Sports Marketing test

5 P's of Sports Marketing

Product, Place, Price, Promotion, People.

Dynamic Pricing

Ticket prices fluctuate based on real-time market demand, competition, and other external factors.

Factors Affecting Price

Opponent strength, day and time of the game, team performance, weather conditions, seat location, secondary market trends, and historical data.

Pros of Dynamic Pricing

Increases revenue, matches ticket prices with demand, and allows for teams to adjust pricing.

Cons of Dynamic Pricing

Frustration with fluctuating prices, high prices may limit accessibility, and unpredictable costs make budgeting for games harder.

Sponsorships

Support a person, organization, or activity by giving money, encouragement or other help.

Endorsements

An act of giving one’s public approval or support to someone or something.

Benefits of Sponsorships & Endorsements

Brand exposure, targeted marketing, revenue generation, credibility and influence.

Risks of Sponsorships & Endorsements

Negative publicity, high costs, authenticity issues.

Yield Management Pricing

Uses dynamic pricing, demand forecasting, and inventory control to maximize revenue by selling the right product to the right customer at the right price.

Traditional Media

Mass communication that existed before the internet, such as radio, television, and print media.

Social Media

Online platforms where users can share information, connect with others, and engage in virtual communities.

Awareness

Making a brand recognizable and memorable to potential customers, essential for building trust and loyalty.