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EXAM 1
SP MKTG
| Question | Answer |
|---|---|
| sport marketing | consists of all activities designed to meet the needs and wants of sport consumers through exchange processes – the marketing of sport products and services directly to consumers of sport |
| marketing myopia | the lack of foresight in marketing ventures |
| sunk costs | all about revenue generation (inventory you can sell) |
| create value | inventory for fans and sponsors |
| appropriate value | market and sell that inventory |
| schadenfreude | taking pleasure in others misfortune |
| promotion | a short-term tactical approach - a supplement to the marketing strategy |
| media rights revenue | fees paid to show sports events on broadcast and cable tv networks, radio, internet and mobile devices - largest category |
| gate revenues | primary market ticket sales for live sports event, non recurring seat premiums and license costs are not included - fewer ppl walking through, higher prices |
| sponsorship | fees paid to have a brand associated with a team, league, facility or event including naming and category rights - gambling opened up opportunities |
| merchandising | the sale of licensed products with team and league logos, player likenesses and other intellectual property |
| extensions | a product component that enhances the value of an event experience - tickets, luxury boxes, video/music, memorabilia and mascots, concessions, tours, pregame/halftime, promotions etc |
| sports ecosystem | triangle, team in the middle, fans, media and sponsors outside |
| common fan needs | entertainment, socialize, connection, escape, giveaways, participation, networking, status |
| cluster analysis | friends and fun, sports nut, about the game |
| friends and fun, sports nut | entertainment, socializing, connection |
| about the game | escape, entertainment, connection |
| core | rules and technique, star power, fan behavior, equipment/apparel, venue and personnel/facilities |
| sport product | is a complex package of the tangible and intangible attributes of a good or service that combine to meet the needs and wants of sport consumers - inconsistent |
| game presentation | art and science of combining and manipulating all elements of a game night in order to create a memorable experience for fans – designed to counteract the inconsistency on sport and ensure a good fan experience |
| differentiation | act of designing a set of meaningful differences to distinguish the company's offering from competitors' offerings |
| product development | generation of ideas, screening and implementation of the product concept, market and business analysis, development of product and testing and commercialization |
| product positioning | occurs when an organization attempts to influence how it wants to be perceived by the public through marketing tactics - branding |
| tagline | brief phrase companies used to create some associations in consumers' minds |
| NFL core | best venues and equipment, nba best in star power low in venues, mlb low in equipment and star power |
| NBA core | best star power, apparel and personnel - low in venues and fan behavior, think nfl best in venues, mlb best in fan behavior |
| MLB core | high fan behavior, venues and personnel - low in star power, nfl best in equipment, nba best in star power |
| nfl extensions | best entertainers and shows - low memorabilia and promos |
| nba extensions | best in promotions and stats - low in concessions and shows |
| mlb extensions | high in memorabilia, stats and concessions - low in shows and entertainers |
| football live action vs game length | live action 6% of the time |
| baseball live action vs game length | live action 10 % of the time |
| basketball live action vs game length | live action 35% of time |
| soccer live action vs game length | live action 50 % of time |
| hockey live action vs game length | live action 43% of time |
| football fans value... | venues and equipment, show and entertainment |
| basketball fans value... | star power and apparel, promotions and stats |
| baseball fans value | venues and fans, concessions and memorabilia |
| venue trends | shrinking - fewer seats, fewer suites, more intimate, more lounge/social spaces, more expensive |
| top int leagues in sports betting revenue | EPL, La Liga (spain), Bundesliga (germany), F1, Serie A |
| drawing radius | marks and visualizes distances away from a central point (facility) that can be used for marketing decisions |
| market feasibility study | detailed analysis of a project that may include items such as an overview of the facility site, financial info, demographics, and viability |
| ensemble | landscape, artifacts, aesthetics, history, problems |
| marketing channels | sets or configurations of organizations linked together to deliver a product to consumers |
| worst value wager for a bet | same game parlays |
| NCAA generates more revenue than all pro sports except | NFL |
| Joni Smoller - external relations two key responsibilties | revenue generation and home court advantage |
| home many ticketed sports does kstate have | 6 |
| kstate athletics currently handle marketing metrics... | in house and do not use AI |
| kstates athletics budget increased by (blank) due to revenue sharing | 17% |
| earned media | brand exposure methods other than paid advertising (social sharing, customer reviews, public relations) |
| owned media | content you create and control (websites, social media accounts, blogs) |
| paid media | brand exposure methods that involve paid placement (search ads, banner ads, etc) |
| web metrics funnel | impression/views (I) - clicks/visits (V)- purchase/conversion (P) |
| PPV | pay per view - pay for each impressions and ad view |
| PPC | pay per click - pay for each click/visit |
| CTR - click thru rate | percentage of people who saw the ad that clicked on it (V/I) |
| TCR - transaction conversion rate | the percentage of people who clicked on the ad and converted (P/V) |
| TR - take rate | the percentage of people that see your ad who ultimately convert (P/I) |
| margin | net amount made when somebody converts |
| branding | the brand name and marks associated with a sport organization serve to provide a point of differentiation from the other sport products that exist in a marketplace |
| brand equity | a set of assets and liabilities linked to a brand, its name and symbol that add or subtract from the value provided by a product or service to a firm or its customers - creates brand loyalty |
| total brand equity | an be thought of as the sum of all the individual fans brand equity - brand awareness and brand image |
| brand image | the cumulative influence of all the associations the fan has with the brand, positive and negative - brand associations |
| brand associations | anything linked in memory to a brand – unique, strong and favorable - logos, players, coaches, venues, etc |
| benefits of brand equity | less drastic revenue declines, charge price premiums, corporate interest in sponsorships, licensing and merch opportunities |
| measuring brand equity | the marginal value, brought to your organization because of your brand - are your revenues above league average |
| BLIP model | building brands, leveraging brands, identifying brands, protecting brands |
| building brands | need to develop brand identity and establish name, logo etc, how will you market the brand and how will you build brand equity |
| leveraging brands | allows organization to take advantage of its established brand by introducing products |
| line extension | producing a new version of the product within the same product class – diversify product line, new products with diff price points, reach new market |
| brand extension | use a brand name in one product class in another product class |
| licensing | a brand grants an outside company the right to use the brands intellectual property |
| identifying brands | conducting research to understand what consumers think of your brand |
| protecting brands | establish guidelines in order to protect brand from any infringement and negative harm |
| rebranding | an organization makes changes to its name, logo, and colors to alter its brand positioning |
Created by:
kayleejh0829