The Marketing Concept
About what percentage of every consumer dollar spent goes directly toward marketing expenses like product development, packaging, and promotion?
What is 50%?
According to Maslow’s Hierarchy, which two basic level needs must be satisfied before a consumer focuses on social or entertainment needs?
*HINT: The bottom two tiers of the hierarchy
What are Physiological and Security (Safety) needs?
What term describes the specific group of consumers a business actively targets with tailored products and messaging?
What is a Target Market?
What is the term for the difference between what a fan expects to receive and the actual service delivered by staff?
What is the Customer Service Gap?
What is the primary focus or objective of the marketing concept during planning, production, and promotion?
What is satisfying customer needs?
What type of purchase is made on impulse during emotional highs or lows, such as buying expensive gear right after a big championship win?
What is an Emotional Purchase?
Running a single $7 million Super Bowl commercial aimed at a massive, broad audience is an example of what marketing approach?
What is Mass Marketing?
What toxic, dismissive phrase should customer service employees eliminate and replace with "How may I help you?"
What is "It's not my department"?
What critical financial metric represents the minimum sales volume an event needs to earn in order to cover all of its costs?
What is the Breakeven Point?
When a fan buys Nike products specifically because they are loyal to Lebron James' endorsement, what type of purchasing motive are they demonstrating?
What is a Patronage Purchase?
If a stadium charges $10 for minor league tickets and $80 for major league tickets, which specific demographic variable are they pricing for?
What is Income Level?
Disney trains its theme park staff to be "assertively friendly" by actively seeking out contact with guests and doing what to personalize the experience?
What is addressing them by name (or using first-visit/birthday badges)?
Manufacturing 10,000 promotional items quickly without checking if fans actually want them is an example of high productivity without what?
What is demand (or customer focus)?
What economic concept is defined as the value of the next best alternative given up when making a spending decision (e.g., choosing a staycation instead of flying to a game)?
What is Opportunity Cost?
DAILY DOUBLE: Name the 4 bases of market segmentation.
What are Geographic, Demographic, Psychographic, and Behavioral?
What does each letter in Nordstrom's FAST strategy stand for?
What are Focus, Action, Search, and Tenacity?
DAILY DOUBLE: List the 4 Ps that make up the traditional Marketing Mix framework.
What are Product, Price, Place, and Promotion?
Why do sports retailers take on the financial risk of pre-ordering championship apparel for both competing teams before the big game is even played?
What is to capitalize on immediate peak demand after the win (and avoid fulfillment delays)?
A sports team grouping fans into "season ticket holders" versus "occasional weekend guests" is segmenting based on which behavioral factor?
What is Product Usage (or Frequency Rates)?
What evaluation program hires secret guests to test a venue's phone etiquette, wait times, and staff friendliness without staff knowing?
What is a Mystery Shopping Program?
What percentage metric measures a single business's total sales in comparison to all direct competitors in that specific industry?
What is Market Share?