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Sports and Entertainment Marketing Objective 5.01

AB
PromotionAny form of communication a business or organization uses to encourage customers to purchase products and improve its public image.
In-Stadium PromotionsOccur inside stadiums or arenas.
Walk-in PromotionsReceived as fans walk inside staduims and arenas.
Institutional PromotionReferred to as organizational advertising, is designed to create a positive image, establish and maintain goodwill, and increase consumer loyalty for a business, organization, or celebrity.
Product PromotionReferred to as product advertising, is designed to stimulate sales of a business, organization, or celebrity's good or service.
GoodwillAn intangible asset which provides a competitive advantage, such as a strong brand, reputation, or high employee morale. In an acquisition, goodwill appears on the balance sheet of the acquirer in the amount by which the purchase price exceeds the net tangible assets of the acquired company.
Stadium Event PromotionsDesigned to facilitate fan participation and create a cheerful atmosphere at sports and entertainment events.
Compilation AlbumAn album (music or spoken-word) featuring tracks from one or multiple recording artists, often culled from a variety of sources
Advertising PromotionInvolves non-personal, mostly paid promotions often using mass media outlets to deliver the marketer’s message.
Sales PromotionInvolves the use of special short-term techniques, often in the form of incentives, to encourage customers to respond or undertake some activity.
Public RelationsAlso referred to as publicity, this type of promotion uses third-party sources, and particularly the news media, to offer a favorable mention of the marketer’s company or product without direct payment to the publisher of the information.
Personal SellingThis form of promotion involves personal contact between company representatives and those who have a role in purchase decisions.
Objectives for Marketing PromotionsBuild awareness, Create interest, Provide Information, Stimulate demand, Reinforce the brand.
Build AwarenessNew products and new companies are often unknown to a market, which means initial promotional efforts must focus on establishing an identity.
Create InterestMoving a customer from awareness of a product to making a purchase can present a significant challenge.
Provide InformationSome promotion is designed to assist customers in the search stage of the purchasing process. In some cases, such as when a product is so novel it creates a new category of product and has few competitors, the information is simply intended to explain what the product is and may not mention any competitors.
Stimulate DemandThe right promotion can drive customers to make a purchase. In the case of products that a customer has not previously purchased or has not purchased in a long time, the promotional efforts may be directed at getting the customer to try the product.
Reinforce the BrandOnce a purchase is made, a marketer can use promotion to help build a strong relationship that can lead to the purchaser becoming a loyal customer.
Promotion GroupsGroup promotions according to their type. (Product level, Order Level, Shipping Promotions)
ExclusivityThis governs how the promotion should be evaluated with respect to other promotions.

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