Fbla Pi’s
Marketing Functions
Term: What is Product/Service Management?
Definition: Creating, managing, and improving products or services to meet customer needs.
Term: What is Marketing Information Management?
Definition: Collecting and analyzing data to understand market trends and consumer needs.
Term: What is Pricing in marketing?
Definition: Setting the price of a product based on factors like competition, demand, and consumer behavior.
Term: What is Promotion in marketing?
Definition: Communicating the benefits of a product through advertising, public relations, and personal selling.
Term: What is Distribution (Place) in marketing?
Definition: Delivering the product to customers via the right channels, such as online or in-store.
Term: What is Financing in marketing?
Definition: Securing funds for a business and managing revenue streams like sponsorships and ticket sales.
Term: What is Selling in marketing?
Definition: Direct interaction with customers to close sales and build long-term relationships.
The Four Ps of Marketing
Term: What is Product in the Four ps of Marketing?
Definition: The good, service, or experience being offered to meet customer needs.
Term: What is Price in the Four Ps of Marketing?
Definition: The cost of the product, considering demand, competition, and customer willingness to pay.
Term: What is Place in the Four Ps of Marketing?
Definition: Where and how the product is delivered to customers, such as online or in retail.
Term: What is Promotion in the Four Ps of Marketing?
Definition: The strategies used to increase awareness and sales through advertising, events, and more.
Event Management
Term: What are the steps in event management?
Definition: Planning, venue selection, budgeting, marketing, logistics, staffing, execution, and evaluation.
Term: Why is budgeting important in event management?
Definition: Ensures all aspects of the event, such as marketing and staffing, are properly funded.
Term: What is the significance of logistics in event management?
Definition: Involves coordinating the flow of ticket sales, security, food, and transportation during events.
Pricing Strategies
Term: What is Penetration Pricing?
Definition: Setting low initial prices to attract customers and gain market share before increasing prices.
Term: What is Skimming Pricing?
Definition: Starting with high prices and gradually lowering them to target different market segments.
Term: What is Premium Pricing?
Definition: Setting a high price to reflect the luxury or exclusivity of the product or event.
Term: What is Discount Pricing?
Definition: Offering lower prices to attract more customers, especially during off-peak times.
Supply and Demand
Term: How does high demand and low supply affect pricing?
Definition: Prices increase when demand is higher than supply, creating scarcity and increasing value.
Term: How does low demand and high supply affect pricing?
Definition: Prices decrease to attract more customers when supply exceeds demand.
Sponsorships and Partnerships
Term: What is the importance of sponsorship in sports and entertainment?
Definition: Sponsors provide funding and marketing support in exchange for brand exposure.
Term: What factors should you consider when selecting a sponsor?
Definition: Alignment with the event’s target audience, brand values, and marketing goals.
Fan Engagement & Customer Experience
Term: Why is fan engagement important?
Definition: It enhances customer loyalty and creates memorable experiences, leading to repeat attendance.
Term: What is a loyalty program?
Definition: A system where fans earn rewards for repeated engagement, such as attending multiple events.
Event Promotion
Term: What are traditional advertising methods for event promotion?
Definition: Includes flyers, radio ads, TV spots, and print media to reach a wide audience.
Term: What is social media marketing?
Definition: Using platforms like Instagram, Twitter, and Facebook to engage with potential event-goers.
Crisis Management and Communication
Term: What is crisis communication in event management?
Definition: Transparent, quick communication with stakeholders to handle unexpected situations.
Term: What is a contingency plan?
Definition: A backup plan for emergencies, like event cancellations or safety issues.
Legal and Ethical Considerations
Term: What is the importance of contract law in event management?
Definition: Contracts help define roles, rights, and responsibilities between parties like sponsors and vendors.
Term: Why is risk management important in event planning?
Definition: It ensures safety and legal compliance by managing potential hazards or liabilities during events.
Market Segmentation
Term: What is demographic segmentation?
Definition: Dividing the market based on characteristics like age, gender, and income.
Term: What is psychographic segmentation?
Definition: Dividing the market based on lifestyle, values, and interests.
Term: What are the benefits of mobile ticketing?
Definition: Reduces fraud, simplifies event check-ins, and improves customer convenience.
Term: What is augmented reality in fan experiences?
Definition: Enhances fan engagement by adding interactive digital elements to physical events or venues.