Unit 2- Sports Marketing Mix Test

Amateur Athlete
a person who does not get paid to play a sport
Professional Athlete
a person who gets paid to play a sport
NCAA
a national organization that governs college athletics and oversees important decisions pertaining to athletics and the athletes involved
CIS
the Canadian counterpart to the NCAA
March Madness
NCAA division 1 college basketball championship
College Football Playoff
annual postseason tournament for American College Football Division 1
Sport
Source of diversion or physical activity engaged in for pleasure
Sports Product
A good, service, or any combination of the two that is designed to provide benefits to a sports spectatar, participant, or sponsor
International olympic association (IOC)
plan and oversee olympic issues and decisions
Product Item
a specific model or size of a product ie. Nike’s Air Jordan
Product Line
a group of closely related products manufactured and/or sold by a company
Product mix
the total assortment of products that a company makes/sells
Unique Selling Proposition (USP)
the unique product characteristic that sets it apart from competition
Product modification
changing a products characteristics, such as product features, appearance, package design, or quality
Market Modification
a strategy to find new customers or to encourage new customers to use more of the product
Repositioning
involves changing a products image in relation to its competitors image
Product Life Cycle
introduction, growth, maturity, decline
Likeness
similarities between video game characters and NCAA amateur athletes
Skim Pricing
high product price to cover research and development costs
Penetration Pricing
low product price in comparison to the competition in order to quickly generate demand for the product
Prestige Pricing
based on the consumer perception that the higher the price, the better the quality of an item
Odd/Even Pricing
suggests a bargain, or suggests high quality
Target Pricing
Pricing goods according to what the customer is willing to pay
Price Lining
Selling all goods in a product line at specific price points
Markup Pricing
difference between the retail/wholesale price and the cost of an item
Cost-plus pricing
calculating all costs and expenses, then adding desired amount of profit on top
Bundle Pricing
selling several items as a package for a set price
Loss leader pricing
pricing an item at cost/below cost to draw customers into a store
Yield-Management pricing
Pricing items at different prices to maximize revenue when limited capacity is involved
Channels of distribution
The path a product takes from the producer or manufacturer to the consumer
Intermediaries
retailers, wholesalers, agents (middleman)
Agents
dont take ownership of the goods they sell, they simply bring buyers and sellers together. ex; ticketmaster
Wholesalers
Resellers who buy goods in volume, store them, and sell them in smaller quantities to retailers or sports organizations
Retailers
Resellers who sell directly to the customers