Sports and Entertainment Marketing Midterm Study

Brand

a promise that the company makes to the consumer about the experience they can expect from the company's products or services

Ancillary Product

a secondary product that has a value directly related to the core product

Search Engine Optimization

a set of tactics that a company uses in order to have their website appear in a prominent place on search engine results pages when users search for a product or service they offer

Media Strategy

a strategy that helps athletes and entertainers determine how to spend their marketing dollars based on what kind of media is likely to reach their target market most effectively

Advertising

a type of promotion that delivers a generic message to a large group of people

One common marketing principle holds that companies save time and money when they spend their advertising dollars marketing primarily on their target market. a. True b. False

a. True

Whose endorsement did a professor at the Kellogg School of Management argue earned at least a million votes for Barack Obama in 2008? a. Oprah Winfrey b. Jennifer Lopez c. Taylor Swift d. Michael Jordon

a. Oprah Winfrey

Which is an example of an ancillary product? a. a bread hook for a kitchen mixing machine b. a refrigerator with a double-wide freezer c. a microwave that also works as a convection oven d. a kitchen island with a granite countertop

a. a bread hook for a kitchen mixing machine

As of January 2020, approximately how many people work in the Sports and Entertainment industry? a. about half a million b. about two million c. about a quarter of a million d. about one million

a. about half a million

Which product would MOST benefit from a targeted consumer education campaign? a. an aerosol-free "green" hair spray product b. a new flavor of an existing dog food product c. a new branch of a popular fast-food franchise d. a backpack brand right before school starts

a. an aerosol-free "green" hairspray product

What does referent power rely on? a. believing positive traits are transferable by association b. having hyper-deference to authority figures c. being brainwashing through media messaging d. mimicking powerful and charismatic celebrities

a. believing positive traits are transferable by association

What clause in an endorsement contract guarantees that the contract is legal and binding? a. due diligence b. term c. services d. termination

a. due diligence

As a crime, piracy can be most succinctly described as what act? a. theft b. defamation c. assault d. fraud

a. theft

Prototype

an actual model of the product designed during the new product development process

Supply

availability of the commodity

Which market segmentation factor is most "internal" and difficult to measure? a. geographics b. demographics c. psychographics d. behavior

c. psychographics

What is the purpose of PO# on purchase orders? a. uniquely identifying the vendor b. uniquely identifying the buyer c. uniquely identifying the transaction d. uniquely identifying the product

c. uniquely identifying the transaction

Overall Demand

how many members of their target market will purchase the product and how frequently they will buy it

Profit Margin

the percentage of revenue that the business will keep from the sale of a commodity after all costs are paid

Exchange Process

the process of exchanging one item of value for another.

Distribution Channels

the route a product takes from the manufacturer to the consumer

Consumer Goods

those ancillary products that are intended for individual use by the customer

Barter

to trade one item of value for another

Buzz

what other people are saying about the event

Hashtag

A tag used to categorize messages on Twitter by topic; must be ten characters or less and is always preceded by the pound (#) sign.

Quality Control

Refers to efforts on the part of a product or service provider to ensure that the commodity is of high quality

Referent Power

a certain type of power or influence gained through a person's charisma or ability to be attractive and/or likable in the eyes of others

Promotion Mix

a combination of promotional techniques a company chooses to use to promote their products

Protocol

a detailed description of the product including its point of difference

Sponsorship Proposal

a document that details the needs of an organization as well as the benefits of sponsorship for the company

Invoice

a document that is similar to a bill, except it includes a line-by line summary of each item ordered along with a subtotal and overall total and is sent by the vendor in order to collect payment for the items ordered

Payment-in-Kind

a form of advertising that consists of supporting an event, entertainer, or sports team in exchange for publicity

Sponsorship

a form of advertising that consists of supporting an event, entertainer, or sports team in exchange for publicity

Purchase Order

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

Differentiated Marketing

a marketing technique that acknowledges the distinctive wants and needs of individual segments of the target market

Undifferentiated Marketing

a marketing technique that takes a one-size-fits-all approach to advertising and promotions

Brand Awareness

a measure of how well-known the brand is amongst its target market

Push Marketing

a method of attracting attendants by pushing out information about the event

Event Triangle

a model for expressing the relationship between products and consumers in sports and entertainment marketing; consists of three distinct parts: the event, the sponsor, and the fan

Sales Forecast

a prediction of the number of sales the company will make for a specific item

Viral Campaign

a promotion that spreads rapidly on the Internet and creates excitement surrounding a particular athlete, entertainer, team, or event

Marketing

a set of tactics used to increase the perceived value of a product or service in the minds of consumers

Focus Group

a small group consisting of members of the company's target market who convene in order to share their opinions about a new product concept

Marginal Analysis

a strategy that marketers use to determine how much benefit (i.e. profit) the advertising will provide versus the cost of the advertising

Market Testing

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

Visual Merchandising

a type of sales promotion that consists of arranging products in such a way that either makes them more appealing to the consumer or encourages additional related purchases

According to a 2010 Harvard Business School study, how much can celebrity endorsements potentially increase sales of some products? a. 20 percent b. 40 percent c. 60 percent d. 80 percent

a. 20 percent

Someone finds a tomb that has buried within it x-shaped metal bars. Which of the following terms is MOST likely associated with these? a. Katanga b. wampum c. cryptocurrency d. Bitcoin

a. Katanga

Ulama was developed in what region of the world? a. Mesoamerica b. the Middle East c. the Mediterranean d. China and Japan

a. Mesoamerica

Which celebrity has the MOST lucrative endorsement deal of all time? a. Michael Jordan b. Beyonce c. 50 Cent d. George Foreman

a. Michael Jordan

After purchasing his first house, Michael has a pest company inspect for termites. He later receives a statement in the mail detailing the technician's visit. At the bottom of the statement, Michael sees that it says 'NET 30 Days.' What does this MOST likely mean? a. Michael needs to remit payment within 30 days. b. The inspection is only good for the next 30 days. c. The technician plans to return to reinspect in 30 days. d. Michael has already paid for the service.

a. Michael needs to remit payment within 30 days

Besides lobbying for legal changes, how do unions PRIMARILY achieve change in the workplace? a. collective bargaining b. reducing discrimination c. dismantling capitalism d. fundraising for workers

a. collective bargaining

Abdul, a popular comedian, and a shoe company sign an endorsement contract. However, it's discovered months later that the contract violated a sponsorship agreement Abdul had with a sports company that sold a rival shoe brand. What part of the endorsement contract was completed in error if this happened? a. due diligence b. term c. services d. termination

a. due diligence

Which is the BEST example of secondary market research? a. finding "white papers" about new technology b. conducting a focus group using diverse subjects c. giving a free sample to a YouTube "influencer" d. paying for a review to be published online

a. finding "white papers" about new technology

Why was Mark Cuban fined $25,000 by the NBA? a. for a tweet criticizing the referees b. for an unauthorized sale of team memorabilia c. for accidentally going home with someone else's trophy d. for being a player who kneeled during the Pledge of Allegiance

a. for a tweet criticizing the referees

Considering the popularity of sports in American culture, what statement CANNOT be made about its influence? a. It encourages Americans to participate in regular exercise. b. It creates a source of income for players, teams, owners, and advertisers. c. It can become divisive if fans disagree over a play or game. d. It allows an opportunity for friends and family to bond.

a. it encourages Americans to participate in regular exercise

How many businesses rely on "angel investors" for their initial capital? a. less than 1 percent b. about 10 percent c. about 25 percent d. about 50 percent

a. less than 1 percent

What is the most likely outcome of a sales forecast that is too high? a. lower profits b. higher depreciation c. cheaper products d. greater profit margins

a. lower profits

When running A/B testing, what principle should be followed? a. make small changes to each ad b. Aim each ad at different target audiences c. run identical ads at different times of the year d. Run ads for different products, but at the same time

a. make small changes to each ad

Why are prices often higher for products during the earliest stages of the product life cycle? a. Marketing prices are highest and need to be partially recouped. b. Customers are generally willing to pay more for the "hot" new thing. c. There's not enough stock to keep up with demand for new products. d. Launching with lower prices devalues the product over its life cycle.

a. marketing prices are highest and need to be partially recouped

What should be EXCLUDED from the totals section of a purchase order? a. number of items bought b. applicable taxes c. shipping fees d. cost of just items

a. number of items bought

What piece of data is MOST likely to be determined using MOSTLY internal research? a. operational costs b. market interest c. final sale price d. competitive landscape

a. operational costs

What sort of compensation is often viewed by the company as further promotion, rather than payment for services rented? a. payment-in-kind b. bonus fees c. base fees d. signing bonus

a. payment-in-kind

A new youth group sends volunteers to a college campus to pass out brochures describing the group's purpose. Which marketing concept does this MOST represent? a. push marketing b. pull marketing c. buzz d. hype

a. push marketing

Which marketing concept is most analogous to the force of gravity? a. push marketing b. hype c. pull marketing d. buzz

a. push marketing

What is one of the five types of power described in 1959 by the same scholars who created the idea of "referent power?" a. reward b. legal c. intrinsic d. charismatic

a. reward

Kenisha has opened a small retail business selling handmade items. She depends on the profit from the business for income so Kenisha is willing to spend on anything that will help protect her investment. Considering the most common financial risk she will encounter, which product would Kenisha be MOST interested in purchasing? a. security tags for the items b. identity theft protection c. insurance to cover fire or flood d. commercials on local TV

a. security tags for the items

In which demand factor does the entertainment industry frequently differ from other discretionary products? a. state of the general economy b. distribution of wealth c. price of the commodity d. availability of the commodity

a. state of the general economy

What can a good sales forecast help prevent? a. storage of excess product b. high taxes on sales c. losing workers due to illness d. taking out a marketing loan

a. storage of excess product

Why would a company consider bonus fees warranted? a. They show increased celebrity visibility, which means more brand visibility, too. b. They want to recognize the genuine talent and hard work it takes to get them. c. They build solidarity and loyalty with the spokesperson, making them more effective. d. They encourage spokespeople to perform at ever-higher levels of their craft.

a. they show increased celebrity visibility, which means more brand visibility, too

Knowing the market reach of an organization helps a potential sponsor determine how much potential they have for increasing brand awareness. a. true b. false

a. true

Marketers must be careful when they say they want more buzz for a project because it is possible for buzz to be negative. a. true b. false

a. true

Marketers not only respond to the existing psychological trends of the cultures they operate in, they also shape those cultures. a. true b. false

a. true

Marketing risks not only create financial challenges; the company's reputation is at risk as well. a. true b. false

a. true

Over half of American adults consider themselves sports fans. a. true b. false

a. true

The sponsor provides money, products, or services to promote their brand and commodities at an event. a. true b. false

a. true

To design effective pull marketing, marketing professionals must be able to put themselves in the shoes of their target audience. a. true b. false

a. true

Product Enhancement

an added "extra" that goes beyond the basic commodity that is being sold; informally known as an upsell

Endorsement

an individual's public support for a commodity

Business Finances

any actions on the part of a business that involves money or assets

Demographics

any clear, definitive, and perceivable characteristic of a market segment

Vendor

any individual or company that offers an item for sale

Psychographics

any psychological aspects of consumers that may have an impact on their buying decisions

Where is the Masters held? a. Wimbledon, London b. Augusta, Georgia c. Pebble Beach, Florida d. Orange County, California

b. Augusta, Georgia

What basketball player insisted in 1993 that he "was not a role model"? a. Michael Jordon b. Charles Barkley c. Dennis Rodman d. Shaquille O'Neil

b. Charles Barkley

What legislation created the standard two-day weekend common to most businesses? a. Family and Medical Leave Act b. Fair Labor Standards Act c. National Industrial Recovery Act d. Labor Management Relations Act

b. Fair Labor Standards Act

Marcy wants to write a report about the first Black major league baseball player, which she knows was in the late 1800s. Which historical figure should she research? a. Jackie Robinson b. Moses Fleetwood Walker c. Althea Gibson d. Alice Coachman

b. Moses Fleetwood Walker

Which is MOST likely to be a fad (though exceptions may exist)? a. a new sports team b. a new "boy band" c. a new grocery store d. a new car line

b. a new "boy band"

For a professional athlete, making money off of products that use their likeness is an example of what concept? a. core products b. ancillary products c. patented products d. trade secrets

b. ancillary products

What do famous athletes and celebrity entertainers have that allows them to be even more influential than an average marketer? a. high charisma and attractiveness b. attention and admiration c. business and economic skills d. bravery and gumption

b. attention and admiration

Which sport is considered the first to break the racial barrier in 1947? a. basketball b. baseball c. football d. football

b. baseball

What quality is MOST key for branding to be effective? a. being dynamic b. being consistent c. being innovative d. being narrowly focused

b. being consistent

Which purpose is MOST uniquely fulfilled by event marketing (compared to other marketing)? a. generating revenue b. building brand awareness c. protecting intellectual property d. selling core product

b. building brand awareness

A tweet that has over a thousand responses is a good example of which concept? a. hype b. buzz c. push marketing d. pull marketing

b. buzz

When a marketer says they are changing tactics in response to current trends, they are MOST likely discussing which factor in a commodity's demand? a. restrictions on intellectual property b. changes in societal preferences c. radical redistribution of societal wealth d. state of the economy in general

b. changes in societal preferences

Buzz relies mostly on the actions of the original marketer who created the content. a. true b. false

b. false

In the 1968 Olympic games, three American athletes participated in a show of solidarity for the Black Freedom movement on the medal podium. a. true b. false

b. false

It's ethically permissible to use pictures of any fans in advertisements, since they like the product. a. true b. false

b. false

Positive publicity increases brand visibility, but negative publicity decreases it. a. true b. false

b. false

Purchase orders, unlike invoices, are informal documents without legal power even after both sides accept the terms. a. true b. false

b. false

The "language" of colors is universal; different colors have the same meanings across the globe. a. true b. false

b. false

The Masters golf tournament contributes to income inequality as the single city that hosts it earns tourist dollars while neighboring counties get no benefit. a. true b. false

b. false

The first stage of a product's life cycle is its most profitable. a. true b. false

b. false

When it comes to inventory control, a business should always stock in excess if they can. a. true b. false

b. false

When it comes to personality traits common among successful professionals, musicians and singers rely an entirely different set of traits as professional athletes do. a. true b. false

b. false

While statements made by celebrity endorsers must be factual, the celebrity doesn't have to have personal experience with the product or service. a. true b. false

b. false

Season passes are marketed largely through which market segmentation consideration? a. psychographics b. geographics c. Monolithics d. universals

b. geographics

In order to sell vacuum cleaners in his shop, Bryan must purchase several from the manufacturer. He dedicates much of his startup money to buying seven machines. The vendor has an issue getting a vital part for the vacuum cleaners. What will likely happen to Bryan's business until the part becomes available? a. He won't have to pay any tax on items that he hasn't received. b. He won't be able to sell any vacuums until he gets some in stock. c. He will be able to take orders and payments for vacuums that he doesn't have. d. He will be able to borrow more money to buy vacuums somewhere else.

b. he won't be able to sell any vacuums until he gets some in stock

What is the most important factor when it comes to determining something's real value? a. how well it is marketed b. how much it costs to produce c. the item's true utility d. how well the item is made

b. how much it costs to produce

Which is the BEST goal to use when creating a marketing strategy? a. raise awareness of the brand b. increase sales by 5 percent c. get more customers to visit the website d. add teenagers to the target market

b. increase sales by 5 percent

What category of risks does a company take as they work to comply with things like the Family Medical Leave Act (FMLA)? a. marketing b. legal c. financial d. strategic

b. legal

Which would be measured with specific dollar amounts? a. reach b. marginal analysis c. media strategy d. primetime

b. marginal analysis

What is the core of marketing? a. real value b. perceived value c. utility d. social media

b. perceived value

Kiki is travelling from southern Florida to New York during the winter. She got a jacket in Florida, but when she arrives in New York, she notices that the price, quality, and choices among winter jackets varies quite a bit from her home. What type of utility does this MOST represent? a. time b. place c. form d. image

b. place

What is athlete Colin Kaepernick most known for in terms of role model behavior? a. intense religiosity b. protesting police brutality c. drinking-and-driving arrests d. giving a "Black Power" salute

b. protesting police brutality

What is the BEST example of something that, if it is to be accurate, requires ALL internal departments to contribute? a. prototype b. protocol c. focus group d. competitive landscape

b. protocol

What major change in athletic competitions is most directly tied to the civil rights movement? a. the first Black professional athletes emerging b. racially integrated teams becoming common c. the first female professional athletes emerging d. women being allowed to compete alongside men

b. racially integrated teams becoming common

A company provides free catering services for the staff that runs a concert. In exchange, the concert venue shows ads for that company and allows them to sell other products to the concert attendees. What is this MOST an example of? a. endorsement b. sponsorship c. endowment d. exclusivity

b. sponsorship

What is the most common thread that connects products that usually rely on undifferentiated marketing? a. They have quite low prices. b. They are things everyone needs. c. They appeal to a limited market. d. They last for a long time.

b. they are things everyone needs

Liabilities

bills that a company must pay or loans that it has not yet paid off

When did ESPN launch its espnW website? a. 2005 b. 1990 c. 2010 d. 2015

c. 2010

According to a 2012 study by the Event Marketing Institute, about what percent of people surveyed reported posting a video or photo from an event on their own social media page? a. 12 percent b. 28 percent c. 45 percent d. 61 percent

c. 45 percent

What woman has the highest-paying endorsement deal? a. Sandra Bullock b. Oprah Winfrey c. Charlize Theron d. Taylor Swift

c. Charlize Theron

Who authors hype for major stars? a. fans of the star b. entertainers themselves c. PR teams d. fans of other stars

c. PR teams

What is the most common way companies increase consumer awareness about a product? a. prototyping b. protocols c. advertising d. point of difference

c. advertising

Running a commercial announcing a big sale is an attempt to ____ in order to ____. a. appeal to sponsors; attract fans b. spread buzz; push customers c. build hype; pull shoppers d. push fans; build an event

c. build hype; pull shoppers

Where are most professional athletes directly recruited from before they become paid for their performances on the field and gain the opportunity for endorsements? a. middle school b. high school c. college d. minor leagues

c. college

What is the final phase of new product development? a. screening and evaluation b. business analysis c. commercialization d. prototype and marketing development

c. commercialization

Piracy by copying a DVD is, mostly, an infringement against which type of intellectual property? a. trade secrets b. patents c. copyright d. trademark

c. copyright

What is an item's real value, relatively speaking? a. equal to its price b. always greater than its perceived value c. equal to the cost of its production d. an average of the price of competitor items

c. equal to the cost of its production

Which of the following was NOT a part of the original Olympic games? a. sacrifices b. pentathlon c. female participation d. combat sports

c. female participation

What major protections were offered with the passage of Title IX in the United States? a. establishment of a minimum wage b. desegregating college athletic teams c. gender equality in school athletes' funding d. outlawing child labor in the workplace

c. gender equality in school athletes' funding

What is the purpose of Twitter hashtags? a. showing off clever names b. identifying users c. grouping content d. creating hype

c. grouping content

A politician is told that she is polling low in a certain demographic—young men in their 20s in Chicago. Which tactic would MOST likely win her the attention of this group? a. make time to campaign in senior centers and the American Legion b. spend a large amount of money on a new wardrobe c. have a famous Chicago basketball star endorse her d. ask a popular Instagram influencer to do her makeup

c. have a famous Chicago basketball star endorse her

When a movie trailer is released far in advance of the release of the movie itself, what marketing concept is MOST likely being used? a. push marketing b. content c. hype d. buzz

c. hype

What MOST distinguishes advertising from other categories of promotion? a. its effectiveness b. its reliance on celebrity c. its generic messaging d. its professional production

c. its generic messaging

The more well-known an athlete, entertainer, team, or organization is, the _____ an event marketer will need to employ. a. less buzz b. more hype c. less push marketing d. more pull marketing

c. less push marketing

What is the primary goal of sponsorships and endorsements? a. improving the arts and athletics field b. rewarding the best performers in a field c. making money for various companies d. providing vital services for the community

c. making money for various companies

During which stage of the product life cycle are companies MOST likely to attempt to target new markets or further develop a product? a. launch b. growth c. maturity d. decline

c. maturity

What was the purpose of Tsu Chu in its original form? a. solving disputes without violence b. religious act of worship c. military fitness training d. brining villages together

c. military fitness training

Sports and marketing have to compete on which angle if they want to be relevant to the 21st century market? a. cheapest prices b. scarcest supply c. most appealing d. quickest distribution

c. most appealing

Two teams have decided to sign new quarterbacks. Each issues a press release. Reporters and sports magazines run extensive blurbs about one of the quarterbacks, but there is little said about the other. Since neither was well-known before their signing, and they both come from similar backgrounds, which statement could BEST explain the difference in media coverage? a. The press releases were equally informative, but one player is a better athlete. b. The press release given by both teams were written by the coach. c. One of the press releases had more useable information than the other. d. One of the teams paid reporters to give their new player more coverage.

c. one of the press releases had more usable information than the other

Which type of promotion relies largely on face-to-face interaction between a customer and another life human being? a. visual merchandising b. publicity c. personal selling d. advertising

c. personal selling

What was the purpose of the Taft-Hartley Act, passed as an amendment to the National Labor Relations Act of 1935? a. desegregating the workplace b. reducing gender discrimination in workplaces c. preventing unfair union labor practices d. providing maternal leave to parents

c. preventing unfair labor union practices

If a company wants to efficiently get the most "eyes" on their television ad, what is the BEST time to air it? a. lunchtime b. nighttime c. primetime d. daytime

c. primetime

During which phase of product development is an actual physical version of the product first produced? a. screening and evaluation phase b. business analysis phase c. prototype and marketing development phase d. market testing phase

c. prototype and marketing development phase

Grigor is conducting market research. He has a group of potential customers fill out a survey with questions like "I feel good about myself" and "When playing games, I work hard to win." What is he measuring? a. geographics b. demographics c. psychographics d. behavior

c. psychographics

What is one of the two most popular women's sports in terms of sheer audience numbers? a. soccer b. softball c. tennis d. volleyball

c. tennis

During an interview for a public relations spot for a popular band, the interviewer asks this question, "Say we have a live concert planned for tonight but our performer decides to pre-record it so he can visit his sick mom. What statement would you put out?" Which skill is the interviewer trying to assess with this scenario? a. The applicant's ability to write clear and informative coverage. b. The applicant's philosophy about balancing work and family. c. The applicant's ability to adapt to quickly changing circumstances. d. The applicant's knowledge of the music industry itself.

c. the applicant's ability to adapt to quickly changing circumstances

When shopping at a grocery store, what aspect of the experience is MOST similar to an invoice? a. the prices on each product b. a sales ad or coupon c. the total the cashier asks for d. the final sales receipt

c. the total the cashier asks for

Which of the following considerations is LEAST important for an entertainer who would be the spokesperson to think about before finalizing a deal with a sponsor? a. how the relationship will affect their own brand b. how much money they stand to make in the future c. whether to propose an exclusivity clause d. whether to allow for archival use of their likeness

c. whether to propose an exclusivity clause

According to Business Insider, how much did corporations collectively spend each year on endorsement deals in the early 2010s? a. $10 million b. $100 million c. $5 billion d. $50 billion

d. $50 billion

In what year were American workers at large companies legally guaranteed maternity leave without having to worry about losing their jobs over it? a. 1881 b. 1903 c. 1938 d. 1993

d. 1993

According to a 2011 Marist Poll, which percent of American adults considered themselves to be sports fans? a. 11 percent b. 23 percent c. 44 percent d. 61 percent

d. 61 percent

Which is an example of a cryptocurrency? a. squirrel pelts b. wampum c. handa d. Bitcoin

d. Bitcoin

Why do wholesalers pay less for products? a. They move product efficiently. b. They don't need advertisement. c. They sell directly to themselves. d. They buy in bulk.

d. They buy in bulk

What is the next step to complete in a purchasing process after needs have been identified? a. writing an invoice b. locating and comparing vendors c. making a purchase d. choosing a specific product

d. choosing a specific product

What are athletes Tommie Smith and John Carlos most known for in terms of role model behavior? a. intense religiosity b. protesting police brutality c. drinking-and-driving arrests d. giving a "Black Power" salute

d. giving a "Black Power" salute

Market research is part of which aspect of marketing? a. market fragmentation b. marginal analysis c. a/b testing d. media strategy

d. media strategy

In the event triangle model, what is the primary exchange made between the event and the fan? a. fame b. time c. entertainment d. money

d. money

Raymond has been called in to help a company complete its balance sheet before an upcoming shareholder's meeting. He is classifying assets and liabilities to provide a clear view of the company's financial health. Raymond sees that the company currently has over $4 million worth of products in inventory. They own all their equipment and have 200 employees. Raymond notes that they have received an invoice from a vendor. Which item will go in the liability category? a. $4 million in products b. equipment on hand c. 200 employees d. money owed to the vendor

d. money owed to the vendor

What is an example of an expenditure that would be considered discretionary? a. rent or mortgage b. electric or other utility bill c. groceries d. musical instrument

d. musical instrument

What is the difference between popularity and likability? a. Popularity is evergreen; likeability is fleeting. b. Popularity applies to entertainers; likeability applies to athletes. c. Popularity is bankable; likeability isn't worth much money. d. Popularity relates to specific targets; likeability is more general.

d. popularity relates to specific targets; likability is more general

Which is an example of discrimination in the workplace? a. when a worker might be treated unfairly because they aren't liked b. having an unequal number of employees of different races on staff c. requiring a certain level of education or degree before hiring d. promoting only employees of the same race as the businesses owner

d. promoting only employees of the same race as the business owner

In sports and entertainment marketing, which role is MOST responsible for maintaining the reputation of the brand? a. journalist b. sponsor c. agent d. publicist

d. publicist

In the modern era, which member of an entertainer or athlete's promotional marketing team is MOST responsible for handling their social media presence—deciding what photos to publish, responding to fans, or approving posts written by the athlete or entertainer? a. journalist b. sponsor c. agent d. publicist

d. publicist

Sakura finds out that there is a photograph of her circulating the internet; the photo makes it look like she is kicking a cat, but she had actually just kicked a small ball and the cat just happened to jump into the frame at an odd time. What member of her team would be responsible for writing a press release that explained the truth of what happened? a. journalist b. professional c. agent d. publicist

d. publicist

Seong Mi-na is a popular singer with a team who handles the business side of her work. Who on her team is MOST responsible to making sure that she is regularly interviewed by many different shows, magazine, and web sources? a. journalist b. professional c. agent d. publicist

d. publicist

What is the BEST example of commercialization? a. showing a prototype to an internal team b. holding a focus group to evaluate a product c. distributing free samples of a product to a small group d. selling a product in several retail stores

d. selling a product in several retail stores

Wampum is made from what substance? a. paper b. copper c. pelts d. shells

d. shells

When John Edwards made headlines for two $400 haircuts during his 2008 presidential bid, which argument would his detractors MOST likely make? a. The hairdressers Edwards chooses are untrustworthy since they were willing to speak about the price they charged. b. John Edwards has no way of empathizing with voters who have lost their hair due to illness or genetics. c. Someone who cares that much about their appearance will represent America well on the world's stage. d. Spending that kind of money on a haircut shows that he might be wasteful with American tax dollars.

d. spending that kind of money on a haircut shows that he might be wasteful with American tax dollars

A well-known soft drink company enters an agreement to have an award-winning actress endorse their drink. Then the celebrity has some personal issues and is arrested for substance abuse. Which sentence BEST explains how the soft drink company would view their endorsement? a. The endorsement was successful because the celebrity got attention from the press. b. The endorsement was unsuccessful because the soft drink company is liable for the celebrity. c. The endorsement was successful because the celebrity appeals to people of all kinds. d. The endorsement was unsuccessful because the celebrity's actions do not represent the brand well.

d. the endorsement was unsuccessful because the celebrity's actions do not represent the brand well

What is most responsible for the fragmented audience marketers experience today? a. wider income inequality b. changing cultural fads c. shrinking market shares d. the rise of multimedia

d. the rise of multimedia

When an online company runs a special promotion on swimsuits during the summer, they are taking advantage of which type of utility? a. form utility b. place utility c. image utility d. time utility

d. time utility

Market Reach

estimated number of consumers the organization is able to market to

Financial Projections

how many products the company will likely sale sell and how much profit they will make for each sale

Operational Costs

how much it will cost to manufacture the product

Utility

how useful the customer views an item to be

Perceived Value

how valuable someone thinks a product or service is

Discretionary Income

income left over after all the necessities are paid for

Assets

items that a company owns outright

Primary Market Research

new studies conducted by a company to discover information about a particular market

Fads

products that quickly progress through the product life cycle, declining almost as soon as they are commercialized

Capital

the amount of money required to start a business

Secondary Market Research

the analysis of existing data to uncover information about a particular market

Product Mix

the assortment and variety of products a company offers

Goodwill

the customers' positive feeling associated with the brand or business

Deprecitation

the decrease in value of an asset over time

Consumer Awareness

the degree to which the consumer is aware that the product exists

Shareholder Equity

the difference between a company's assets and liabilities; what the company is worth after all debts have been paid

Hype

the excitement that a company or organization intentionally creates around an event

Interest

the fee a business or individual has to pay in order to borrow money from a bank or financial institution

Market Research

the gathering and analysis of data related to the demand, competition, and consumers (target market) of a product or service

Target Market

the group of people most likely to value a company's product or service

Geographics

the location of the different segments of an organization's target market

Venue

the location where the event is to be held

Profit

the money a company has left over from the sale of a commodity after all manufacturing and promotional costs are paid for

Operating Costs

the money that it takes to run the business from day to day

Reach

the number of people within the target market likely to receive the message

Consumer Education

the process of educating the consumer about the product's attributes, usefulness, value, and price

Inventory Control

the process of ensuring that your business has the optimal amount of consumer goods and business goods on hand at all times

Market Segmentation

the process of identifying and grouping different portions of a target market

Internal Research

the research a company performs during the product development process in order to determine its own resources, how long the production process will take, what supplies are needed, and how much these supplies will cost

External research

the research a company performs during the product development process which consists of performing secondary market research, surveying members of their target market, and analyzing the existing competition for the product concept

Social Media Marketing

the use of social media to attract new customers and promote a product or service; a type of Internet marketing.

Internet Marketing

the use of the World Wide Web to market products and/or services

Business Goods

those ancillary products that are manufactured for business use

Behaviors

refers to any behavioral response a consumer has to a certain commodity or brand

What general trend of the 21st century had the MOST impact on entertainment marketing? a. phones becoming a more common method of communication b. increased competition for entertainment dollars c. rising wealth in the United States increasing money spent on entertainment d. longer lifespans leading to more people alive to consumer entertainment

b. increased competition for entertainment dollars

Fan Base

a group of people who are not only loyal to a brand, but identify themselves with the brand

Commodity

a marketable item that satisfies a want or need

Monetary System

a system of exchange based on money such as paper currency

Borrowed Equity

a technique in which the sponsor uses the attraction of the event to draw in potential prospects to whom they will then market

According to the marketing manager for IMRE Sports, which statement about brand loyalty is MOST accurate? a. Compared to men, women are more likely to remain loyal to a brand. b. Compared to middle-aged shoppers, older shoppers are more likely to make large purchases. c. Compared to women, men are more likely to shop online for most goods and services. d. Compared to older shoppers, middle-aged customers are more likely to trust word-of-mouth.

a. Compared to men, women are more likely to remain loyal to a brand.

What is the primary purpose of SEO? a. Increase page rank on websites like Google and Bing. b. Let readers know what topics a company will cover in their blog posts. c. Increase the perceived value of a commodity. d. Conduct online market research about the target market.

a. Increase page rank on websites like Google and Bing.

According to the 2013 Nielson Year in Sports Media Report, which professional sport has the highest percentage of white viewers? a. NASCAR b. hockey c. golf d. soccer

a. NASCAR

Which is the BEST example of a company emphasizing part of its brand? a. Target using red colors across bags, stores, and ads b. Wal-Mart hosting a political rally it one of its parking lots c. Amazon workers unionizing to protest harsh work conditions d. McDonald's producing Happy Meal toys aimed primarily at adults

a. Target using red colors across bags, stores, and ads

Which is the BEST example of how geographics affects consumer behavior? a. Beach areas sell more surfboards. b. Amazon deliveries make online shopping more popular. c. Sturdier houses need fewer home repairs or maintenance. d. Higher income consumers are less price-sensitive.

a. beach areas sell more surfboards

What does data from sales at nbastore.com reveal? a. Half of all their shoppers were women. b. Half of all their shoppers were under 25. c. Half of all their shoppers were college football fans d. Half of all their shoppers were Hispanic.

a. half of all their shoppers were women

YouTube and other social media sites that allow users to upload content have had what effect on entertainment? a. prices have been driven down b. demand for entertainment has gone down c. demand for entertainment has gone up d. prices have been driven up

a. prices have been driven down

Why would a well-known band that hasn't held a concert in a long time potentially sell tickets for more than if they had been holding regular concerts? a. the opportunity to see them in concert became rarer b. bands who don't hold concerts increase brand awareness c. not holding concerts increases society's preference for bands. d. few people can afford tickets like these

a. the opportunity to see them in concert became rarer

Even if a media strategy doesn't result in the outcome you'd like, you can still learn from the results and incorporate those lessons into future ad campaigns. a. true b. false

a. true

Just as digital game players like PlayStation and Switch replaced in-person arcades, speculators predict that these products will be replaced by smartphones and tablets. a. true b. false

a. true

Undifferentiated marketing, when done properly, will appeal to people across age, gender, race, ethnicity, and other demographic or geographic characteristics. a. true b. false

a. true

According to the US census, what will happen by the year 2042? a. Whites will no longer be the numerical majority. b. English will be the most-spoken language in the world. c. Our concepts of race will be completely replaced. d. More than half of all Americans will identify themselves as sports fans.

a. whites will no longer be the numerical majority

Which of these BEST describes a company's target market? a. the people a company most wants to start buying the product b. the people most likely to buy a product or service c. the area where producing costs the lowest real value d. the strategy that generates the highest perceived value

b. the people most likely to buy a product or service

Which represents a change in societal preferences that has had the MOST direct impact on the entertainment marketing industry? a. the move to "green" habits b. the rise of "streaming" content c. the decrease in demand for landlines d. the end of analog television broadcast

b. the rise of "streaming" content

Which statement about the most popular audiences for women's sports' is MOST accurate? a. The vast majority of viewers are women. b. Overall, audiences tend to skew older than men's sports. c. A slight majority of viewers are men. d. Their numbers compare favorably with men's sports.

c. a slight majority of viewers are men

What is the primary reason that companies give away content for free? a. because it's the ethical and socially responsible thing to do b. because customers are likely to share a company's content on social media c. because it helps them build a good reputation over time d. because customers who value their content are more likely to buy products from them

d. because customers who value their content are more likely to buy products from them

Gwen is a longtime customer for an online retailer, ordering from them once every few weeks. She received a damaged item in one of her orders and realized that the company made a packing error that caused the issue. Even worse, the order was time-sensitive, so while the company replaced the product, it was less useful than having the correct item on time. However, Gwen doesn't hold it against the company and keeps ordering from them. What has the company built up in this customer that allowed them to keep her despite the mistake? a. wear-out b. quality control c. reach d. goodwill

d. goodwill

Jacob uses a particular social media site often. He sees the same ads, for the same products, nearly every time he logs on, to the point where he no longer pays attention to the ads. What phenomenon is this BEST describing? a. goodwill b. market fragmentation c. lack of reach d. wear-out

d. wear-out

Demand

the consumer's want or need for a product or service

Real Value

the cost of providing a product or service

Industry

the production of any type of commodity in an economy

Primetime

the time when the biggest number of people is watching television; commercials run during primetime are the most expensive to advertisers

Content Marketing

the use of informational text such as articles, white papers, infographics, blog posts, and the like to provide value to the customer in hopes of gaining their trust and making them feel beholden to a company; a type of Internet marketing