SC SPTE 380 - Final Exam Study Guide (47 pages)

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Final Exam Study Guide



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Final Exam Study Guide

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Final Exam covers chapters 1-14


Pages:
47
Type:
Study Guide
School:
University Of South Carolina-Columbia
Course:
Spte 380 - Sport&entertainmt Mrktng
Edition:
1
Unformatted text preview:

SPTE 380 1st Edition Final Exam Chapters 1 14 Chapter 1 the Special Nature of Sport Marketing Objectives 1 To understand the market forces that create the need for enlightened marketing strategies in the sport industry 2 To understand marketing myopia and other obstacles to successful marketing strategy 3 To recognize the components of the sport product and the sport industry 4 To recognize factors that demand a different approach to the marketing of sport Key Ingredients of a Successful Sport Branding Effort Stickiness of an idea How does brand capture fans imagination Reach of brand How far does influence of brand extend Social identity Do different segments of the population relate to the brand in a personal way Media interest Are members of the media captivated in some way by the influence of a brand Monetization and marketing metrics Can marketers put a number on brand s value or success Global Marketing Strategy o Growth of North American professional sport leagues is a global phenomenon o Building sport participation has been a key tool in marketing sport brands on the international stage Ex David Stern and his marketing in the NBA Weathering Recessions o Sport marketing has been affected by prevailing economic conditions o Recessions have a major effect on sport brands The 1990s saw fans decrease identity with major league sports Sport venue construction decreased during the 1990s Significant MLB attendance drops occurred in 2002 and 2009 Several major corporate sponsors reduced spending in the early 2000s Competitive Marketplace o Leisure spending on spectator sports has decreased in the United States o Expansion of sport entertainment and participation options creates greater marketplace competition 1 o Maintaining market share can be difficult for sport products o Popularity of some sports such as action sports is plateauing or declining Media Challenges o The way that fans consume sport has evolved considerably particularly with the explosion of new technology such as social media mobile devices and highdefinition televisions o Popularity of newspapers is in sharp decline o Sport and media organizations must adapt to new means of reaching consumers GRASSROOTS STRESS o Shifting economy and pressure on tax revenue spending have clearly affected high school sports o High school sport participation and spectator attendance play significant roles in sport popularity Sport Marketing Defined o All activities are designed to meet the wants and needs of sport consumers through an exchange process o Sport consumers are involved in sport through playing officiating watching listening reading and collecting Two Major Thrusts of Sport Marketing 1 The marketing of sport products to the sport consumer 2 The marketing of sport and nonsport products through sport MARKETING MYOPIA o Focus on producing and selling goods and services rather than on identifying and satisfying the needs and wants of consumers and their markets o Belief that winning absolves all other sins o Confusion between promotions and marketing o Ignorance of competition inside and outside sport o Short sighted focus on quick return price hikes or investments such as sponsorships rather than long term investments in research and in relationship marketing o Poor quality research o Poor sales and service o Arrogance and laziness o Failure to adapt to industry market and consumer change Change in the Sport Marketing Profession o Sport marketing pioneers paving the way Bill Veeck Tex Rickard Mark McCormack Don Canham David Stern o Improvements in sales training and methodology o Institutionalized sport marketing knowledge and training o Broadening diversity Uniqueness of Sport Marketing o Sport product o Sport marketplace o Sport finance o Sport promotion SPORT PRODUCT o Any bundle or combination of qualities processes and capabilities goods services or ideas that a sport consumer expects will deliver want satisfaction o Sport marketers must understand why consumers make consumption decisions Why Sport Product Is Unique o An intangible ephemeral experiential and subjective nature o Strong personal and emotional identification o Simultaneous production and consumption o Dependence on social facilitation o Inconsistency and unpredictability o Core product beyond marketers control o Many sport organizations simultaneously compete and cooperate o Demand tends to fluctuate widely o Sport has an almost universal appeal and pervades all elements of life Why Sport Finance Is Unique o Pricing the individual sport product unit by traditional job costing is difficult o The price of the sport product itself is invariably quite small in comparison with the total cost paid by the consumer o Indirect revenues are frequently greater than direct operating revenues Why Sport Promotion Is Unique o Widespread media exposure is a double edged sword o Media and sponsors emphasize celebrities Chapter 2 Strategic Marketing Management Objectives To identify the key stakeholders in sport marketing and the interaction between them that creates the brand perception To recognize the interacting components of the marketing management process To appreciate the core elements of market analysis product concept and product position To understand the distinctions among the five Ps of sport marketing product price place promotion and public relations MARKETING MANAGEMENT STRATEGY o Marketing minded leaders are needed in today s sport organizations o Strong marketing management strategy requires both STRATEGY big picture concepts and TACTICS the details of the plan MARKETING PLANNING PROCESS o MPP builds a marketing plan but must also integrate with an organization s overall strategic vision o The planning process comprises five steps Step 1 Develop Vision Position and Purpose o Core vision and ideology o Sport organizations must determine or establish core values and ideology before moving forward with strategic marketing efforts SWOT ANALYSIS Sport organizations must systematically gather and collect data about their consumers often through DBM and CRM systems Sport organizations must scan their internal strengths and weaknesses and external opportunities and threats environments before moving forward with strategic marketing efforts SWOT analysis will assist sport organizations in analyzing market trends and fads After SWOT Analysis Following SWOT analysis sport organizations must reevaluate their strategies and potentially change direction to ensure


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