Sport Marketing Fundamentals
These are the four elements traditionally known as the marketing mix.
What are Product, Price, Place, and Promotion?
What is fan identity?
When fans react to events affecting their team as if they happened to themselves.
In branding, this symbol primarily represents a team’s identity and values.
What is the logo?
In marketing analytics, KPI stands for this.
What are Key Performance Indicators?
These are an essential revenue source for teams and help maximize customer lifetime value.
What are season tickets?
Sport marketers often define their sport marketing job as doing this:
What is "create, communicate, and deliver value."
This factor most strongly shapes fan identity in early childhood.
What is family?
The added value and distinct identity a brand holds in the minds of consumers is known as this.
What is brand equity?
In sport marketing, CRM stands for this.
What is Customer Relationship Management?
These licenses give fans the right to purchase season tickets.
What are PSLs (Personal Seat Licenses)?
Traditional marketing emphasizes economic exchange, while sport marketing emphasizes __________ exchange.
social
Name 3 major revenue sources for most professional sport teams.
Corporate sponsorships
Broadcasting deals
Tickets
Merchandise
In sponsorship marketing, this term means actively engaging fans with a brand rather than just displaying a logo.
What is activation?
Looking at the results of a survey that a major competitor has done is an example of _____ data analysis.
secondary
The basic economic theory for pricing?
Supply and demand
This process involves dividing a larger market into smaller groups based on shared characteristics.
What is market segmentation?
Describe the difference between "internal" and "external" sport marketing.
Fan experience vs. Sponsorship acquisition
The degree to which a sponsor’s brand aligns with a team’s values and audience is called this.
What is sponsorship fit?
Briefly describe "target market."
Market segmentation for a specific campaign.
According to social exchange theory, if a fan pays $100 for a ticket and feels the experience was worth more, this is the result.
What is a consumer surplus?
What distinguishes sport marketing from traditional marketing?
Uncontrollable outcomes; passion-driven consumption; fan identity; unique distribution, facilities, equipment; emotional connection; shelf-life; live-entertainment opportunities and challenges
These 3 M's are guide fan consumption behavior.
What is Meeting, Merchandise, and Media
Briefly describe "sponsorship exclusivity."
Only brand in that category.
The process of Generating new fans, Enlarging purchases, and Maintaining passion describe the goals of this approach.
What is precision marketing (GEM)?
A strategy where ticket prices automatically adjust based on demand and other factors.
What is dynamic pricing?