Vocab
the creation and maintenance of satisfying exchange relationships
Marketing
what is marketing?
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
What is an example of a worldwide event?
The Olympics
What is the product life cycle?
the introduction, growth, maturity, and decline of a product.
What is the event triangle?
it is formed by the interaction of the event, the sponsors, and the fans.
the act of altering or editing media that is considered objectionable
censorship
what is marketing mix?
the product, price, distribution, and promotion.
What organization choice the host city for the Olympics?
The International Olympic Committee
What is a product mix?
includes the product’s final form and its assorted features.
What is a booking agent?
A firm that contracts with the venue on behalf of the performers
a set of procedures and methods used to systematically collect, analyze, distribute, and store information needed by business managers to make marketing decisions
what does the distribution part of the marketing mix mean?
transporting or delivering goods to final customers.
Why is gender equity important?
This is important because both men and women will be given the same opportunities.
Why are celebrity endorsements so important?
What are the "big four" award shows?
Grammys, Oscars, Emmys, Tonys
an additional incentive offered for a limited time to encourage consumers to buy a product
sales promotion
what are the seven core marketing standards?
Channel Management, Marketing-Information Management, Market Planning, Pricing, Product and Service Management, Promotion, and Selling
What is an example of a global trend?
Esports
What are product enhancements?
features added to the basic product to satisfy additional needs and wants with a single purchase.
What is a Sponsorship?
occurs when an individual or business provides products, services, or financial support for a sports team or an event.
the businesses, or channel members, involved in making the product or service available
intermediaries
What three activities do you need to preform to satisfy customers' needs?
First, you must identify your customer and the needs of that customer. Second, you need to develop products that customers consider better than other choices. And finally, you must operate your business profitably
What does the international “Sports Performance Data and Fan Engagement Summit” focus on?
It focuses on how the sports industry could use data and technology to better engage fans.
How do companies position their product?
using price and quality, and features and benefits.
Why are corporate sponsorships important?
because they bring more attention to the brand that is sponsoring a sports team.