Shared Flashcard Set

Details

Pricing for Sports and Entertainment Marketing
Vocabulary for Sports and Entertainment Final Review
60
Marketing
12th Grade
11/20/2012

Additional Marketing Flashcards

 


 

Cards

Term
Channel of Distribution
Definition
The path a product takes from the producer or manufacturer to the customer.
Term
Sports Agency
Definition
Companies that specialize in marketing and managing sports events, sports teams, and professional athletes.
Term
Profit
Definition
The money left after all costs and expenses of a business are paid.
Term
Marketing
Definition
The process of developing, promoting, and distributing products, or goods and services, to satisfy customer's needs and wants.
Term
Marketing Segmentation
Definition
A way of analyzing a market by specific characteristics to create a target market.
Term
Promotional Mix
Definition
Any combination of advertising, sales promotion, publicity, direct marketing and personal selling.
Term
Licensing
Definition
An agreement tht gives a company the right to use another's brand name, patent, or other intellectual property for a royalty or fee.
Term
Target Marketing
Definition
Potential customers with shared needs who have the desire and ability to buy a product.
Term
Market Research
Definition
The process of systematically collecting, recording, analyzing and presenting data related to marketing goods and services.
Term
Media Advertising
Definition
Any form of advertising tht uses media such as television, radio, the Internet, newspapers, or magazine to promote ideas, goods or serevices.
Term
Marketing Plan
Definition
A written document that provides direction for the marketing activities of a company for a specific period of time.
Term
Cross selling
Definition
The method of selling the customer additional related products tied to one name.
Term
Merchandising
Definition
The variety of promotional activities and material that complement and support the advertising effort.
Term
Ancillary Product
Definition
A product related to or created from a core product.
Term
Bundle Pricing
Definition
Selling several items as a package for a set price.
Term
Business Goods
Definition
Goods purchased by organizations for use in their operations.
Term
Consumer Goods
Definition
Goods purchased and used by the ultimate consumer for personal use.
Term
Demographics
Definition
Statistics that describe a population in terms of personal characteristics.
Term
Endorsement
Definition
Approval or support of a product or idea, usually by a celebrity.
Term
Grassroots marketing
Definition
Marketing activity on a local community level.
Term
Infrastructure
Definition
The physical development of an area, including the major public systems, services and facilities of a country or region needed to make a location function.
Term
Institutional Advertising
Definition
Advertising with a goal of developing goodwill or a positive image.
Term
Intangible product
Definition
a non-physical service such as tennis lessons, personal training, or sports camps.
Term
Loss Leader Pricing
Definition
Pricing an item at cost or below cost to draw customers into the store.
Term
Personal Selling
Definition
Direct communication by a salesperson to potential customers either in person or by telephone
Term
Piracy
Definition
The unauthorized use of an owner's or creator's music, movies, or other copyrighted material.
Term
Press Releases
Definition
A newsworthy article that provides the basic information to answer questions such as who, what, where, when and why.
Term
Price Fixing
Definition
An illegal practice whereby competitors conspire to set the same prices.
Term
Primary Research
Definition
Original research conducted for a specific marketing situation.
Term
Promotion
Definition
Any form of communication used to persuade people to buy products.
Term
Promotional Advertising
Definition
Advertising with a goal of selling an item being promoted
Term
Public Relations
Definition
Activities that promote the image and communications a company has with its employee, customers, investors and public.
Term
Sales Promotion
Definition
A short-term incentive to get sonsumers interested in buying a product.
Term
Secondary Research
Definition
Published data that have been collected for some other purpose
Term
Slogan
Definition
A catch phrase or small group of words that are combined in a special way to identify a product or company.
Term
Sponsorship
Definition
When a company supports an event, activity, or organization by providing money or other resources that are of value to the event.
Term
Wants
Definition
Things that people desire based on personality, experiences or information about a product.
Term
Yield management pricing
Definition
Pricing items at different prices to maximize revenue when limited capacity is involved.
Term
Environmental Factors
Definition
Factors that influence a persons purchasing decisions that are influenced by family, friends, society's attitudes and values.
Term
Stages in the Product Life Cycle
Definition
1. Introduction,
2. Growth,
3. Maturity,
4. Decline
Term
Expenses
Definition
Costs that a business incurs that is not related to purchasing inventory. An example is Salaries paid to employees.
Term
Facility Entitlement Sponsor
Definition
When a company purchases the promotional rights to an entire stadium. Give the company exposure for all the events that take place in that facility. Example is the HSBC arena in Buffalo.
Term
Goodwill
Definition
the favor or advantage that a business has acquired especially through its brands and its good reputation
Term
Multiple Channels of Distribution
Definition
Occurs when a company incorporates many different types of distribution channels to reach customers. Example is Direct Channels (such as direct marketing)AND Indirect Channels such as Agents, wholesalers and retailers.
Term
Outlet
Definition
A place where a marketed product is made available to the customer (Nike has an outlet store so that is the Outlet because customers can buy all Nike products in that store)
Term
Predatory Pricing
Definition
When a company sets a very low price for a product in order to drive competitors out of business.
Term
Price Discrimination
Definition
Practice of charging different prices to buyers.
Term
Producer
Definition
A company that manufactures a product.
Term
Product Exclusivity Sponsor
Definition
A type of premium sponsorship whereby only one product in a product category is granted sponsorship. Example would be Coca-Cola being the official sponsor of the Olympic Games means only Coca-Cola can sell soft drinks there.
Term
Retailer
Definition
A type of indirect distribution channel that resells products (could have purchased the product from a wholesaler or a producer)
Term
Signage Sponsor
Definition
When a sponsor buys a sign at a stadium so that their name can be seen during a game.
Term
Pricing Considerations
Definition
Consumer Perception, Demand, Cost of a product.
Term
Pricing Strategies
Definition
Bundle pricing, Loss leader pricing, Yield management pricing.
Term
Marketing Mix
Definition
Price, Product, Promotion, Place
Term
Agent
Definition
An indirect channel that does not take ownership of the goods they sell. They simply bring buyers and sellers together for a fee. Example is Ticketmaster.
Term
Direct Marketing
Definition
Marketing activities that sell products directly to customers through the use of a customer database. Example would be Ticketmaster.
Term
Markup
Definition
Difference between the retail or wholesale price and the cost of an item.
Term
Venue
Definition
A place where live events are presented.
Term
Product Supply
Definition
All the products available for sale.
Term
Wholesaler
Definition
Resellers that purchase products from manufacturers and then store and sell them in smaller quantitites to retailers or sports organizations
Supporting users have an ad free experience!