Study the 5 P’s of Sports Marketing for your exam. This guide covers product, price, place, promotion, and public relations in the sports industry.
Q: Marketing
Answer: The process of developing, promoting and distributing products or goods and services, to satisfy customers needs and wants
Q: Marketing concept
Answer: Idea that companies need to satisfy their customers and reach the goals of the company.
Q: Marketing process
Answer: 1. Developing: a product that meets needs2. Promotion: of that certain product3. Distribution: of the product to the consumer
Q: Promotion
Answer: How the goods/services are communicated to the consumer
Q: Personal selling
Answer: Direct Selling between sales person and consumer
Q: Advertising
Answer: Paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor.
Q: Sales promotion
Answer: A short-term incentives that encourage a customer to buy.
Q: Publicity
Answer: Any activity designed to create a favorable image toward a business, its products, or its policies.Publicity is FREE
Q: Target Market
Answer: Specific groups of customers that an organization selects as the focus of its marketing plans
Q: Market
Answer: Consists of potential customers with shared needs who have the desire and ability to buy a product.
Q: 5P’s of Marketing
Answer: People, Place, Price, Promotion, and Product
Q: Price
Answer: Influences customers buying decisions
Q: Product
Answer: Involves goods, services, or ideas used to satisfy customers needs
Q: Place
Answer: Marketing the product available to the consumer.Distribution: path a product takes to get from the producer to the consumer
Q: People
Answer: Target marketGroundwork of the rest of the 5P’s are determined