Sports Marketing test

• 5 P’s of Sports Marketing: product, place, price, promotion, people

• Dynamic Pricing: where 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 & Cons of Dynamic Pricing-

    • Pros: increases revenue, matches ticket prices with demand, and allows for teams to adjust pricing. 

    • Cons: frustration with fluctuating prices, high prices may limit accessibility, and Unpredictable costs make budgeting for games harder

• Sponsorships vs Endorsements

  • Sponsorships:to 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 & Risks of Sponsorships & Endorsements 

    • Benefits

      • Brand exposure

      • Targeted marketing

      • Revenue generation

      • Credibility and influence

    • Risk 

      • Negative publicity

      • High costs

      • Authenticity issues 

Vocabulary Terms:

• Yield Management Pricing (from Virtual Business reading)

  • 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 (from Virtual Business reading)

  • mass communication that existed before the internet, such as radio, television, and print media

• Social Media (from Virtual Business reading)

  • online platforms where users can share information, connect with others, and engage in virtual communities through text, photos, videos, and other content

• Awareness (from Virtual Business reading)

  • making a brand recognizable and memorable to potential customersis essential for building trust and loyalty in today's competitive market.