Regular Questions (Unit 3)

• If Sports marketers ignore the 4C's, this increases their risk of making wrong marketing mix decisions
• The 4C's are constantly changing, and require constant monitoring and research
• The 4C's positively or negatively impact the 4P's
• Product is what the sport company is trying to sell
• Price is the exchange value of the product
• Place is the process in getting the sports product to the consumer
• Promotion is used to publicize the product or organization, so as to increase sales or public awareness
• The 5 items that are considered products in the sports industry include goods, services, people, places and ideas
• Product differentiation is a marketing process that showcases the differences between products
• The price of a product can be manipulated through ways such as Promotional Pricing, other Short-term Pricing Strategies, and Long-term Pricing Strategies
• Whether the product is a "Hard good" or not affects the channel it is distributed through
• Promotional methods that can be used include television commercials, print advertisements, direct-mail advertising, promotional pricing, and “giveaways”.
• The goal of promotion is to attract consumer's attention, generate interest, create desire, and convince the customer to act or purchase the product (AIDA)
• The 2 broad categories of products are Tangible Product and Intangible product
• A tangible product is a concrete, physical object
• An intangible product does not have a physical presence
• The function of a product is what a product allows a consumer to do with it
• The benefit of a product is everything that the consumer derives from the product
• The product is the satisfaction agent for those functions and benefits
• A Marketing Plan is a comprehensive document or blueprint contraining specific details regarding product offering, price, strategies, etc
• A Product Category is a group of products that are either exactly alike or have similar characteristics
• Product Categories are useful to sports marketers as it allows them to fully understand and market their product
• Consumer products (B2C) are those offered by the sports industry to the final or end consumer for personal use
• Business products (B2B) are those offered to businesses or organizations
• The Sports industry consists of 3 segments: Sports performance industry segment, The sports production industry segment, and Sport promotion industry segment
• The sport performance industry segment consists of sport performance as a product, either as a participation product or spectatorial product
• The sport product industry segment consists of products such as equipment and apparel required for sport performance
• The sport promotion industry segment includes products used in the promotion of a sport industry products
• The Product Life Cycle goes from the Introduction stage, Growth, Maturity, and Decline
• During the Introduction stage, the sport product is put on the market and first offered to consumers
• During Growth, demand begins to develop and the sport product begins to sell
• During Maturity, the product may have found a steady place in the market, but still deal with competitors
• During Decline, sales fall rapdily due to many reasons
• A Product Line is a set of closely related products
• Product items are specific products within a product line
• The Product Mix is the complete set of all product line that the sport company offers to the consumer
• The 3 variables that can be used to describe the product mix of a company are Width, Depth, and Consistency
• Product Positioning is the perception that consumer hold about the product's attributes, quality, uses and other functions compared to competitors
• The 4 different product strategies that can be developed are: Market Penetration, Market Development, New Product Development, and Product Diversification
• Market Penetration is when a company tries to sell more of its present products to its present consumer markets