Midterm Study Guide Chap 9, 10, 11 Review
Midterm Study Guide Chap 9, 10, 11 Review SPTE 201 001
Popular in Introduction to Sport and Entertainment Management
verified elite notetaker
Popular in Physical Education
This 8 page Study Guide was uploaded by Holly Ciampaglio on Sunday November 15, 2015. The Study Guide belongs to SPTE 201 001 at University of South Carolina taught by in Summer 2015. Since its upload, it has received 65 views. For similar materials see Introduction to Sport and Entertainment Management in Physical Education at University of South Carolina.
Reviews for Midterm Study Guide Chap 9, 10, 11 Review
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 11/15/15
Intro to Sport Management Midterm #3 Study Guide Chapter 9 Key Terms: Fan Identification- personal commitment and emotional involvement customers have with a sport organization Marketing Plan- the document containing an analysis of the current marketing situation, opportunities and threats analysis, marketing objectives, marketing strategy, action programs, and projected income Market Segmentation- process of dividing large, unlike groups of consumers into smaller, more defined groups of people who share similar characteristics Positioning- establishing a brands image in the minds of consumers Relationship Marketing- marketing with the conscious aim to develop and manage long-term and/or trusting relationships with customers, distributors, suppliers, or other parties in the marketing environments Sport Marketing- proactive efforts that are designed to influence consumer preferences for a variety of sport products and services More Info: Marketing is understanding the customer Needs, wants, desires Do customers only attend sporting events because of the quality of the home team? Factors of attendance/nonattendance Demographic Segmentation Gender Age Family size Income Ethnicity Psychographic Segmentation Lifestyles Activities these attributes may be influenced and changed Interests + Opinions Benefit Segmentation Different consumers may seek different benefits from the same products “on-field” action may not be the primary attraction for many on-site consumers Geographic Segmentation urban/rural “CollegeTown” Weather Geodemographic Segmentation Different populations living together Same jobs? Interests? Incomes? Bonding – creation of unified commitment Financial Social Branding Brands – name, term, design, symbol that identifies a product as different than another (tangible and intangible attributes) Brand Equity - What is the brand worth? - Is the brand recognized? - If recognized, what do consumers associate with the brand? - Perceived quality of the brand? - Will consumers insist on buying it? 2 External Contingencies What cannot be controlled? - Economy - Technology - Competition - Physical environment - Cultural trends - Political + Legal environment Interviews: Mike Boykin: CEO, Bespoke Sports & Entertainment Describe the most valuable learning experience of your career and how it made you a better sport marketer. - Still learning everyday/experiences keep coming - The ability to network with a diverse group of people helped career What are the two big detriments to successful marketing? - Basics of fundamentals and communication - When brand, team, or media doesn’t communicate the campaign to the stakeholders What are the biggest challenges faced by the sports- marketing industry in the future? - Balancing technology and the live experience - Want a sold out game, plus a large media audience Advice for sport marketing students? - Be different - Know everything you can about the business and its leaders - Network - Ask great questions Eric Nichols: Chief Marketing Officer, USC Gamecock Athletics Describe the most valuable learning experience of your career and how it made you a better sport marketer. 3 - Study your profession - Trade journals, networking, professional organizations What are the two big detriments to successful marketing? - Listen and create buzz - There is an ever- changing audience What are the biggest challenges faced by the sports- marketing industry in the future? - Battle between TV and a live sporting event What are some things USC Athletics have done to keep current customers and attract new ones? - Improving for new season ticket holders - Researching the fans What do you look for in new hires? - Poor, Hungry, and Driven: a PHD - Creative and Driven Advice for sport marketing students? - Start getting your foot in the door now - Once your foot is in the door, DON’T BLOW IT Chapter 10 Key Terms: 80/20 rule- Revenue-generation rule that 80% of a sport organization’s revenue comes from 20% of its customers Base salary plus commission- combination of a set salary based on a staff member’s experience and a percent of generated sales Closes for the next step- Asking for a client’s business or requesting referral information Closing- reaching a sales agreement with a client Commitment and Consistency- a person making a decision will experience pressure from others and themselves to behave consistently with that decision Liking- A Person’s feeling of affect on or preference for another person 4 Override- Compensation paid to a sales manager for overseeing a sales staff Prospecting- searching for and creating new customers Reciprocity- a mutual exchange, a return in kind. People react positively and feel obligated to repay others for favorable treatments received Referral- When someone gives a salesperson a sales lead ROI- (Return on Investment) Marketing success is measured by the ratio of revenue generated/costs incurred Social Proof- People will do things they see other people doing Telemarketing/teleselling- marketing/sales approach that features the use of personal selling techniques in a non-face-to-face context and utilizes telecommunications technology as part of a well-planned, organized, and managed marketing program More info: What is selling? Ticket sales are the lifeblood of sport enterprises Sponsorship, parking, concessions, + licensed merchandise are revenue streams impacted by ticket sales Focusing on wants, needs, and desires Necessary Elements for Sales: Philosophy agreement – make sure mission and goals mesh with individual philosophy Product – thoroughly understand the product, its uses, benefits, etc. Prospect – develop a prospect database Practice – sales requires practice to develop skills Performance – combine real world selling with ongoing analysis 5 Sales Philosophies: Sun Tzu: Art of War Adaptation – relationship selling based upon being prepared and anticipating customer needs and interests 5 Prize inside – upfront approach to benefit-based selling based upon the premise that all customers want to know their prize The Customer Comes Second – Sales staff needs must be satisfied before those of the customer Consumer-Behavior Driven – Sales success involves identifying and understanding potential consumers, and creating personal relationships in order to persuade customers Eduselling – Educating and partnering with customers before, during, and after the sale leads to purchase satisfaction and long-term customer retention Sales Process: Ensure Philosophical Agreement - Learn and understand the organizations culture - Know what the organization expects Develop and organize prospects - After identifying the product to be sold, prospects should be identified - Know what the prospects want and how they can be reached Adopt a sales-consultant approach - Remove fear of failure - Not pushy - Solution to wants, needs, desires Open the sales - Make a good first impression - Dress and speak in a professional manner Reaching Agreement - Different types of closes - Questions you will ask will help with the close Close: get an action commitment Add value and obtain personal introductions Chapter 11 Key Terms: 6 Access- the degree to which the sports content providers make themselves available to the media in terms of reporting and coverage Agenda-setting- how the media exert a significant influence on public perception through their ability to filter and shape media content Distribution- how sports content reaches a sport audience Fragmentation- audiences have gotten smaller due to new media technologies which provide more options and channels Image- can depend on several factors including the economic and cultural conditions that exist at the time Interactivity- two-way communication that allows the audience to provide feedback and take part in the communication process Public Relations- in charge of the organization and its athletes More info: Media + Audience th Late 19 Century: Industrial Revolution created an economy where consumers had time and money to consume sport and media products Spoth becomes one important area of media outlets 20 Century: Media continues to distribute sport-related content, but methods evolve (Print, TV, Internet) In the last 15 years: - 7 Pro sports; NFL, NHL, NBA, Tennis, Soccer, Golf - 3 conferences in college; BIG10, SEC, and Pac12 - Programs moved from free TV to cable - NFL games were televised over the interent - Twitter is used to follow breaking news Impacts to Changes: Sports to Cable NFL began in 1987 with ESPN’s Sunday night football package NBA all conference finals on TNT NCAA Final Four on TBS College football on cable for 11 years 7 Media Influence News Cycle: media began to provide coverage and commentary beyond what happened on the field Media + Sports History of TV ratings - 1960s-1970s: only 3-5 TV stations - Late 1970s-1980s: provided more options - 1990s-2000s: Regional Sports Networks, Internet, etc. Growth of media led to greater fragmentation splitting large audiences into smaller niche audiences Technology has dramatically altered the methods sport organizations utilize to disseminate information to the media 8
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'