Sports Marketing Exam

Marketing

the process of developing, promoting, and distributing goods or services to satisfy customers' needs and wants

Marketing Concept

the idea that organizations need to satisfy their customers while also trying to reach their organization's goals

Market

consists of potential customers with shared needs, with the desire and ability to buy a product

Needs

necessities such as food, clothing, and shelter

Wants

things we desire based on personality, experiences, or information on the product

Target Market

a specific group of consumers that an organization selects as the focus of its marketing plan

Demographics

statistics that describe a population in terms of personal characteristics

Marketing Mix

a combination of the four basic marketing strategies: product, price, place, promotion

Channel of Distribution

the path a product takes in getting from the producer to the consumer

Economics

the study of the choices and decisions that affect the making, distributing, and using of goods and services

GDP

the value of goods and services produced within a country

Profit

money left after all costs and expenses have been paid

Competition

the struggle among companies for customers

Copyright

legal protection of a creator's intellectual property or products

Patent

when an inventor is protected for 20 years on the product that they created

Trademark

words, names, sounds, symbols, or colors that distinguish goods or services

Sole Proprietorship

when a business has one owner

Consumers

people who use products

Discretionary Income

money left to spend after necessary expenses are paid

Kinetoscope

the first device used to view moving pictures

Vendors

sellers of products

Product

a good or service that any for-profit industry sells to its customers

Promotion

a form of communication used to persuade people to buy products through advertising, publicity, or personal selling

Endorsement

approval or support of a product or idea, usually by a celebrity lending their name to a brand or product

Core Product

the main product such as a sports event, movie, or book

Ancillary Product

product related to or created from the core product

Revenue

gross income

Piracy

unauthorized use of an owner's or creator's music, movie, or other copyrighted material

Royalty

a payment for material that has been copyrighted or legally declared as belonging to the creator

Cross Promotion

a form of communication where one industry relies on another industry to promote its product

Convergence

overlapping of product promotion

Synergy

combined action when products owned by one source promote the growth of related products

Product Tie-In

the use of ancillary products as promotional tools

Risks

unforeseen events or obstacles that can negatively affect business

Risk Management

a strategy to offset business risks

Consumer Loyalty

when a consumer is happy with the company’s product and becomes a repeat customer

Sponsorship

the promotion of a company in association with a property

Sports Marketing

all marketing activities designed to satisfy the needs and wants of sports consumers

Amateur Athlete

a person who does not get paid to play a sport

NCAA

National Collegiate Athletic Association, an organization that governs college athletics

Professional Athlete

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

Title IX

a law that bans gender discrimination in schools that receive federal funds

Extreme Sports

sports that involve non-traditional daring methods of athletic competition

Sports Consumer

a person who may play, officiate, watch, listen, read, use, purchase, or collect sports-related items

Market Segmentation

a way of analyzing a market by specific characteristics to create a target market

Sports Products

goods, services, ideas, or combinations that provide satisfaction to consumers

Tangible Products

physical goods that offer benefits to the consumer

Intangible Product

a non-physical service such as a sports lesson, training, or camp

Product Line

a group of closely related products manufactured or sold by a company

Product Mix

the total assortment of products that a company makes or sells

Opportunity Cost

the loss of an opportunity passed up to receive something else

Infrastructure

physical development needed to make a location function

Sports Franchise

an agreement allowing a sports organization to sell goods in a specific area

Grass Roots Marketing

marketing activity on a local community level

Product Item

a specific model or size of a product

Consumer Goods

products purchased for personal use

Business Goods

products purchased for use in business operations

Point of Difference

a unique product characteristic that sets it apart from competitors

SWOT Analysis

strengths, weaknesses, opportunities, and threats

Focus Group

a panel of 6–10 consumers discussing opinions under a moderator

Prototype

the first model of a product

Commercialization

producing and marketing a new product

Repositioning

changing a product’s image relative to competitors

Price

value placed on a good or service being exchanged

Prestige Pricing

pricing based on consumer perception

Odd-Even Pricing

pricing using odd or even numbers to match image

Target Pricing

pricing based on what customers are willing to pay

Markup

difference between retail or wholesale price and cost

Cost-Plus Pricing

adding profit to costs and expenses

Non-Price Competition

competition based on quality, service, and relationships

Market Share

percentage of total sales in a market

Price Lining

selling goods at specific price points

Loss Leader Pricing

pricing below cost to attract customers

Yield Management Pricing

pricing to maximize revenue with limited capacity

Price Fixing

illegal practice of competitors setting the same prices

Market Research

collecting, recording, analyzing, and presenting marketing data

Secondary Research

data collected for another purpose

Data

recorded facts and figures

Primary Research

research conducted for a specific situation

Observation Method

watching and recording behavior

Survey

asking participants questions

Questionnaire

a written survey administered in various ways

Census

study that counts everyone in the population

Sample

representative portion of a population

Data Mining

analyzing existing databases for patterns

Qualitative Research

research reported in paragraph form

Quantitative Research

research reported using numbers, graphs, and charts

Direct Channel

distribution without intermediaries

Direct Marketing

selling directly using customer databases

Indirect Channel

distribution using intermediaries

Agents

bring buyers and sellers together for a fee

Wholesalers

buy goods and sell to retailers

Retailers

sell goods directly to consumers

Brand

name, word, symbol, or design identifying a product

Brand Name

spoken words or letters representing a brand

Brand Equity

value beyond functional benefits

Manufacturer Brand

owned by the producer

Multiproduct Branding

one name used for all products

Multibranding

different names for products in a line

Co-branding

combining brands to increase loyalty