Fbla Pi’s

What is Product/Service Management?

Creating, managing, and improving products or services to meet customer needs.

What is Marketing Information Management?

Collecting and analyzing data to understand market trends and consumer needs.

What is Pricing in marketing?

Setting the price of a product based on factors like competition, demand, and consumer behavior.

What is Promotion in marketing?

Communicating the benefits of a product through advertising, public relations, and personal selling.

What is Distribution (Place) in marketing?

Delivering the product to customers via the right channels, such as online or in-store.

What is Financing in marketing?

Securing funds for a business and managing revenue streams like sponsorships and ticket sales.

What is Selling in marketing?

Direct interaction with customers to close sales and build long-term relationships.

What is Product in the Four Ps of Marketing?

The good, service, or experience being offered to meet customer needs.

What is Price in the Four Ps of Marketing?

The cost of the product, considering demand, competition, and customer willingness to pay.

What is Place in the Four Ps of Marketing?

Where and how the product is delivered to customers, such as online or in retail.

What is Promotion in the Four Ps of Marketing?

The strategies used to increase awareness and sales through advertising, events, and more.

What are the steps in event management?

Planning, venue selection, budgeting, marketing, logistics, staffing, execution, and evaluation.

Why is budgeting important in event management?

Ensures all aspects of the event, such as marketing and staffing, are properly funded.

What is the significance of logistics in event management?

Involves coordinating the flow of ticket sales, security, food, and transportation during events.

What is Penetration Pricing?

Setting low initial prices to attract customers and gain market share before increasing prices.

What is Skimming Pricing?

Starting with high prices and gradually lowering them to target different market segments.

What is Premium Pricing?

Setting a high price to reflect the luxury or exclusivity of the product or event.

What is Discount Pricing?

Offering lower prices to attract more customers, especially during off-peak times.

How does high demand and low supply affect pricing?

Prices increase when demand is higher than supply, creating scarcity and increasing value.

How does low demand and high supply affect pricing?

Prices decrease to attract more customers when supply exceeds demand.

What is the importance of sponsorship in sports and entertainment?

Sponsors provide funding and marketing support in exchange for brand exposure.

What factors should you consider when selecting a sponsor?

Alignment with the event’s target audience, brand values, and marketing goals.

Why is fan engagement important?

It enhances customer loyalty and creates memorable experiences, leading to repeat attendance.

What is a loyalty program?

A system where fans earn rewards for repeated engagement, such as attending multiple events.

What are traditional advertising methods for event promotion?

Includes flyers, radio ads, TV spots, and print media to reach a wide audience.

What is social media marketing?

Using platforms like Instagram, Twitter, and Facebook to engage with potential event-goers.

What is crisis communication in event management?

Transparent, quick communication with stakeholders to handle unexpected situations.

What is a contingency plan?

A backup plan for emergencies, like event cancellations or safety issues.

What is the importance of contract law in event management?

Contracts help define roles, rights, and responsibilities between parties like sponsors and vendors.

Why is risk management important in event planning?

It ensures safety and legal compliance by managing potential hazards or liabilities during events.

What is demographic segmentation?

Dividing the market based on characteristics like age, gender, and income.

What is psychographic segmentation?

Dividing the market based on lifestyle, values, and interests.

What are the benefits of mobile ticketing?

Reduces fraud, simplifies event check-ins, and improves customer convenience.

What is augmented reality in fan experiences?

Enhances fan engagement by adding interactive digital elements to physical events or venues.