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MKT 300 Lecture Notes - Lecture 7: Sports Entertainment, Social Marketing, Brand Equity

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yellowcattle867
9 May 2017
School
University of Alabama
Department
MKT
Course
MKT 300
Professor
Susan Fant

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Document Summary

First stop: the espn brand: espn is a brand experience synonymous with sports entertainment, espn has a variety of entities tied together under its brand. Television, radio, online, publishing, and event management: reason for success customer-focused. Product: anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need, services: activities, benefits, or satisfactions offered for sale. Intangible and do not result in ownership of anything. Products, services, and experiences: market offerings include both intangible goods and services, companies create and manage customer experiences with their brands or companies. To differentiate their offers from that of the competitors. Product and service classifications: consumer products: bought by final consumers for personal consumption. Industrial products: bought by individuals and organizations for further processing or for use in conducting a business. Materials and parts, capital items, and suppliers and services. Other marketable entities: organization marketing, person marketing, place marketing, social marketing.

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Related Questions

FlashX company sells hi-end video games to consumers via the internet, each at a price of $75. It buys each game at a cost of $40, and it incurs another $5 per unit in distribution expenses. If FlashX incurs fixed overhead expenses per year of $2.1 million how many units does it need to sell in order to break even?

70,000

65,000

52,500

28,000

QUESTION 6

Why do retailers use the “markup on price” method of pricing, rather than the “markup on cost” method?

Because it costs less to use the “markup on price” method.

So that the “markup” and “markdown” percentages can easily be compared.

Because it is more profitable to use the “markup on price” method.

All of the above.

2 points

QUESTION 7

What can a service marketer do to manage the issue of “perishability?”

Charge higher prices during periods of peak demand, and reduce prices during periods of low demand.

Make sure that ambient conditions (physical surroundings) are pleasant.

Use better packaging to make sure the product does not spoil.

All of the above.

To say that service offerings are “inseparable” means that:

A service offering cannot be seen or touched.

A service offering is “produced” or “delivered” in the presence of the customer.

The quality of a service offering can vary from customer to customer.

All of the above are true.

2 points

QUESTION 10

Which of the following factors should be considered when setting the price of a new product?

The price of substitute products.

The anticipated length of the product life cycle.

The degree of differentiation between the new product and existing products on the market.

All of the above.

2 points

QUESTION 11

Which of the following statements regarding packaging is true?

A package should provide protection to the consumer and to the product.

A package should attract consumers' attention

A good package should explain the features of the product, and how to use it.

All of the above are true.

2 points

QUESTION 12

The "demand based" method for determining the selling price takes into consideration the fact that:

Lower prices lead to higher sales volumes.

Higher sales volumes lead to lower unit costs of production.

Different levels of price (and cost) lead to different levels of profit.

All of the above.

2 points

QUESTION 13

The concept of the “experience curve” is a recognition that:

For new innovations, production costs typically increase as more and more units are produced.

For innovations, production costs typically are not affected by production volume.

For new innovations, production costs typically decline as more and more units are produced.

Marketing managers who have more experience are typically more effective at their jobs.

2 points

QUESTION 14

Factors that affect the rate of adoption of new, innovative products include:

The level of compatibility with existing technology.

The extent to which people can observe others using the product.

The level of functional, social, and/or monetary risk associated with the product.

All of the above.

2 points

QUESTION 15

Which of the following statements regarding "convenience products" is true?

Consumers typically will not accept substitute brands.

Consumers typically are willing to put forth a high level of shopping effort.

These products should be distributed through a wide variety of retail stores.

All of the above are true.

2 points

QUESTION 16

Which of the following statements regarding a “family branding” strategy is true?

A family branding strategy allows a firm to capitalize on its previous successes.

A failure of one product within the family brand can harm sales of the other brands in the family.

Family branding is advantageous in that it allows consumers to identify the manufacturer much easier, thus helping consumer to better judge the quality of the product.

All of the above are true.

2 points

QUESTION 17

Which of the following factors argue for a penetration pricing strategy?

The market potential is large, and is expected to increase over the years.

It is highly likely that competitors will soon enter the market.

Higher levels of sales volume are likely to bring lower production costs per unit.

All of the above.

2 points

QUESTION 18

Which of the following statements regarding packaging is true?

The quantity of product offered in a package can affect whether some consumers try the product.

Different markets segments oftentimes desire different size/quantity packages.

Different types of retail stores oftentimes prefer to carry different size/quantity packages.

All of the above are true.

2 points

QUESTION 19

To say that a service offering is “intangible” means that:

The service offering is “produced” or “delivered” in the presence of the customer.

The quality of the service offering can vary from customer to customer..

The service offering cannot be seen or touched.

All of the above are true

Lonely Planet In 1972, Tony and Maureen Wheeler were newlyweds who decided to have one last adventurous travel experience before settling down. Their trip was an overland trek from London to Australia through Asia. So many other travelers asked them about their experiences that they sat down at their kitchen table and wrote a book titled Across Asia on the Cheap. They published the book themselves and were surprised by how many copies they sold.

More than three decades and 60 million books later, their publishing enterprise has turned out to be one of the most successful in history. The Wheelers%u2019 publishing company, Lonely Planet, has grown rapidly, with typical annual sales increases of 15 percent or more. In 2007, BBC Worldwide purchased a 75 percent ownership interest in the company and purchased the rest of the company%u2019s stock in 2011.

Lonely Planet TV now produces a variety of travel and documentary programs that appear on cable networks throughout the world. As a BBC subsidiary, the company does not release sales figures, but industry analysts estimate current annual revenues to be about $110 million. Lonely Planet publishes more than 600 titles and holds a 20 percent share of the travel guide market. The company has more than 450 employees in its U.K., U.S., French, and Australian offices performing editorial, production, graphic design, and marketing tasks.

Travel guide content is written by a network of more than 200 contract authors in more than 20 countries. These authors are knowledgeable about everything from visa regulations to hotel prices to the names of the hottest new entertainment spots. The combined expertise of the in-house staff and the in- country authors has kept Lonely Planet ahead of its competitors for many years.

Lonely Planet also offers travel services that include a phone card, hotel and hostel room- booking, airplane tickets, European rail travel reservations and tickets, package tours, and travel insurance. These services are sold by telephone and on the Lonely Planet Web site. The Web site has won numerous awards, including the Society of American Travel Writers Silver Award and a spot on Time magazine%u2019s %u201CFifty Best Web Sites%u201D list.

The site was launched in 1994 and includes an online store in which Lonely Planet publications are sold. However, the site%u2019s main draws are its comprehensive collection of information about travel destinations and its online discussion area, the Thorn Tree, which has nearly a half million registered users. The company has had trouble turning any of this information into a source of revenue generation. Despite its excellent Web site and its use of new technologies, most of Lonely Planet%u2019s revenues are still generated by book sales.

The typical production cycle of a travel guide is about eight months long. This is the time it takes to commission authors, conduct research, work through several drafts of writing and editing, select photos, create the physical book, and print it. This production cycle causes new books to be almost a year out of date by the time they are published. Only the most popular titles are revised annually. Other titles are on two-, three-, or four-year revision cycles. The time delay in publication means that many details in the guides are outdated or wrong; restaurants and hotels close (or move), exchange rates and visa regulations change, and once hot night spots are abandoned by fickle clientele. Lonely Planet publications are well researched and of high quality, but the writers do not work continually because the books are not published continually.

The Web site often has information that is more current than the published travel guides. The site%u2019s online shop does offer some custom guides, which are parts of its existing travel guides packaged in different ways, and it does let customers buy specific chapters from its books, but it still is largely focused on selling books, although the site does offer PDF files that can be downloaded to mobile devices. Lonely Planet has adopted some new technologies, but has not used them to change its revenue model in any major way or to make basic changes in the production of its main product, the travel guides.

Required: 1. Review the company%u2019s offerings for Apple iPhone and iPad products and for Android smart phones (Trippy). Evaluate those products and identify opportunities for other products or services that the company could offer for mobile devices that would take advantage of Internet technologies (including wireless technologies for mobile devices) and address customers%u2019 concerns about the timeliness and currency of information in the printed travel guides.

2. Prepare a report in which you analyze the marketing channel conflicts and cannibalization issues that Lonely Planet faces as it is currently operating. Suggest solutions that might reduce the revenue losses or operational frictions that result from these issues.