Deck 7: Using Analytics to Determine Sport Marketing Success

Question 1

What is the definition of analytics?

Answer 1

Analytics is a systematic computational analysis of historical data to forecast potential trends; evaluate the effect of sport marketing decisions and related events, and examine sport marketing performance.

Question 2

What is a Balance Scorecard and why is it needed?

Answer 2

Balanced Scorecard. Developed in 1992, the model has been a method to translate the strategic objectives of an organization into a set of cohesive performance indicators across four dimensions: financial, customer, internal business processes, and learning and growth. From a sport marketing perspective, a Balanced Scorecard serves as a framework to communicate marketing strategies in alignment with organizational and departmental goals so all can work collectively towards a common vision.

Question 3

What is the relationship between metrics and analytics?

Answer 3

While metrics are the measures of performance, analytics are the tools and the data needed to produce metrics. Analytics is a systematic computational analysis of historical data to forecast potential trends; evaluate the effect of sport marketing decisions and related events, and examine sport marketing performance.

Question 4

Describe the role of sport marketing professionals as it pertains to measuring sport marketing performance.