Sports Entertainment Marketing midterm

Marketing
The process of developing, promoting, pricing, and distributing products in order to satisfy customers’ needs and wants.
Goods
Tangible objects that are useful to consumers
Services
Intangible and include tasks or acts performed for a customer for a price or fee
Sports Marketing
The process of planning and executing the conception, pricing, promotion, and distribution of sports ideas, goods and services to create exchanges that satisfy individual and organizational objectives
Entertainment Marketing
Involves the use of entertainment to develop, promote and distribute goods and/or services to satisfy the wants and needs of customers.
Participant
A person or group that participates or partakes in the event
Spectator
Observers of an event
Sponsor
Businesses or organizations that pay to associate their names or products with a sporting event
Event Marketing
Designing or developing a live themed activity, occasion, display or exhibit, such as a sport, music festival or concert to promote a product, cause, or organization
Brand
All the combined impressions and experiences associated with a particular company,
good or service.
Licensed Merchandise
Goods bearing the name or logo of a sport/event product produced
and distributed by an authorized manufacturer.
Owned- goods service
A product that involves repairing or changing a good that the consumer has already purchased.
Perishability
A product’s ability to withstand being stored
Quality
The degree of excellence of a good or service
Rented- goods service
A product that involves giving consumers limited use of a good for a
certain period of time
Separability
A product’s ability to be considered apart from its provider
Smoothing
– Offering consumers a discount for purchasing products that otherwise would go to
waste
Venues
Buildings or places where sports and events occur.
Feature
Describes an actual part or physical characteristic of a product
Benefit
– Describes how a product will directly offer a user a solution
Market
– Includes the group of all potential customers who share common needs and wants,
and have the ability and willingness to buy the product
Target Market
Includes the group of consumers that a company desires to have as customers
Copyright
Legal protection of original works and intellectual properties granted by the government to give their creators sole rights to them
Naming rights
A financial transaction and form of advertising whereby a corporation or other entity purchases the right to name a facility or event, typically for a defined period of time
Endorsement
A form of testimonial from someone that indicates that they like or approve of a product
Guarantee
The fee a licensee pays up front in order to use trademarked property
Licensing
Permission to copy the name, logo, or trademark of a league, athlete, sports team, entertainer, film, television show, or character for a fee, also called a royalty
Licensee
A company that wants to manufacture and sell products using trademarked property
Licensor
An organization or company that holds the rights to trademarked property
Logo
The name and/or symbol used by a business (also called a signature)
Royalties
A percentage of actual sales that a licensee pays to a licensor, usually anywhere from 5 to 15 percent
Slogan
A phrase that is easy to remember and represents a company or a product
Sponsorship
An agreement that allows a company to pay a fee to a team or an event for the right to affiliate itself with that team or even
Trademark
A symbol, design, or word used to identify a good or service and registered with the government to prevent use by others
Brand awareness
Extent to which a brand is recognized by potential customers, and is correctly associated with a particular product. Expressed usually as a percentage of target market, brand awareness is the primary goal of advertising in the early months or years of a product’s introduction.
Brand image
The consumers’ beliefs about the company and/or its goods or services often in terms of quality, price, and value
Brand equity
The perception of added value a product has as a result of its brand name
Brand loyalty
The extent of the faithfulness of consumers to a particular brand