Sports Marketing Exam 1 - Practice Questions

Marketing and advertising are the same thing (T/F) - answer-False _________ occurs when the business and the customer both give and receive something of value - answer-An exchange relationship Sports and entertainment marketing is a small and fairly new industry (T/F) - answer-False The primary focus of marketing should be ________ - answer-satisfying customer needs The marketing mix describes how a business blends the four marketing elements (T/F) - answer-True __________ involves the locations and methods to make products available to customers - answer-distribution A television advertisement that airs during the Super Bowl is a type of promotion (T/F) - answer-True The process of establishing and communicating to customers the value of cost of goods and services is - answer-pricing A ballpark asks customers to rate the quality of the food at the concession stands in order to determine which menu items can be improved. This is an example of marketing-information management. (T/F) - answer-true Which of the following is NOT a demographic characteristic? a. gender b. income c. age d. hair color - answer-d. hair color The number of times per advertisement, game, or show that a product or service is associated with an athlete, team, or entertainer is called - answer-gross impression "Reinventing" a sport helps maintain fan interest and excitement. (T/F) - answer-true While a global industry, the value of sports marketing has little impact on the overall economy. (T/F) - answer-false Every Sunday during football season, Tabitha paints her face with the orange-and-black stripes of the Cincinnati Bengals and wears her Bengals jersey as she cheers on her team. It appears that being a Bengals fan has a strong _______ value for Tabitha - answer-emotional Sports programming was once a large moneymaker for television networks, but ratings for sports programs have fallen dramatically over the past decade. (T/F) - answer-False Which of the following would MOST likely be considered entertainment? a. a trip to Yellowstone National Park b. a college volleyball game c. dinner at a nice restaurant d. a symphony performance - answer-d. symphony performance Influencing how people choose to spend their time and money on entertainment is the purpose of entertainment marketing. (T/F) - answer-true A vaudeville show in 1910 would have attracted most of its customers through _____ - answer-word of mouth Social media can provide entertainment marketers with instant customer feedback on their products. (T/F) - answer-true ____________________ allows viewing of entertainment, such as a movie or live concert, as soon as it is received rather than after it has been downloaded on a device. - answer-streaming media About 90 percent of every dollar you spend pays for marketing costs. (T/F) - answer-False. About half of every dollar you spend pays for marketing costs. See The bottom line for maintaining successful marketing relationships is ______________ - answer-customer satisfaction Maintaining successful marketing relationships requires effort because each customer is unique and has different buying habits. (T/F) - answer-true The value of the next best alternative you pass up when making a product choice is called ______________ - answer-opportunity cost A growing number of Americans are choosing to spend their free time at home rather than travel for a vacation. (T/F) - answer-true One company can produce Kentucky Wildcats sweatshirts for $10 each; a second company can produce the same sweatshirts for just $8 each. The second company has a(n) _____________ over the first company - answer-comparative advantage The economic market includes - answer-all consumers who will purchase a produce or service As he leaves the stadium after watching his team win in overtime, Karl impulsively purchases a team jersey at the gift shop. Marketers would characterize this as an example of a rational purchase. (T/F) - answer-False. Karl made an emotional purchase having spent little thought during an emotional high following his team's win. Marketers can be involved in every step of the consumer decision-making process, even helping consumers recognize their needs and wants. (T/F) - answer-true Which of the following is a way to collect secondary data? a. examining U.S. Census data b. conducting a customer survey c. asking customers their opinions about a free sample d. observing how consumers use a product - answer-a. examining U.S Census data The first step in marketing is determining the target market. (T/F) - answer-true Which of the following product or service is LEAST likely to be promoted through mass marketing? a. an upcoming rodeo b. a fast-food restaurant c. potato chips d. soft drinks - answer-a. an upcoming rodeo The most successful businesses try to satisfy the needs of all possible customers. (T/F) - answer-false Demographic segmentation focuses on - answer-Consumer characteristics such as age, income, gender, or martial status Senior citizens are largely ignored by sports and entertainment marketers because they have little disposable income. (T/F) - answer-false The percentage of total sales a company expects to capture compared to its competitors is called ____________ - answer-market share The best strategy for a business to rise above the competition is to lower prices. (T/F) - answer-false Which of the following is the BEST example of a customer service gap? a. Jorge is disappointed that the concert he planned to attend tonight sold out before he was able to buy a ticket. b. Angelo goes online to buy tickets to an upcoming ballgame and is easily able to purchase his tickets within minutes. c. Julia speaks to the theater manager about her poor seats and is immediately escorted to better seats closer to the stage. d. Deanna's friends told her the performers at the local Renaissance Fair were fun and helpful, but Deanna found them to be rude and unfriendly. - answer-d. Deanna's friends told her the performers at the local Renaissance Fair were fun and helpful, but Deanna found them to be rude and unfriendly. The best customer service training programs focus on instructing employees how to deal with difficult customers. (T/F) - answer-false A company's values-based culture is demonstrated through - answer-high performance and excellent customer service The major reason why people are willing to invest in professional sports and entertainment events is to make money. (T/F) - answer-true An activity, such as the sale of tickets, that will produce money to pay the expenses for a business is called a _______ - answer-revenue stream Loss occurs when there is a limited amount of resources available to produce and distribute goods and services. (T/F) - answer-false The resources needed to produce professional sports and entertainment events are basically unlimited. (T/F) - answer-false _________________ ensures that a product or service is available when the consumer wants it. - answer-Time utility Return on investment (ROI) is - answer-a calculation of the business's return as a percentage of the money invested Start-up costs refer to expenses that typically occur at the beginning of the business. (T/F) - answer-true Which of these is an example of a start-up cost? a. office furniture b. taxes c. salaries d. utility payments - answer-a. office furniture A planning tool that projects financial performance for a specific time period is called a balance sheet. (T/F) - answer-false A(n) _______________ shows a company's assets and liabilities at a specific point in time. - answer-balance sheet The possibility of financial gain or loss or personal injury is called risk. (T/F) - answer-true Which of these statements describes a human risk? a. A baseball game is rained out and needs to be rescheduled. b. An employee at a movie concession stand gives his friends free refills on drinks and popcorn. c. The unemployment rate rises, resulting in less disposable income for consumers. d. Below-zero temperatures keeps many people home from a mid-December football game. - answer-b. An employee at a movie concession stand gives his friends free refills on drinks and popcorn. If the chances of a loss are predictable and the amount of the loss can be estimated, it is a controllable risk. (T/F) - answer-false To make sure alcohol is not served to minors, a music club strictly prohibits anyone under the age of 21 from attending its shows. This is an example of ____________ - answer-risk avoidance Reducing prices and offering more services to consumers are part of any good risk assessment plan. (T/F) - answer-False. Price and service usually are not a source of risk or involved in managing risk. The preparation for an unexpected emergency is called _____________ - answer-contingency planning A basketball coach needs to decide if she should allow her best player to take the court, even though she knows the player has a sore leg and could more seriously injure it during the game. This is an example of an ethical dilemma. (T/F) - answer-true Which of these BEST defines principles?