Sports Marketing Exam Beussink

The development of Tiger Lane at the Liberty Bowl Stadium: -Provided amenities for tail gaters -Enhanced the total game experience for fans -Took a lot of capital to develop -All of the Above

All of the Above

Which of the following is NOT an example of a Possession Utility? -Allowing customers to purchase products with a debit or credit card -Amazon's customers receiving 2 day delivery for most products -Allowing customers to rent video games rather than buying -Allowing customers to watch movies from home

Allowing customers to watch movies from home

What was the most valuable brand in 2021?

Amazon

Crest toothpaste is an example of...

Brand name product

This refers to the ups and downs of the economy

Business cycles

The Dallas Cowboys stadium was built for $1.2 billion. The stadium and the money used to build it would be considered which one of the 4 economic resources?

Capital

A period of prolonged and deep economic slowdown. Consumer spending is very low, unemployment is very high, and production is down significantly

Depression

What is the amount of money individuals have available to spend after paying for the necessities of life and needs?

Discretionary Income

Adjusting ticket prices on a day-to-day basis based on such variables as demand, weather, team performance etc is know as what?

Dynamic Ticket Pricing

What are two ways that AutoZone uses to associate its brand with customer service? (2 answers) -Effective Advertising -Through the logo -Employee Training -Paying Employees more

Effective Advertising Employee Training

Which of the following is not an example of a tangible property of a brand? -Emotional connection -logo -product -packaging

Emotional connection

_______________ refers to the individual who takes risks of owning and operating the business

Entrepreneurship

T or F- Duralast products can be purchased at any auto parts retailer in America, including AutoZone and O'Reillys

False

T or F- Most movies are first distributed for DVD sales and then electronic viewing using services such as Netflix, and then to theaters.

False

T or F- Nike is an example of a private label brand

False

T or F- Pricing involves the locations and methods used to make products available to customers.

False

T or F- Sports and Entertainment events are considered necessities and as a result, require the spending of the majority of your income.

False

When prices rise, consumers are encouraged to buy more

False

_________________ involves budgeting for business operations and offering assistant to customers in buying the business products.

Financing

What is NOT one of the basic economic questions -What goods or services will be produced -For whom will it be produced -How they will be produced -How they will be priced and promoted

How they will be priced and promoted

Which is not true about your personal brand -Includes your values, skills and goals -Allows you to send a clear message about who you are and what you have to offer -Helps you communicate what makes you unique, relevant and different -Includes your friends and their social media posts

Includes your friends and their social media posts

This occurs when prices rise faster than consumer income. A low rate (1-5 percent) shows that an economy is stable

Inflation

___________ is a process that involves planning, pricing, promoting, selling, and distributing products that are designed to satisfy the needs and wants of customers

Marketing

The 4 Ps, also known as __________________, also known as the 4 elements of marketing, describes how a business blends together the decisions of: Product, Price, Place (Distribution) and Promotion

Marketing Mix

A business focuses on satisfying customer needs and wants while making a profit is known as

Marketing concept

Researching the demographics of a fan base for a particular sport would be most closely associated with which core standard of marketing?

Marketing information Management (Marketing Research)

Which of the following is NOT a marketing function? Distribution Pricing Promotion Merchandising

Merchandising

This is a type of market, similar to what Luxottica has done with eyeglasses, in which one supplier offers a unique product and/or has exclusive control of the market

Monopoly

Created by having a good or service at the location where it is needed or wanted

Place Utility

In this economic system, such as the one used by the United States, the interaction of supply and demand to drive the economy

Private of Free Enterprise

___________________ are businesses that use resources to develop products and services and provide them to consumers

Producers

This involves acquiring, developing, and improving products to better serve customers.

Product/Service Management

Mickey Mantle played center field for 18 years with the New York Yankees. His lifetime batting average was .298; he had 536 homeruns, and 2,415 hits. These statistics are examples of which economic measure?

Productivity

This country has a state-controlled planned economy. Most of the means of production are owned the government and most of the labor force is employed by the state.

Russia

A product can be a good or a _______________

Service

Why is baseball so important to Cuba?

Source of pride and nationalism

This is a specific group of consumers an organization selects as the focus of its marketing plan:

Target Market

The name given to a movie that is so important and profitable that it provides essential support for the studio and makes up for other less successful movies. These blockbusters generally have the highest production and marketing budgets.

Tent Pole Movie

Many states, like Georgia, will offer tax credits to film and TV producers who use their states as the location of new movies or TV programs. Why do states offer these tax incentives?

The new movies and TV programs stimulate the economy where they are located

T or F- A country's economic system is classified based on how the country satisfies needs and how resources are distributed

True

T or F- A strong brand presence in the market differentiates a company's product from its competitors and creates brand affinity for a company's products or services

True

T or F- All economies in the world are really mixed economies, because all economies have some degree of government involvement.

True

T or F- Any firm wishing to hire a Cuban must pay the Cuban government, which will pay the employee in Cuban Pesos

True

T or F- Branding is a form of Marketing

True

T or F- Consumers have limited money to spend on Sports and Entertainment

True

T or F- It can take years to establish an effective brand name

True

T or F- Television programs that are popular will attract more advertising revenue for the network airing the program

True

In a Mixed economy like Canada, the Government provides what for all citizens?

Universal health care

Which of the following inventions did NOT improve the productivity of workers:

Video games

Effective brand management: -enables the price of products to go up -builds loyal customers through positive brand associations -build strong awareness of the brand -all of the above

all of the above

A ____________________ is the path that a product takes from the manufacturer to the ultimate consumer

channel of distribution

Young men are the smallest group of movie goers. Why are fewer young men going to see movies?

playing video games at home

Which of the following marketing mix elements makes consumers aware of products and events? -selling -promotion -financing -Marketing research

promotion

Any direct and personal communication with customers to assess and satisfy their needs and wants is known as _______________

selling

T or F- Economic Utility is the amount of satisfaction or value a consumer receives from a product

true

T or F- One of the benefits of effective brand management is that it enables the price of products to go up

true

Sports and entertainment largely satisfies the ____________ of consumers

wants