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10
mktg final
| Question | Answer |
|---|---|
| • Why is Price important? | 1. Price is most easily changed of 5 P’s 2. Can be the most effective of the 5 P’s in affecting consumer demand 3. Price is highly visible. Most easily communicated 4. Almost every consumer thinks about the price of the product |
| Price and Value | • Consumers often use price as a measure of value • Price too low- consumer perception of a lack of quality |
| Pricing Objectives | • Efficient use of resources, Fairness, max. particip/opportunities, max prod distribut., profits, survival |
| • Variable Ticket Pricing | Pricing by opponent and day of the week big thing: TRYING to guess demand before season |
| • Dynamic Ticket Pricing | Scalping is an illegal form. - technology and info about consumers tell the org. waht price they could get -Scorebig.com |
| • Secondary Ticket Market | -Scalpers -Team resale websites (scorebig.com) -stub hub/ebay |
| Production costs | how much does it cost to produce one unit of prod. |
| Market Condirions | -how much demand is there? |
| Competitors Pricing | Gas station example.- their price influences where you set yours |
| Pricing Methods | supply and demand pricing, cost-plus pricing, and break-even pricing |
| Break Even Point | Profit=total revenue-total costs (where Prof. =0) |
| Positive user attitude/image | can raise price of eagles ticket and still sell out |
| Maximum product distr. | we want to sell the most |
| Profits | not necessarily true that the more you sell, the higher your profits |
| Survival | Pricing just to stay in business |
| Fairness | More so on the non-profit side |
| Product Brand and Banding | effectively communicating your brand to consumers |
| What comm. a product's brand? | names, marks/logos, designs |
| Strong brand can help build | |
| Relationship marketing | MAke them feel like more than a fan |
| Trademark Licensing | ➢ The US Patent and Trademark office registers all trademarks ➢ Must be a unique logo / mark ➢ Pro Leagues have Properties Divisions that handle the program |
| properties division | o Approve licensees o Police trademark infringement o Distribute licensing revenues to teams |
| Players Unions and Licensing | ➢ They sell the rights to use the names and likenesses of players in items such as: o Trading cards o Electronic / Video Games o Toys ➢ Money goes to the players and the players’ union ➢ NFLPA makes about $30 million annually from these activities |
| Fads and Licensed Apparel | ➢ MLS licensed sales EXPLODED o EA Sports has seen a 260% increase in orders for MLS 2008 video game o Sports Authority –Beckham jersey was #1 sports jersey sold the week it came out ➢ Other sport licensing fads o Throwback jerseys o Starter jackets |
| Collegiate Licensing | ➢ Most universities handle their own licensing o They get to keep all the royalties in house |
| CLC | ➢ Some use the Collegiate Licensing Company (CLC) o They negotiate the deals for their member universities o They bring expertise and knowledge of licensing that small universities may lack o Major revenue producer for large athletic programs |
| Assessing Ad Effectiveness | • Circulation Efficiency • Cost per exposure • Determining the creative approach • Measurement • Banner “reads” and “hits” o How many hits produce a sale? |
| Advertising Media for Sport | • Signage • Endorsement Deals • Print Media • Electronic / Broadcast Media • Internet / Websites • Billboards / Planes / Blimps / Buses |
| The Hallmark Event | o 1 time event to raise awareness and gain attention |
| Use of Website | o Effective way to communicate product information |
| Sales Promotions | o Special Events o Price Discounts and promotions o Couponing and Sampling o Bundling Promotions |
| • What should a promotional campaign look like? | o Must have a theme – use in your videos o Product Sampling – ntroduce your product to new customers o Open House o Bundling- provide other thing if the consumer buys the product. Buy season tix, get free parking, concession discounts, et |
| Guerilla Marketing | • Public is sometimes jtraditional advertising • What is guerrilla marketing / street promotion? o Unconventional marketing methods that rely on time, energy, and imagination. Not necessarily budget. create a unique experience that creates a BUZZ. |
| Guerilla | o Aggressive, unconventional marketing methods o Low budget o Method to get extensive, free publicity • Ex: undercover marketing, pix on next page |
| Viral Marketing | o Using social networks to market your product / service o Youtube, facebook, myspace • Ex: Hotmail |
| Why is sponsorship so popular? | -popu. of sport worldwide -clutter in other forms of advtg. -Ban on alc. and tob. advtg in 1970s |
| Exclusivity (sponsorship) | get your message out to consumers and block your competition |
| PR Role in sponsorship | Ex. Media coverage at a sponsored bowl game |
| Increased communication with your consumers creates... | -a great experience for customers -activities to attract customers, sell, and gather info -ability to increase direct contact |
| What does a corp. hope to achieve with promotion? | A. Inc. Pub. Aware. B.Alter pub. perception c. Community philanthropy D. gen media exposure e. drive on site or other types of sales f. customer/employee hospitalit. g. hit specific target markets. |
| Ambush Marketing | The attmept for non sponsors to associate -nike in 96 atlanta olympics |
| Promotion is designed to... | promote consumer: 1 awareness 2interest 3 purchasing |
| Goal of promotion (advertising).. | Convey product, price, or place |
| Promotion's role/importance | 1. Primary method for positioning the product. 2. Most effective method for gauging your product's image in the mind of the consumer |
| Companies that have est their image through advertising | 1. Red-Bull 2. Coors 3. Und. Armour 4. Gatorade changing name to G to renew their image |
| AIDA approach | 1. Inc. Awareness 2. " " Interest 3. "" desire 4" " action |
| Communication and Advertising | - Perception is reality - must determine if target is receiving the message correctly (barkley comm.) |
| Failed Comm. | -ex. BArkley |
| Circulation efficiency | Cost per exposure-cost for every 1000 people that see it |
| Internet advtg. | Personalized, but not nyche -ex google search- companies that pay most pop up first |
| Advtg Communication process components | 1. Source 2. Message 3. Channel 4. Receiver 5. Destination |
| Billboard Signage | -not much else to look at -esp good for local advtg. -a lot of traffic passes daily neg: cant convey much info |
| Telemarketing | ➢ Very difficult ➢ Low sales rate ➢ Fairly inexpensive |
| Telem. can be used to | o Take orders o Solicit new customers o Follow-up leads o Solicit repeat customers |
| Direct Mail Selling | ➢ Very popular for renewal of clients o Example: Season ticket holders ➢ Relatively low success rate for new customers o 1-2% in many cases ➢ Examples o Ticket brochures o Pocket schedules o Posters o Appeal letters |
| Tips for effective sales DEPT. | ➢ MUST hire and train people effectively ➢ Create effective customer databases ➢ Produce high quality sales materials ➢ Emphasize relationships ➢ Use players/coaches ➢ Be creative with events/ideas ➢ Be proactive, reward success |
| Licensed Merchandise | ➢ Any product that bears the name or logo of the sp ➢ Contractual method of developing and exploiting intellectual property by transferring rights of use to a third party without transferring ownersh |
| Licensing Business figures 2010 | ➢ 2010 o NFL and MLB sold about $2.75 billion each of licensed products o Colleges / Universities – $2.6 billion o 1.75 billion for the NBA o Total of $12.5 billion in U.S and Canada sales of sports leagues, teams and athletes,17.5 billion worldwide s |
| Intellectual property | ➢ In sport it refers to the names/logos of a sport organization |
| ➢ Lanham Act of 1946 defines a trademark as: | o Any word, name, symbol, or device or combination adopted and used by a manufacturer or merchant to identify his goods and distinguish them from others. |
| ➢ Licensor Benefits | o They don’t become a product / supplier o Licensee assumes production risk o Potentially lucrative revenue stream o Helps in building brand equity |
| ➢ Licensee Benefits | o Help them sell their product o Only method for associating with established brands / trademarks |
| Proposal Objectives and partner match step 2 | sell the win win situation |
| partnership components step 3 | be as specific as possible - think about the corp partner's needs and try to fulfill; them |
Created by:
rbmooney
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