Sports and Entertainment Marketing Final

scouts

"scouting out" and bringing new talent to their team.

How much did micheal jorden and nike make in 2019?

$190 million

What are the types of ancillary products?

1. Consumer goods. 2. Business goods.

What are the 4 stages of The Product Life Cycle

1. Introduction. 2. Growth. 3. Maturity. 4. Decline.

Phase 3 of product planning/development

Business analysis

Phase 1 of product planning/development

Idea generation

What were olympic games like back then?

They were held in Olympia, Greece, as part of a ceremony honoring Zeus, and there were sacrifices to the gods, combat sports, and horse and chariot racing.

What does it take for bad behavior at a workplace to rise to the level of legal discrimination?

a category of people being treated differently than others.

due dilligence

a contract must be reviewed before signing. This gaurentees that the contract is legal and binding.

intrest

a fee that a business has to pay in order to borrow money from a bank.

sponsorship

a form of advertising that consists of supporting an event, entertainers, sports team in exchange for publicity, etc.

purchase order

a legal document prepared by the buyer and issued to the vendor stating the intent to purchase an item at a specific price.

prototype

a model of a new product.

sales forcast

a prediction of the # of sales a company will make from a specific item.

focus group

a small group consisting of members of the companies target market who share their ideas about a new product concept.

market testing

a technique that allows companies to evaluate the effect of their prototype and marketing approach on a small group of actual consumers.

Which "character" or generic type of person described below is MOST likely to rely on referent power as they attempt to influence other people? a. a smooth-talking cult leader with a few followers b. a scientist with many popular research articles c. a military leader in a violent coup against a government d. a king coming from a long line of royal rulers

a. a smooth talking cult leader with a few followers

What American president, other than Ronald Reagan, is an example of how a sport or entertainment celebrity can become a politician themselves? a. donald trump b. george w. bush c. barack obama d. bill clinton

a. donald trump

In grocery stores, there are often candies, lip balms, magazines, and other miscellaneous small objects stored right next to the checkout lines. What is this an example of? a. visual merchandising b. personal selling c. advertising d. publicity

a. visual merchandising

Beyond the differences between sponsorship and endorsement, what is the difference between a sponsorship proposal and an endorsement contract? a. whether the document is legally binding b. whether they're signed by the sponsor or the celebrity/athlete c. whether the deal is about advertising services or about money d. whether they're aimed at companies or marketing teams

a. whether the document is legally binding

promotion mix

advertising, personal selling, publicity, sales promotion.

endorsement contracts

agreements for both parties to sign.

capital

amount of $ required to start up a business.

vendor

an individual/company who offers an item for sale.

endorsement

an individuals public support for a commodity.

Consumer goods

ancillary products that are intended for individual use.

Business goods

ancillary products that are manufactured for business use only.

financial risks

any time $ changes hands within a business.

Which item has the LEAST amount of depreciation? a. automobiles b. digital music file c. printing press d. laptop computer

b. digital music file

liabilities

bills/loans.

strategic risks

business decisions like: changing something and risking loosing customers.

wholesalers

businesses who buy from the manufacturer directly, in bulk.

merchant wholesalers

buy directly, and sell directly to customers.

What two terms are opposites? a. purchase orders and invoices b. interest and capital c. assets and liabilities d. depreciation and profit margins

c. assets and liabilities

What part of an endorsement contract is MOST likely to include a "morality clause?" a. due dilligence b. terms c. termination d. bonus fees

c. termination

A business figured out the final profit margin for a product they sell and found that the profit margin for the product is negative. What does this mean? a. they underestimated its popularity and lost sales because people wanted more than what was available b. they should stop selling the product c. they sell the product for less than it costs to produce d. they sold more than their stock of the items

c. they sell the product for less than it costs to produce.

point of difference

characteristics that set a product apart from others.

Step 2 of the Purchasing Process.

choose a specific product.

Phase 6 of product planning/development

commercialization

what does a purchase order contain?

contact info, PO#, date, payment terms, list of items, totals, and delivery info.

Leif developed a new fizzy beverage that he sells in a local bar and online. He finds a distributor who offers to carry the beverage in their line of popular grocery stores and wants to buy large amounts at once. What could Leif consider this distributor to be? a. full-service wholesaler b. retail store c. mail order d. limited-service wholesaler

d. limited-service wholesaler

What modern benefit that contemporary workers enjoy was DIRECTLY fought for by labor unions? a. social security payments after retirement b. industry standards for factories and technology c. racial interigation in the workplace d. lunch and bathroom breaks

d. lunch and bathroom breaks

When calculating final profits for a product, which is LEAST important? a. units sold b. price c. opporational costs d. market testing

d. market testing

what is Tsu Chu?

earliest version of soccor, initially used as a form of fitness training for members of the military.

examples of opperational costs

employee salaries, taxes, sales/profits, day-to-day costs.

reward power

encouraging obidience in echange for reward.

legitamate power

fair, constitutionally supported.

sports encourage athletisism

false.

What are penalties for violating OSHA?

fines up to $134,937 per violation

market research

gathering information about target markets needs and preferneces.

opperational risks

general risks like: equipment failing, getting hurt, calling in sick, etc.

Give exmaples of promotional services within an endorsement

giving speeches, making public appearences, talking on raido/tv, wearing companies logo, using companies products/services.

limited-service wholesalers

handle single sales channel (ex. online orders)

full service wholesalers

handles orders, deliveries, etc.

overall demand

how many members of target market will purchase a product and how frequently.

financial projections

how mnay products a company will sell, and how much profit will be earned from each sale.

What is hurling?

hundreds of players using sticks made of ash trees (the "hurls") to move a ball (the "sliotar") to a goal.

Step 1 of the Purchasing Process.

identifying needs.

legal risks

inevitable risks

Why is the executive summary the first section in a sponsorship agreement—and arguably the most important part for the writer?

it's a high level summary that helps the potential sponsor decide whether to read more or not.

assets

items that a company owns.

required skills for public relations managers

leadership to manage a group of people, facilitate cooperation, and help the team reach goals.

invoice

line by line summary of items ordered and the prices.

Bureaucratic costs

loan fees, accountant fees, legal fees.

Step 3 of the Purchasing Process.

locate and compare vendors.

Step 4 of the Purchasing Process.

making the purchase.

Phase 5 of product planning/development

market testing

what does "the psychology of marketing" mean?

marketers looking at the psychology aspects of marketing/advertisement, and wanting to change the way we think.

required skills for coaches and scouts

organization and time skills, cooperation, and extreme focus skills.

what is Mesoamerican Ballgame?

played similarly to racquetball. It's very likely that the game was used to solve conflicts as an alternative to violence.

marketing risks

potential risks caused by promotions/advertisements.

expert power

power gained from education.

referent power

power gained through a persons charisma/ability to be likeable in others eyes.

commercialization

process of introducing a product to a larger market.

Phase 4 of product planning/development

prototype and marketing development

Phase 2 of product planning/development

screening/evaluation

E-commerce stores

stores that sell their products online.

why is it risky to do business with celebrities?

the celebrities could do something stupid and get cancelled, and that will reflect on your business.

shareholder equity

the difference between companies assets and liabilities.

Why is the average annual salary for athletes' competitive performances, as calculated by the Bureau of Labor Statistics, likely incorrect?

the highest paid athletes salaries are rounded down too far.

profit margin

the percent of all revenue that the business kept from the sales.

distribution channels

the route a product takes from the manufacture to the consumer.

coercive power

threatening people w/ their fears.

what did lance armstrong do?

took preformance enhansing drugs.

required skills of an athlete

training, staying in shape, workig as a team, developing bonds with team, and mental capasity.

sponsorship proposal

written offer to do business.