Sports and Entertainment Marketing - Chapter 4

Marketing Concept

A business that keeps the focus of satisfying customer needed is said to be following the

Productivity

Is the rate at which companies produce goods or service in relation to the amount of materials and number of employees utilized?

Breakeven Point

The event's planners and organizers need to know the or the minimum attendance and sales required to cover all of the expenses of organizing, promoting, and running the event.

Opportunity Cost

May be defined as the value of the best alternative that you forgo when making a choice.

Economic Market

Includes all of the consumers who will purchase or service.

Benefits Derived

Refers to the value people believe they receive from a product or service

Comparative Advantage

The capability to produce products or services more efficiently and economically

Physiological Needs (98)

The basic needs of food, water sleep and shelter are referred to as

Security (98)

Security is the second level of the hierarchy individuals want both physical safety and economic security

Social Needs (98)

In the hierarchy include the desire for friends family and love

Self-Esteem Needs (98)

To gain recognition and respect from others and feelings of adequacy and competence in themselves.

Self-Actualization (98)

The peak of the hierarchy pyramid represents or the realization of one's full potential and self-fulfillment

Emotional Purchase

When spending $$$ with little thought during emotional highs and lows.

Rational Purchase

Take place when individuals recognize needs and wants assess their priorities and budget, conduct research, compare alternatives and then make purchase based upon careful thought and sound reasoning.

Patronage Purchase

Are based on loyalty to a particular brand or product.

Internal Source (101)

Of information about customer buying habits include a business's own customer records sales records production records and operation records

External Source (101)

Of information used by businesses can be obtained through government reports trade and professional organizations business publications commercial data and information services.

Primary Data (101)

Is obtained for the first time and specifically for the particular problem or issues

Secondary Data (101)

Has already been collected for some other purpose but is now found useful in the current study

Target Market

Is a specific group of consumers you want to reach?

Market Segment

Is a group of consumers within a larger market who share one or more characteristics?

Geographical Segmentation

Divides markets into physical locations such as Eastern, Northern ,Southern and Western regions of the United States or the urban and rural areas of a state

Demographic Segmentation

Focus on information that can be measured, such as age, income, profession, gender, education, marital status, and size of household.

Psychographic Segmentation

Focus on characteristic that cannot be physically measured, such as values, interests and lifestyle choice.

Behavioral Segmentation

Focus on a customer's attitude toward products and service.

Market Share

Is the percentage of total sales of a product or service that a company expects to capture in relation to its competitors?

Customer Service Gap

Is the difference between customer expectations and the service that is actually received?