Marketing Mix & Pricing
This term refers to the four basic elements of marketing: Product, Price, Place, and Promotion
What are the 4 Ps?
This is a name, term, design, or symbol that identifies a seller's goods and distinguishes them from competitors.
What is a Brand?
This term describes the physical surroundings of a venue, including layout, signage, and seating comfort, that impact the fan experience.
What is the Sportscape?
This is the "unpaid" mention of a product or brand in the media, which can be either a benefit or a danger.
What is Publicity?
This is a partnership where a company pays a fee for the right to associate itself with a team or event.
What is a Sponsorship?
This pricing strategy involves setting a high price for a new product to target "early adopters" before gradually lowering it.
What is Price Skimming?
Unlike a physical good, this type of sports product is "perishable," meaning if a seat isn't sold for tonight's game, that revenue is lost forever.
What is a service?
These are the "pathways" used to get the product from the producer to the final consumer.
What are Distribution Channels?
This department handles the relationship between the sports organization and the local neighborhood or charities.
What is Community Relations?
When an individual athlete gives their public support or "stamp of approval" to a product, it is called this.
What is an Endorsement?
This is the point at which total costs and total revenue are equal, meaning there is no net loss or gain.
What is Break-even Point?
This refers to the value and "strength" a brand has in the marketplace.
What is Brand Equity?
This type of motive for a fan is based on the desire to "bask in reflected glory" or feel a sense of belonging to a group.
What is a Social (or Affiliation) Motive?
This is a specific tool used by Media Relations professionals to announce news to the press in a standardized format.
What is Press Release?
This term describes the "fit" or logical connection between a sponsor and a sports property (e.g., Gatorade sponsoring the NFL).
What is Congruence (or Sponsor Fit)?
When a team increases ticket prices because they are playing a high-profile rival, they are using this type of pricing strategy.
What is Demand-based Pricing?
During this stage of the Product Life Cycle, profits usually peak and competition becomes most intense.
What is the Maturity Stage?
In the consumer decision-making process, this is the first step where a fan realizes they want to attend an event.
What is Need/Problem Recognition?
This is the main danger of publicity compared to advertising.
What is Lack of Control (over the message/tone)?
This is a "guerrilla marketing" tactic where a company tries to associate itself with an event without paying for official sponsorship rights.
What is Ambush Marketing?
These are the two main types of costs in a sports business; one stays the same regardless of sales, while the other fluctuates.
What are Fixed and Variable costs?
This is the process of a company paying a fee to use a team's logo or name on their own merchandise (like EA Sports using the NFL logo).
What is Licensing?
A stadium offering "In-Seat App Ordering" is an attempt to reduce this—the physical or psychological barriers that prevent a fan from making a purchase.
What is Friction?
These are the four components of the "Promotional Mix."
What are Advertising, Sales Promotion, Personal Selling, and Public Relations?
This is the term for a sponsor's "return on investment," measuring whether the partnership actually increased sales or brand awareness.
What is ROI?