Final Exam Review Packet Answers. 4P’s of Marketing (aka….the Marketing Mix) Product Place...
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Transcript of Final Exam Review Packet Answers. 4P’s of Marketing (aka….the Marketing Mix) Product Place...
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Final Exam Review PacketAnswers
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4P’s of Marketing(aka….the Marketing Mix)
• Product• Place (Distribution)• Price• Promotion
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LaRosas 4P’s BreakdownProduct:• Pizza, Hoagies, Lasagna, Breadsticks, Salads, Wings, etc.
Place:• Dine In – physical location• Delivery – Phone In (347-1111), online/App ordering…
Price:• $ amount listed on menus……..$ amount owed on your receipt • “Spaghetti A Plenty Night”• 3 4 7 Pizza Deal• Buddy Card
Promotion:• LaRosa’s High School Athlete of the week• REDS Strikeout 11 ticket holders get 1 small Pizza Free
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Four Economic Utilities
• FORM• TIME• PLACE• POSSESSION
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APPLE Economic Utilities Changes• FORM
– from CD’s and records to now downloads via iTunes
• TIME– don’t have to worry about CD’s being sold out and shopping at various
store locations – now it is very quick and easy with no lines with immediate transfer
• PLACE– don’t have to leave your house just need an electronic device with internet
connection
• POSSESSION– No longer have to have cash or check on hand for “face to face transaction”
– now available right away with PayPal, Credit Card or Gift Card payment
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EndorsementsAdvantages1. Consumers typically
purchase products that are endorsed by celebrities.
2. Viewers less likely to turn the channel when a commercial features a celebrity.
3. Consumers tend to believe the claims of the celebrities endorsing products/services.
Disadvantages1. Very expensive.
2. Endorser may want to be spokesperson or pitch for various (sometimes competing) products/services.
3. Chance for endorser to bring negative or bad publicity to product/service they are endorsing.
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Target Market Demographics
• Age• Gender• Location• Income Level• Grade Level• Education Level• Marital Status• Family Size• Sports they participate in
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4 Questions Marketers Must Know/Answer
1. Offer what they want.
2. Offer when they want it.
3. Offer where they can get it.
4. Offer it at a price they can afford.
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2 Main Reasons Promotions Exist
•to INFORM•to UPDATE
…. current/potential fans and customers.
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Sports Franchise Main Product
• TICKET
Selling tickets leads to other revenue streams;• Parking• Concessions• Merchandise/Apparel
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Main Goals….
• Main goal of a business is to make a PROFIT.– earning more than you spend is a must for any
business.
• Main goal of Sports Franchise is WINNING.– winning draws fans in, opens up advertising and
TV/Media deals……thus, leads to increase profit.
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• Revenue amount of money coming into a business.
• Gross Impression is # of times an businesses image/logo/product is visible at a game or shown during a broadcast.
• Macroeconomics the study of the economics of the entire society. (Large Scale)
• Microeconomics the study of the relationships between individual consumers and producers. (Small Scale)
• Ingress the flow of traffic moving towards or into the stadium.
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• Egress the flow of traffic moving away from or going out of the stadium.
• Satellite Parking offsite parking options that sports team offer their fans.
• Licensing Agreement is a contract giving the legal right to
reproduce or copy the logo (image) of a league, team, athlete, or entertainer for payment based on specific terms.
• Fixed Fee the agreed upon set dollar amount paid to the endorser in a licensing agreement.
• Royalty the % or per unit agreed upon dollar amount per unit sold of its sales paid to the endorser in a licensing agreement.
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Licensing Agreement Calculation
1.)A. $225,000B. $262,500C. $265,500
2.)A. $600,000B. $615,000C. $425,000