouping based on where they live - urban, suburban, rural & climate

behaviour

grouping based on purchase behaviour, benefits they look for, how and when they use the product, and how often

heavy users

most lucrative, marketers want this brand loyalty

medium & light users

marketers attempt to turn them into heavy users with pricing deals, special contests, informative ads, etc.

non-users

those entering a category for first time, or don’t plan on using product

why should you know target market

helps with distribution strategy, promotional strategies, pricing strategies and approach to product design/development

what is a sport

normal physical activity/skill, carried out under publicly agreed set of rules. couldbe recreational, competition based, employment, to attain excellence, develop skill, or a combo of these

professional athletes

athlete who has the will and ability to earn and income from a particular sport.

revenue generation in pro sports

broadcast-media contract, ticket sales, licensing agreements, sponsors

management of pro sports

franchises are under a leagure, commissioner heads a lead

recreational sports ex.

golf, tennis, bowling, hiking, skiing, snowboarding

amateur sports

athlete who hasn’t accepted money or who accepts money under restrictions specified by a regulatory body, for participating in a competition

college/uni sports

organized by NCAA and U Sports

NCAA/U Sports

national organizations that governs college/uni athlettics and oversees important decisions pertaining to athletics

high school sports

source of pride and part of tradition. regional influences affect popularity of sports in Canada + US

E-Sports

form of competition using video games. often takes form of organized, multiplayer video game competitions, particularly between pro players, individually or as teams

olympic sports

dates back to 776 B.C. played every 4 years. used to be only amateurs.

paralympics + special olympics

for atheletes with a range of physical and intellectual disabilities. alternates every 2 years - summer n winter

international sport events

world cup,tour de france, cricket, rugby

women’s sports

Title IX passed in 1972 - bans discimination of gender in schools (that recieve federal funds)

Mildred '“Babe” Didrikson Zaharias

sports promoters - has lien of golf clubs, wrote books and did personal appearances

Billie Jean King

founded women’s tennis association

extreme sports

relitively new - involve non-traditional and daring methods of athletic competition. e.g. snowboarding, skateboarding, rollerblading, biking, surfing

what is entertainment

whatever people are wiling to spend their money and spare time viewing rather than participating in - designed to relax, amuse or provide distraction

live performances

theater, concerts, comedy shows, circus, etc. - unique experiences. energy and interaction of audience set this type apart

digital entertainment

tv shows, movies, YT, video games, podcasts. fastest growing form and on-demand accessible content. changed howpeople consume + create entertainment

sports and games

prosports, e-sports (competitive sports), board games

social and interactive entertainment

amusement parks, escape rooms, festivals, fairs, etc. involves interaction and engages 5 senses. creates memoral experiences

artistic expression

art exhibitions, museums, dance performances, literature readings. creative + emotional engagement. promotoes critical thinking and apprecation

prestige

widespread respect and admiration. based on perception of achievements or quality

prestigous awards + recognition

emmy’s, gramy’s, oscar’s, etc. - elevate status of enterainent n contributes to indutrys prestige

iconic figures

actors, musicians, diectors - achieve global recognition. build personal brands that are synonymous with excellence. careers symbolize height of success + influence

steven spielberg

won 3 academy award + much more. defined modern summer blockbuster. inroduced us to present n future aliens (E.T)

historial prestige

long-standing history in creating timeless films, shows and musi had built prestige over decades. works become cultural touchstones + connecting people to a particular time, place or event

prestigous events and venues

exclusive film premieres, red carpets, + renowned venues (hollywood bowls, cannes)

global influence

entertainment has massive global following, influencing billions of fans on a cultural level as well as fashion, politics + social movements

media content

major entertainment companies control vast amount of content across multiple platforms. streaming platforms shape modern entertainment consumption

social media platforms

social engineering controlling what you see on your soccial media feed. real-time data based algorithms for ads and content. provides enterainment. can influence beliefs, behaviour

profitability

best way through is multiple revenue streams

box office + streaming

financial sucess of many movies/studios. subscription service model

merchandising and licensing

characters, music, and media properties are licensed for merchandise, toys, theme parks, and video games (e.g. harry potter, star wars, disney)

touring and live events

generate billions of dollars for artists and producers

syndication and content licensing

syndication is the sale of licensing material. studios and producers profit from syndicating TV shows and licensing content to international markets

economics

the study of how goods and services are produced distributed and consumed.

economic impact

the effect produced (job opportunities, revenue generation) by decisions made by consumers and businesses

economic impact of s&e

parking, tourist dollars, accountants/lawyers/marketers, infrastructure/contruction jobs, taxes, internet/tv/radio magazines/newspapers, sanitation, food and merchndise

Gross Domestic Profit (GDP)

total market value of all final goods and services produced within a country’s borders during a given period. one indicator of economic health/performace

example of economic impact

playoff hockey: travellers to edmonton for a game, tourists spend money around arena - hotels, bars, restaurants, etc.

taylor swift: 2 shows in Colorado turned in $140M boost to state GDP. $120 projected ticket sales for 6 shows in Toronto. tourist activity can result in $500-600M for local economy

scarcity

occurs when wants are greater than resources available to meet them. results in a need to make choices and trade-offs

scarcity in s&e

pro sports and entertainment events are limited. only available at certain location on certain days and times

scarcity affect on consumer

limited money to spend on s&e. prices rise and consumers and encouraged to buy more. forces everone to make economic choices

opportunity cost

sum of all that is lost from taking one course of action over another. satisfaction lost from choosing one alternative over another

consumer e.g. of opportunity cost

choice between going to live basketball game or watching it on TV. - loss of time and money if going to game. gain comfort and convenience at home

business e.g. of opportunity cost

sports team owner decides o invest in upgrading stadium or increase marketing efforts. investing in stadium results in missing out on potential rise in ticket sales or merchandise purhases

demand

quantity of a p/s that consumers ae willing and able to buy at all possible prices during a period of time

law of demand

quanity demanded in directly related to price. is the price increases, demand lowers and if prince lowers, demand increases. changes result in demand curve

demand in s&e

driven by factors like popularity, exclusivity, timing and competition. e.g. superbowl tickets have high demand.

supply

the quantities that sellers will offer for sale at various prices

law of supply

quantity supplied is directly related to price. if price lowers, supply lowers, if price increases, supply increases. changes result in supply curve

supply in s&e

can be fixed or adjustable. e.g. superbowl has fixed amount of seats

equilibrium point

occurs when quantitiy demanded = quantitiy supplied

equilibrium quantity

amount of a good that is bough and sold in a market that is in equilibrium

equlibrium price

price at which a good is bought and sole in a market that is in equilibrium

interaction of demand and supply

determines the prices consumers pay and sellers recieve. a compromise between consumers who want lowest price and selllers who want highest price

if all other factors were consistent…

low supply = high price
high supply = low price
low demand = low price
high demand = high price

external factors affecting supply/demand

emotional and cultural value, exclusivity and scarcity, unpredictability and performance variables, technological changes, celebrity endorsements, fan loyalty

legal frameworks in entertainment

itellectual property - copyright and licensing
contract law - for actors, musician and other artists

disputes over creative control

mechanical revenue

streaming and/or album sales

performance revenue

radio/live performances

sync licensing

use in TV, movies, ads

owning your publishing

publishing is the composition of the song, the actual intellectual property. owning it is the rights to the underlying song (composition) - lyrics and melody, regardless of how it’s recorded

owning your masters

masters is the original sound recording of a song or album. owning it is the rights to the recorded version of the song

ethical issues

exploitation of talent, unfair compensation for creators (e.g. publishing rights or royalties)

market research

doing research into a specific market to understand the market need, size and competition. e.g.g fast-food market

marketing research

gathering, analyzing and interpreting information about a product or service, your company and customers. e.g. how do customers percieve us?

need of marketing research

to determine which products are needed, what marketing strategies are successful and understand consumer preferences

goal of marketing research

provide insights that can improve marketing strategies, product development and overall business performance

primary research

gathering data not previously collecter. you as the researcher has collected it first hand.

e.g. of primary research

survey you gave to customers, focus group ran at office

secondary research

research method that uses data that was collecedted/published by someone else

e.g. of secondary research

articles, websites, books, government publications, etc.

qualitative research

collecting NON- numerical data. helps with big picture. uncovers attitudes, beliefs, perceptions toward brand, product etc.

e.g. of qualitative research

focus groups, interviews, observation

quantitative research

includes numerical data points. objective and conclusive results. helps draw general conclusions.

e.g. of quantitative research

surveys, analysis of secondary data, social listening, A/B testing

what is a brand

a name, term, sign, symbol, design or any combination of these intended to identify the goods and services of a seller. helps differentiate from competition

what can be a brand

physical goods, services, retailers, people, organizations, sports, arts and entertainment

what are brand elements

the different components of a brand, and are easy to remember.pronounce. should stay consistent

brand elements examples

logo, symbols, font, colour, slogan.

why are brands important for consumers

helps identify source of product, signal of quality, reduces risk associated with purchase, reduces need for research (same time money thinking), and is symbolic

s&e branding differences

sports branding emphasizes competition, loyalty and legacy. entertainment branding focuses on creativity, storytelling and lifestyle