Vocabulary
Define target market
A specific group of consumers an organization selects as the focus of its marketing plan
Dividing the market based on location.
Geographic Segmentation
Adjusting or creating products to meet customer needs.
product/service management
What type of segmentation is used when a company promotes skiing equipment in Colorado?
Geographic segmentation
is the process of determining customer needs and wants through planned, personalized, communication intended to influence purchase decisions and ensure satisfaction
Sales
Product, place, price, promotion
Dividing the market based on characteristics like age, gender, or income
Demographic Segmentation
Give an example of promotion in sports marketing.
A halftime show advertisement for a new sneaker brand.
Name a product tie-in example at a theme park?
Star Wars light sabers sold at Galaxy World in Disney World
T/F: Sales is the only true revenue-producing function for a business
True
A business focuses on satisfying customer needs and wants while making a profit
Marketing concept
Give an example of psychographic segmentation in sports marketing
Targeting fans who value a healthy lifestyle
Deciding how products are delivered to customers.
Name an example of a fandom's impact on a sports or entertainment business
Increased Merchandise sales from passionate fans
What does B2B stand for?
Business-2-Business Sales
Target a specific, smaller group of consumers with unique needs
Niche Market
Looking at ticket sales from past Super Bowl games to see what prices fans paid is an example of what kind of research? (primary or secondary)
Secondary
Marketing Information Management
Name an athlete featured on the Wheaties box
Michael Jordan, Serena Williams, Simone Biles
A _______ is when a product is connected to a popular event, movie, sports team, or celebrity to boost sales and create a stronger connection with the target audience.
Product-tie in
Strategies to reduce or control risks associated with business activities or events
Risk Management
Asking customers outside the Braves stadium how they feel about the merchandise being sold is an example of what kind of research? (Primary or Secondary)
Primary
What is the purpose of pricing?
To determine the value of a product or service to generate profit and appeal to customers.
Explain the difference between theme parks and amusement parks?
Theme parks are designed around a central theme or story, with immersive attractions and decor that create a cohesive experience (e.g., Disneyland). Amusement parks focus on thrilling rides and entertainment without a unifying theme (e.g., Six Flags).
Name 3 out of 5 Sales types?
- Personal selling
- Business - 2 Business (B2b)
- Business - 2 - Consumer (B2C)
- Digital Sales
- Direct mail