Chapter 01
The process of developing, promoting and distributing products, or goods and services to satisfy what a customer needs and wants
Marketing
What does NCAA stand for?
What is a product line?
Group of closely related products manufactured and/or sold by a company
How many steps are there in product development?
7
What does SWOT stand for?
Strengths, weaknesses, opportunities, threats
What are the 4Ps?
Price, Product, Place, Promotion
What are the four major categories of sports?
High School, College, Amateur, Professional
What is an opportunity cost?
The loss of the opportunity that is passed up in order to receive something else in exchange.
A unique product characteristic or benefit(provide some sort of value) that sets the product apart from a competitor’s product.
Point of difference
What is an illegal pricing strategy?
Price discrimination, price fixing, predatory pricing
A specific group of consumers that an organization selects as the focus of its marketing mix.
Target Market
Explain the difference between marketing of sports and marketing through sports?
Marketing of sports is the event itself (remember the McGregor fight ad). Marketing through sports is using the image or likeness of a team or athlete to sell an unrelated product (think Steph Curry Brita commercial)
What is discretionary income? What is not included in this calculation?
Money left after your taxes and needs are met. Things not included in discretionary income is food, water utilities, shelter etc.
What are the stages in the product life cycle?
Introduction, Growth, Maturity, Decline
Where are the Avalanche located?
Colorado
Where do we get the term "fan" from?
Fanatic
What is Title IX?
Law that bans gender discrimination in schools that receive federal funds.
What are the four characteristics of Market Segmentation?
Demographics, Psychographics, Geographics, Product Benefits
Properly explain the difference between business goods, and consumer goods. For business goods give me both types.
Business goods are goods used in the business either to run the operation or to resell the product. Consumer goods are goods used for consumption by the buyer.
What is the powerhouse of the cell?
Mitochondria
Sports are considered what type of product?
Service
What are extreme sports and an example?
Sports that involved nontraditional, daring methods of athletic competition. Ex. X Games, Skateboarding, Rollerblading
What are the five main PUBLIC infrastructure functions?
Schools, roads, public transportation, power/water supplies, telecommunications
What is cost-plus pricing? AND an example.
Pricing products by calculating all costs and expenses and adding desired profit.
Costs $40 to produce, want $30 of profit. Product priced at $70
What was the last year the Knicks won a championship?
1973