Sport finance 3rd edition pdf download

Fitness for Life Online Store. Shape America Resources. Stretching, Flexibility, and Recovery. Health Care in Exercise and Sport. Teacher Professional Development. Adopting a Textbook. Instructor Resources. Upper-division undergraduates and graduate students seeking an introduction to the mathematics and concepts underlying financial derivatives in specific and investment vehicles options, futures, and other financial engineering products in general.

Professor Neftci completed his Ph. Known his books and articles, he was a regular columnist for CBN daily, the most influential financial newspaper in China. Salih Neftci was already suffering from gliosarcoma, a malignant brain cancer, while writing the second edition. It published just 5 months before his death on April 15, The method focuses on allocation of filled orders post-trade on any security to multiple managed accounts which has to be fair and unbiased.

Current existing methods lead to biases and the invention provides a solution to this problem. New chapters and sections have been added covering in particular credit derivatives Chapter 23 and jump processes and the associated partial integro-differential equations. The new material on numerical methods, in particular on Fourier techniques Chapter 22 and calibration Chapter 25 , and added examples and exercises are very welcome.

Overall, this new edition offers substantially more that the previous one in all of its chapters. This is a unique sophisticated introduction to financial mathematics accessible to a wide audience. Truly remarkable! I have used the second edition for finance and financial engineering classes for years, and will continue with the third edition; the book will no doubt remain a valuable reference for industry practitioners as well.

Kimmel, National University of Singapore "An excellent introduction to a wide range of topics in pricing financial derivatives with highly accessible mathematical treatment. Its heuristic style in explaining basic mathematical concepts relevant to financial markets greatly facilitates understanding the fundamentals of derivative pricing. The timely additions on credit derivatives and PDEs provide considerable value-added in comparison to the second edition. We are always looking for ways to improve customer experience on Elsevier.

We would like to ask you for a moment of your time to fill in a short questionnaire, at the end of your visit. Labelling also assists in describing product ingredients and usage. It is the determinant that focuses on maximizing revenue in order to meet profit objectives of the company. Definition; Price is the amount of money charged for a product or the sum of values consumers exchange for the benefits of having or using a product. Pricing objectives m 1. Survival: the company sets price levels that cover variable costs and co some fixed costs so as to stay in business.

Current profit maximization: where the firm chooses the price that e. The company believes that a higher sales nl volume will lead to lower unit costs Economies of scale and higher long —run profit.

Market skimming: where a firm sets a high price for a new product to skim the market i. Product quality leadership: a company may achieve this objective by providing the best quality in the market at a premium price as a basis of product differentiation. Factors affecting price 1. Internal factors a Marketing objectives: price should be set with regard to market targeting and positioning strategies e.

It wants to charge a price that covers all e. External factors re a Market demand: while costs set the floor lower limit of prices, ef consumer value perceptions market and demand set the higher limit. Variable costs increase with sales volume and are added to fixed costs to form total costs. The total revenue curve starts at zero and rises with each unit sold.

It must make a volume of sales above the B. The firm might charge the same, more or less than the major competitor. Pricing policies 1. One price policy: means offering the same price to all customers who purchase the products under the same conditions.

Perceived value pricing Potential customers place different weights on different elements of perceived value e. For price buyers, a company should offer stripped down products and reduced services. For loyal buyers companies must invest in building closer customer relationships. Value pricing e. Promotional pricing re It may take the following forms; ef a Loss leader pricing: supermarkets often drop the price of well known in brands to induce more people to come in and in the process buy other products.

The seller promises to refund the buyer a w certain percentage of the purchase price on proof of purchase. Psychological pricing This approach considers the psychology of prices where the price is used to say something about the product. The assumption is that customers perceive high quality in a highly priced product. The price may also be set at a figure that suggests the price falls within a certain price range, e.

Geographical pricing The company may charge different prices for the same product in different parts of the country for the purpose of covering extra transporting costs. It is a form of discriminatory pricing Discount policies Discounts are reductions from the list price given by a seller to buyers. A list is the price final consumers are normally asked to pay for a product. To get the sale price, customers give up nl the convenience of buying when they want to buy and instead buy lo when the seller wants to sell.

Trade-in allowances: are price reductions given for returning an old item when buying a new one e. Product line pricing Sellers use different points for various products in a line.

Customers will associate low medium and high quality suits with the three price points. Optional feature pricing The seller offers optional products, features and services along with the m main product. The motor vehicle buyer can order light dimmers, free delivery and an extended warranty or forego them for a lower price.

Captive product pricing; Some products require the use of additional or e. Sellers of razors, pens and cameras often price them low and set higher prices for razor blades, pen refills and films re respectively. By-product pricing in This is where the production of a product results in a by-product. If the by-product has value to a customer group it should be priced at its nl value.

The income earned on the by-product will make it easier for the lo company to charge a lower price on its main product. Skimming price policy w This may be used to maximize profits in the market introduction stage. Penetration pricing This is where a seller tries to sell to the whole market at one low price. The policy is more attractive when selling larger quantities. It results in lower costs because of economies of scale and when the firm expects strong competition soon after introduction.

The plan is to raise prices as soon as the introductory offer is over. This strategy may also be used to attract customers to a brand later in the life cycle. Communication is sharing of meaning through the transmission of information. The components of the communication process are illustrated below; Source message medium of receiver or Transmission m audience co e. Feedback Source: Is a person, group or organization that has an intended re meaning which it attempts to share with an audience.

This can be summarized as DRIP i. There are four major promotional tools i. Others are; direct market and sponsorship. Advertising It is any form of non-personal communication about a firm and its products that is transmitted through the mass media television, radio, newspaper, magazines, outdoor displays, the internet etc.

It is usually done in the ef early stages of the product life-cycle to inform potential customers in about the new product. Its purpose is. This is the total amount of money that a marketer allocates for advertising over a period of time. Factors to consider are such as; The re geographic size of the market, Type of product, Business sales volume ef relative to competitors, and Distribution of buyers within the market.

The aim is to reach the largest possible number of people in the advertising target and achieve the appropriate message reach and frequency for the target. Reach: The percentage of consumers in the advertising target actually exposed to a particular ad in a stated time period. Frequency: The number of times target consumers are exposed to a particular advertisement. The plan must decide which media to use e. Changes in demand of the product may also be measured. Personal Selling e. It is the process of using personal communication in an exchange re situation to inform customers and persuade them to purchase products.

It is a process by which; ef -one identifies the people, who have a need. While face to face with prospects, sales people can get more attention than an advertisement. Tasks of sales people a Prospecting; gathering information to gain sales and prospective clients. The sales nl person is only interested in achieving high sales volume and does not lo care what happens when the deal is through i. They locate new customers, open new accounts and seek new opportunities.

Sales people help in market information gathering. Press conferences; meetings called by the firm to announce major news events or to respond to a crisis. Events; like trade shows, exhibitions, anniversaries etc. Corporate social responsibility activities; i. The visual identity may be in the nl form of company logo, stationery, brochures, signs, business cards etc.

It is often a short-term incentive to w encourage purchase of the product. Consumer sales promotions: These are often aimed at the final consumers. They include the following; Coupons: certificates entitling the bearer to a price reduction of a product. The coupons are distributed through the print media, direct mail and attached to other products.

Demonstrations: are occasions at which a manufacturer shows how a product works in order to encourage trial use and purchase of the product. They are normally employed by supermarkets and are co mechanisms in which regular customers who remain loyal to a e.

Nakumatt smartcard re Free samples: are give-away used to stimulate trial of a new product or ef to induce brand switching. Consumer sweepstakes: consumers submit their names for inclusion in a draw for prizes. Trade sales promotions; These are aimed at the resellers e. They include; Buying allowance; a temporary price reduction to resellers for purchasing specified quantities of a product.

Free merchandise: free items offered to resellers who purchase a stated quantity of the same or different products. Sales contests; are designed to motivate distributors and resellers by m recognizing and rewarding outstanding achievements. Advantages of sales promotion co 1. Low unit cost for selling e. Sales promotion is always the outcome of large scale production. Large scale production itself is meant for low cost. Sales promotion assures of re a low cost selling. Effective sales support in Basically, sales promotion policies supplement the efforts of personal and impersonal salesmanship advertising.

Increased speed of product acceptance l Most of the sales promotion devices contests, coupons can be used. If dispersed advertising would be used.

Socio-economic characteristics: Age, income, level of education. Pull policy; In which a business promotes directly to consumers in order nl to create a strong consumer demand for its products.

It ensures that customers w get their products at the right place and at the right time. Distribution is w about places i. Physical distribution refers to the marketing tasks concerned with efficient physical movement of goods and services from the producer and includes the tasks of transportation and storage.

A distribution channel consists of a group of individuals or organizations that assist in getting the product to the right place and time- just when and where the customer wants it. Wholesalers: they buy goods from the manufacturer, store them and sell to the retailers.

Retailers: are the final stopping points for the product prior to its sale to the end user. Distributors: these are the intermediaries who stock products for manufacturers and sell them.

In most cases they are appointed by the manufacturer. Dealers: they are those who specialize in selling one particular brand e. In most cases they sell to end user. Their e. Franchise: this is a business relationship where the franchisee re holds a contract to market and supply a product or service that has ef been very strictly designed and developed by the franchiser. The in franchisee must adhere to the strict terms and conditions on store design, layout and contents sold within the retail outlet e.

Merchandisers: these are responsible for store displays, relating l to their products in various retail outlets. They manage displays,. Zero-level channel; this is where the producer sells directly to the consumer i. One level channel; this is where there is only one intermediary i. Producer retailer consumer 3. Two level channel; it involves two intermediaries i. Three level channel; it involves three intermediaries i.

Producer agent or distributor wholesaler retailer consumer Most consumer products go through the longer channels. Functions of middlemen The basic role of middlemen is to make the product available and accessible to customers in a more cost effective way than could be achieved by the manufacturer alone.

They do this by performing some or all of the following functions; 1. Breaking bulk; they buy goods from the manufacturer in large quantities and sell them in smaller quantities that end users wish to m buy. Delivery; they buy products from manufacturers and deliver them to many small customers with small vans, thus increasing accessibility. After-sales service; they offer operational instructions, warranties and ef installation as in the case of electronic and industrial goods.

Price setting; they may have the authority to set prices. Promotion; they undertake the activities of displaying, demonstrating nl and developing persuasive communications about a product. Matching; i. Information gathering; they gather and distribute marketing w information about the marketing environment needed for marketing w planning. Extending credit; industrial distributors often sell on credit to their customers thus removing a significant cash flow burden from the manufacturer.

Risk taking; they assume the risks of damage through fire, accidents, fall in prices etc. The reasons why middlemen are used relate to lower costs and higher sales. Lower costs; Fewer lines of contact; they reduce the lines of contact between producers and end users i.

Producers m Middleman co e. Distributors often relief the manufacturer of such tasks. Higher sales. Image of the product; the more exclusive and expensive the product is, the more up-market the image of the distributor will be. Product complexity; technical products such as machinery or m equipment demand a high level of knowledge on the part of the distributor in order to provide after-sales service.

Financial status of the intermediary; distributors buy products in large e. Knowledge of the local market. Appropriate premises and equipment i. Customer convenience; manufacturers will select more middlemen in lo areas where customers are highly concentrated. Efficient customer service capabilities; i. There are three broad choices; a Intensive distribution; The aim of the strategy is to secure as many retail outlets as possible in order to maximize product availability and accessibility to potential buyers.

This type is most suited to products where convenience of purchase and impulse buying are important factors influencing sales. The manufacturer may want the distribution to be as intensive as possible but may also want to protect the image of the company and its brands by exercising some control over the type of retailers selling it.

The m strategy is used with shopping products like electrical appliances. The distributors are chosen carefully because their image and competence must match up to the lo high standards demanded by the manufacturer.

The characteristics of l. Conflict is inherent in the channel system because everyone in the channel wants to maximize their profits often at the expense of other channel members. A certain amount of conflict is healthy as competing retailers for example, seek to maximize their market share by improving customer service. Manufacturers must therefore attempt to manage their distributors. Ideally they should be firm on pricing policies and the amount of discount allowed by individual channel members, particularly if discounting cut price is used to poach customers from other channel members.

If a retailer stocks four similarly priced computers from four co rival manufacturers, why should he sell brand X rather than brand Y? The manufacturer of brand Y will always want to motivate distributors to sell his brand.

It ensures availability of products to customers and it can be a costly task. Many companies have distribution managers responsible for designing an efficient system concerned with the movement of goods into and out of the company. The aim is to achieve the highest level of customer service at the lowest cost. The manufacturer has to therefore manage the distribution of spare parts and servicing. Choice of channel of distribution-Determining factors m The choice of a suitable channel of distribution is one of the most important decisions in marketing of products because a channel affects co the time and cost of distribution as well as the volume of sales.

The factors re affecting the choice of distribution channels may be classified as ef follows; in 1. Product considerations: The nature and type of product have an important bearing on the choice of distribution channels. The main nl characteristics of a product are; lo a. Unit value: Products of low unit value and common use are generally l sold through middlemen as they cannot bear the cost of direct selling.

Perishability: Perishable products like vegetables, fruits and bakery w items have relatively short channels as they cannot bear repeated handling. Bulk and weight: Heavy and bulky products are distributed directly to minimize handling costs. Examples are coal, bricks, stones etc. Technical nature: Products that require demonstration, installation and after sales services are often sold directly.

The producer appoints sales engineers to sell and service industrial equipment. Product line: A firm producing a wide range of products may find it economical to set up its own retail outlets. Market considerations: The nature and type of consumers is an important consideration in the choice of a channel of distribution. Consumer of industrial market: The purpose of buying has an important influence on the channel. Goods purchased for industrial or commercial use are usually sold directly or through agents.

This is because industrial users buy in large quantity and the producer can easily establish a direct contact with them. Number and location of buyers: When the number of potential customers is small or the market is geographically located in a limited m area, direct selling is easier and economical.

Size and frequency of order: Direct selling is convenient and co economical in case of large and infrequent orders. When articles are e. Customer expectation like desire for one-stop shopping, need for personal attachment, preference for self service etc. Company considerations: The nature, size and objective of the firm l play an important role in channel decisions. Financial resources: A large firm with sufficient funds can establish its own retail shops to sell directly to consumers.

But a weak or small enterprise which cannot invest money in distribution has to depend on middlemen for the marketing of its products. Management: If the management of a firm has sufficient knowledge and experience of distribution, it may prefer direct selling. Firms whose management lack marketing know-how have to depend on middlemen.

Availability When desired types of middlemen are not available, a manufacturer may have to establish his own distribution network. Non- availability of middlemen may arise when they are handling competitive products as they do not like to handle more brands. For instance, some wholesalers and retailers demand sole selling rights or a guarantee against fall in prices. Service: Use of middlemen is desirable when they provide financing, storage, promotion and after sales service.

Costs: Choice of a channel should be made after comparing the costs of m distribution through alternative channels. Types of markets; nl Consumer market; It is made up of individuals and households that lo purchase products for their own personal consumption.

The resellers market; It consists of wholesalers, retailers, distributors, and dealers etc. The government market; It consists of government departments and ministries that purchase products in order to offer government services. Approaches to selecting markets Undifferentiated Approach Total Market Approach It uses single marketing mix for the entire market. All consumers have similar needs for a specific kind of product Homogeneous market.

Examples co include staple foods, sugar, salt and farm produce. It was popular e. It is not so popular now due to competition, improved marketing research re capabilities and total production and marketing costs can be reduced by ef segmentation. An organization must be able to develop and maintain a in single marketing mix for all its customers. Market segmentation Differentiated approach nl Individuals with diverse product needs have heterogeneous needs.

There are two market segmentation strategies: Concentration strategy It involves approaching and concentrating in one market segment with one marketing mix strategy. Multi-segment strategy Two or more segments are sought with a marketing mix strategy for each segment. This approach combines the best attributes of undifferentiated and concentrated marketing.

Buyers of a product can be said to be tall, short or of medium height. To be useful, market segments should have the following characteristics; Measurable; The size, purchasing power and characteristics of the market should be measurable.

Substantial; The segment should be large and profitable enough to serve. Accessible; The segment should be effectively reached and served. Differentiable; The segment should be distinguishable.

Actionable; Effective programs can be formulated for attracting and serving the segments. The company can operate in all but pay attention to local variations. The basis for segmentation is location. Each branch or group of retail outlets could be given mutually exclusive nl areas to serve. The supermarket chain can then make more effective lo use of target marketing to cover the market available.

The obvious l advantage to customers is ease of accessibility of retail outlets. Research has shown that one of the major reasons w why customers choose particular stores in which to shop is convenience w of access. Consumer wants and usage rates are often associated with demographic variables hence they are the most popular bases for distinguishing customer groups.

Demographic variables are also easier to measure. It involves dividing buyers into different groups based on personality and life style. For instance some are tradition- oriented while others are sports or religious oriented. Marketers can endow their products with a brand personality that corresponds to a target consumer personality. Tommy Hilfiger for instance suggests a co personality that is youthful and exciting. Lifestyle segmentation deals with the person as opposed to the product and attempts to discover the particular lifestyle patterns of customers.

Lifestyle refers to distinctive ways of living adopted by in particular communities or subsections of society. Lifestyle involves combining a number of behavioural factors, such as motivation, nl personality and culture.

Effective use in marketing depends on accurate lo description, and the numbers of people following a particular lifestyle l must be quantified. Then marketers can assign and target products and. Lifestyle can be w generalized in terms of four categories as follows; w Upwardly mobile, ambitious: these individuals seek a better and more w affluent lifestyle, principally through better paid and more interesting work, and a higher material standard of living.

A customer with such a lifestyle will be prepared to try new products. Traditional and sociable; here, compliance and conformity to group norms brings social approval and reassurance to the individual. This lifestyle links status, income and security. Products that are well established and familiar inspire more confidence than new products, which will be avoided.

They seek instant gratification and little thought is given to the future. This may be on co regular occasions e. Some may seek safety, speed, economy, performance etc. Each of these requires a different marketing strategy. The heavy users may be a small percentage of the l market but account for a high percentage of total consumption. The different stages can help the marketer in designing the appropriate marketing program for people at different stages.

Products in this category include housing, furniture, clothing, cars, food, and leisure activities. Segmentation variables for Business markets Business markets can be segmented with some of the same variables used in consumer markets. Major variables are; a Demographic m -Type of industry i. Multi-variable segmentation Single variable—achieved by using only one variable to segment a market e.

The question to ask is; will additional variables help improve the firms marketing mix strategy? Benefits of market segmentation Apart from improved contribution to profits, other benefits from successful market segmentation include the following: 1 The organization may be able to identify new marketing opportunities, because it will have a better understanding of customer needs in each segment, with the possibility of spotting further sub- groups.

For example, small business counsellors can be employed by m banks to deal effectively with small firms and a computer consultancy can have specialist sales staff for say shops, manufacturers, service co industries and local authorities.

This builds competency and establishes e. This optimizes return ef on investment. Advantages accrued function. All modern marketing relies on responsiveness to the consumer. By Mary T. Newport 1st Edition. Sport finance 3rd edition, isbn: , off coupons we found with our CheapestTextbooks. Gil fried - abebooks Author: gil fried.