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jdHow large is the sport business industry? Is it an important part of the U.S.
economy? Why or why not? - correct answer ✔✔Sport business industry is estimated to be the 11th
largest industry in US
■ Worth approx. $485 billion annually
Many political decisions involve sports (i.e. stadium/arena deals)
■ Important to US economy because it has a big effect in cities
● Ex. Little Caesars Arena- brings jobs and fans to Detroit
What are examples of the segments of the sport
business industry? - correct answer ✔✔Sporting goods, sport marketing firms, sport sponsorship
companies,
professional sports, sports apparel, sports media, recreational sports,
health/fitness
What are three ways Sports were organized in America and US? - correct answer ✔✔Club System,
Leagues, Tournaments
Club System - correct answer ✔✔European clubs emphasized sport to attract large and broad
memberships, the most prestigious clubs in the United States were primarily
social clubs that did not sponsor sporting events
■ volunteer management, democratic decision making, participant financed
● mostly rec sports today
■ Used in U.S. with college sport, tennis, golf, Olympics
Leagues - correct answer ✔✔Profit-oriented, league was authority, set schedule, owners assumed
financial risk, player "reserve system," "pennant race," strong civic ties, revenue
sharing; how Big 4 operate today
,■ an organized structure, run by people other than the participants, depend
on consolidated league play with strong centralized control and regulation,
it is the fans faith that teams operate on equal footing
● -professional sports today
Tournaments - correct answer ✔✔highly dependent on corporate sponsorship
■ links with charity/celebrities, communities/corporations take responsibility
for prize money, tourist/entertainment dollars offset costs
■ used today in golf, tennis, athletes who take part in celebrity tournaments,
college
What is sport marketing? - correct answer ✔✔The anticipation, management, and satisfaction of sport
consumers' wants and
needs through the application of marketing principles and practices
■ creating demand and do this by marketing equipment, apparel, footwear,
attendance at sporting events, promoting teams, leagues and players,
recruitment and retention of volunteers
How does the sport product differ from traditional consumer products? - correct answer ✔✔Sport
product is unique because it's a conjoint activity
■ A team needs another team in order to create the product, not much
demand for intra-squad competition
○ Intangibility and subjectivity
■ The customer comes with the illusion that he is going to have a good time
and leaves with nothing except a memory
○ Inconsistency/unpredictability
, ■ Virtually guarantees unique event
○ Product perishability
■ Not much of a market for "day old" sport
○ Emotional attachment and identification
■ Big part of people's' lives
○ Product is produced and consumed simultaneously- no shelf life
○ Organizations simultaneously compete and cooperate
○ Sport consumers consider themselves to be experts
○ Consumer demand fluctuates greatly
○ Little control over the product
■ Can't guarantee what will happen
■ Advertise what COULD happen
Define and provide examples for Fan Identification - correct answer ✔✔The sense of oneness with or
belongingness to an
organization
■ allows fans to go from fan to raging fan
● strengthens connections with teams, people refer to team as "we",
cause related marketing-forming partnerships with charities
■ In theory, the more a fan identifies with a team or organization, the greater
the likelihood the fan will develop a broad and long term relationship with
that team and attach their loyalty to the organization
Define and Provide examples of Relationship marketing - correct answer ✔✔Aim of building mutually
satisfying long-term relations
with key parties- customers, suppliers, distributors- in order to earn and retain
their business
■ Suggests that organizations seek to build long-term relationships with their
customers, ultimately converting them to or maintaining them as loyal
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