Chapter 2
What is a target market
A target market is a specific group of consumers a business wants to reach. To promote and sell products and services
Why is promotion important?
Promotion is used to make customers aware of products and encourage them to buy.
the number of times the targeted group has been exposed to the message
When does a sponsorship occur?
Sponsorship occurs when an individual or business provides products, services, or financial support for a sports team or an event.
The legal protection of words and symbols used by a company Is what?
trademark
Why is it important to research Consumers Spending Habits
It is important to research the spending habits of consumers to maximize profits on items they purchase at sporting and entertainment events.
What is the purpose of entertainment marketing?
Influencing how people choose to spend their time and money on entertainment is the purpose of entertainment marketing.
What is publicity?
Unpaid media attention, whether negative or positive, about a business and its products, services, or events is publicity
What is a endorsment?
a well-known person’s public expression of approval or support for a product or service
The goal of the product line is to achieve the greatest amount of sales possible by satisfying the needs of a diverse target market.
what is a market segment
A market segment is a group of consumers within a larger market who share one or more characteristics
What's The goal of sports marketing?
The goal of sports marketing is to use the right marketing mix to meet customer needs while generating a profit
Why is advertising so important?
Advertising makes customers aware of new products and services, which results in purchases.
How does a event triangle happen?
An event triangle is formed by the interaction of the event, the sponsors, and the fans
What is the second stage of the product life cycle?
Growth stage
what does Behavioral-Based Segmentation focus on
Behavioral-based segmentation focuses on a customer’s attitude toward products and services
what are the the four marketing elements
product, distribution, price, and promotion.
What is product placement?
Product placement is the integration of a product into a movie or television show.
A firm that contracts with the venue on behalf of the performers is referred to as the _____
Booking agent
What is a product extension?
Product extensions are items offered in addition to the product to make it more attractive to the target market
Why is it important to use Geographic segmentation in sports?
sports fans are likely to be loyal to their own region when purchasing team-related products
What is Discretionary income?
Discretionary income is the amount of money individuals have available to spend after paying for the necessities of life and other fixed expenses, such as housing and car payments.
What are the four elements of promotion?
The four elements of promotion are advertising, sales promotions, publicity, and personal selling.
What Events are sponsors attracted to?
Sponsors are attracted to events that have a broad distribution
Why is packaging important?
Packaging is important. Ease of use, safety, security, attractiveness, accessibility, and the environmental friendliness of the package influence sales.