MKT 461 Final Exam Questions Answered Correctly Latest Version

MKT 461 Final Exam Questions Answered Correctly Latest Version Definition of synergy: - Answers Effort to coordinate internal and external efforts across various platforms so that they work in concert and make a multiplier effect What are the 11 areas a studio can have synergy in? - Answers Film, home entertainment, theme parks, stage performances, publishing, music, TV and cable, video games, home video/streaming, promotional alliances, & licensing of IP Synergy works best when... (5) - Answers When synergy is the responsibility of an individual or group within the organization When the synergy group divisions meet routinely (and early) to look for synergistic opportunities for upcoming entertainment When synergy/collaboration efforts are included in each division's plans When there is a specified arbiter to resolve conflicts between divisions When evaluations and rewards are directly tied to fostering synergy Theme parks allow audiences to: - Answers Experience the film's storyline What is the most important part of a theme park? - Answers The people in costume as popular characters What Disney character did we learn out that had a highly profitable franchise with just home entertainment? - Answers Tinker Bell What licensing fee do studios get from their IP? - Answers 8-14% of the wholesale price Tips for getting the most out of your external synergy (7): - Answers 1. Need partners' efforts to align with film date/intro 2. Need right seasonality 3. Need partners' target audiences to be similar 4. Biggest bang often with family films (G/PG), but PG-13 could also work 5. Need the film to fit the brand and vice versa 6. Need involving contests and sweepstakes 7. Need partners with lots of money did spend What are some potential issues when you're creating external synergy? (4) - Answers 1. Films for PG-13 and R should not be partnered with brands targeting lower age groups 2. Talent may not want to be involved. Top talent often have contractual authority to approve promotional partners. 3. Category exclusive deals can be restrictive . 4. Film may not live up to expectations, leaving partners with product they can't sell Product placement is handled mostly by - Answers Product placement firms For some theme parks, _____ are as much as 5% of their revenue - Answers Sponsorships / product placement What's a mainstream example of studio/studio synergy? - Answers Spider-Man is split between Sony and Disney The probability of creating a blockbuster increases when... (5) - Answers 1. When synergy is the responsibility of an individual or group within the organization 2. When the synergy group and divisions meet routinely (and early) to look for synergistic opportunities for upcoming entertainment 3. When synergy/collaboration efforts are included in each division's plans 4. When there is a specified arbiter to resolve conflicts between divisions 5. When evaluations and rewards are directly tied to fostering synergy What is the biggest portion of the $280 billion licensed merchandise market? - Answers Entertainment/character based licensing What are the top 2 product categories for entertainment/character based licensing? - Answers Toys/games and apparel Definition of royalty: - Answers The % that the owner of the intellectual property receives from the manufacturer who licenses the character/icons How does the licensee pay for rights to the IP? - Answers They make an advance payment against projected sales which is deducted from future sales Definition of licensing - Answers Licensing conveys the rights to manufacture products and provide services based upon an intellectual property such as a film or TV show story, characters and iconography. "Licensor" is the owner of the IP, whereas the "licensee" is the entity that purchases use of the IP Things to keep in mind for a licensor looking to create synergy (7): - Answers 1. Selling a license adds revenue 2. The licensor also benefits from the added awareness/interest in the film/TV show created by ad budgets and products that licensees provide