Chapter 1
What is the definition of marketing?
The activity or business of promoting and selling products or services.
What is Marketing concept?
Keeping the focus on satisfying the customers needs.
What is profit motive?
when a company makes decisions on how to use resources in ways that result in the greatest profit
What is gender equity?
when opportunities for men and women are roughly equal
What is marketing intelligence?
information gathered about competitors, the industry as a whole, and the market for a product
How is the economy affected by sports marketing?
Sponsorship companies etc
What is breakeven point?
Minimum sales required to cover all of the expenses of organizing
What is scarcity?
occurs when there is a limited amount of resources needed to produce and distribute goods and services
What is the International Olympic Committee? (IOC)
the governing authority of the Olympic Movement, which includes all of the National Olympic Committees (NOC), the International Sports Federations, Organizing Committees for the Olympic Games, athletes, sponsors, and broadcasting partners
What is external databases?
data collected from outside the business
What are demographics?
Shared characteristics of a group.
What is opportunity cost?
The value of the next best alternative that you pass up when making a choice.
What is economic utility?
the amount of satisfaction a person receives from the consumption of a particular product or service
How does being selected for Olympic competition benefit a sport?
It brings more attention to that sport.
What is internal company data?
data collected about customers or from sales activities within the business
Gross impression?
The total times an advertisement is associated with a product.
Explain the reasons for increased sports and entertainment options.
technological advancements.
What is meant by ethical behavior in sports and entertainment?
A set of principles and values that guide the actions and decisions of participants.
What is multigenerationalism?
satisfying the needs of several generations of a family
How can data from many sources be simplified for use in decision making?
Bar graphs or even a short summary can help, rather than looking at tons of numbers and percentages.
What is the value of sports marketing?
It allows brands to leverage the passion and engagement of sports fans to increase brand awareness.
What is an outstanding customer service culture, and why is it important at sports and entertainment events?
Outstanding customer service is meeting the needs and wants of the customers to keep them happy. This is important because if you want someone to buy your product you have to be respectful and likable so people end up liking the product because of the good service.
Why is the behavior of athletes off the field important to a team?
Its important because if someone is rude and mean off the field it can give the team a bad look.
Why should the travel industry be concerned about the local people who live near tourist sites?
It can be annoying to the people that live there and if something bad happens the people can sue because they own some of the area.
How do marketers use data to make decisions?
They study the percentages and how the money is coming in and going out.