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| Stimulating consumer demand by offering lower prices |
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| A measure of the extent to which consumer purchasing patterns are sensitive to fluctuations in price |
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| Rewarding buyers for purchasing large quantities of a product |
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| Concerned with maintaining or enhancing market share and encouraging sales growth |
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| Intended to stimulate demand in off-peak periods |
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| Factors that may affect a consumer's acceptable range of prices; presence or absence of time, usage situation, and social factors |
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| A type of organizational objective that influences pricing |
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| A rapidly changing environmental influence on sports marketing; it can have an indirect or direct influence on pricing decisions |
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| The situation when price changes are offset exactly by changes in demand; price and demand are perfectly related |
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| The sum of the producer's expenses that vary and change as a result of the quantity of the product being consumed |
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| The principle that consumers are more likely to purchase products at a lower price than a higher price |
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| Factors such as legislation that affect pricing |
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| Factors that must be considered when determining the price of a sports product |
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| Also called the crowd effect; a situation in which consumers believe it is socially desirable to attend "special" sporting events, such as the World Series, and therefore they are willing to pay more than usual to be part of the crowd |
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Definition
| Creating a unique sports product through the packaging, product design, promotion, distribution, or any marketing variable other than price |
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| Organizational objectives |
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Definition
| Factors that influence pricing decisions: income, sales, competition, and social concerns. |
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| The acceptable price ranges for sports products, which varies from person to person and is based on perceived benefits |
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| A statement of value for a sports product |
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| Changing the price of a product to stimulate demand |
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| Incentives offered to buyers to stimulate demand or reward behaviors favorable to the seller |
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| Raising established prices to keep up with inflation or it there is excess demand for the product |
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| Efforts to enhance sales and achieve greater market share by lowering the original price |
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| The principle that small changes in price will produce large changes in quantity sold |
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| Studying consumer tastes, availablity of substitute products, and consumers' income to determine the relationship between price and the amount of product sold |
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| Expected price range of substitute products |
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Definition
| The prices of competitive products have a major influence on what consumers deem an acceptable price |
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| External ( or environmental ) factors |
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Definition
| Factors beyond the control of the organization that influence pricing decisions, such as consumer demand, competition, legal issues, the economy, and technology |
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| The sum of the producer's expenses that are stable and do not change with the quantity of the product consumed |
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| Concerned with acheiving maximum profits or simply organizational survival |
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| The principle that changes in price will have little or no impact on sales |
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| Factors controlled by the organization, including other marketing mix elements, costs, and organizational objectives, which influence pricing decisions |
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| Just noticeable difference (JND) |
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Definition
| The point at which consumers detect a difference between the original price and the adjusted price |
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Definition
| The current economic cycle, which influences pricing decisions |
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Definition
| Factors associated with producing, promoting, and distributing the sports product |
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| Cost of information search |
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Definition
| Affects a consumer's determination of the acceptable price of a product |
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Definition
| Trends and desires of consumers |
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| Consumer pricing evaluation process |
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Definition
| Using consumers' expectations to determine acceptable price ranges |
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Definition
| Consumers' ability to pay the price of the product |
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Definition
| The quantity of a sports product that consumers are willing to purchase at a given price |
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| Those that are directly linked to final pricing decisions |
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| The attempt all organizations make to serve similar customers; also, a threat that is thought to be reduced by sponsorship |
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| Availability of substitute products |
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Definition
| As the number of substitute products increases, demand for the prodcut will decrease |
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