Lesson 1 Guided Notes: What Is Sports Marketing?

Vocabulary flashcards covering the core marketing standards, the marketing mix, sports marketing, and entertainment marketing based on Lesson 1 guided notes.

Marketing

The creation and maintenance of satisfying exchange relationships.

Marketing Mix

Describes how a business blends product, distribution, price, and promotion.

Product

What a business offers customers to satisfy needs.

Distribution

The locations and methods used to make products available to customers.

Price

The amount customers pay for products.

Promotion

Ways to make customers aware of products and encourage them to buy.

Discretionary Income

Money available to spend after paying necessities and fixed expenses.

Channel Management

Determining the best way to get products/services to customers.

Pricing

Establishing and communicating the value or cost of goods and services.

Marketing-Information Management

Gathering and using information about customers to improve business decisions.

Product/Service Management

Designing, developing, maintaining, improving, and acquiring products/services to meet customer needs and wants.

Selling

Direct and personal communication with customers to assess and satisfy their needs.

Market Planning

Analyzing markets a company wants to serve and determining how to compete in them.

Financing

Budgeting for marketing activities and helping customers pay, where organizations may obtain funds from investors and sponsors.

Demographics

Shared characteristics of a group, such as age, marital status, gender, ethnic background, income, and education.

Sports Marketing

Involves using sports to market products.

1858 Baseball Game

First known athletic event requiring paid admission.

Gene Sarazen

Golfer who signed an endorsement deal with Wilson Sporting Goods in 1923.

Coca-Cola (1928)

Partnered with the Summer Olympics in 1928.

1975 Boxing Match

The first pay-per-view athletic event.

ESPN

Sports network that made its debut in 1979.

Gross Impression

The number of times a product/service is associated with an athlete, team, or entertainer.

Entertainment

Involves a performance or amusement that people are willing to spend their money and spare time watching.

Entertainment Marketing

Influencing how people choose to spend their time and money on entertainment.