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chapter 2 sports and entertainment marketing

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risks
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unforseable events and obstacles that can negatively affect business
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discretionary income
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money income left after necessities have been bought and paid for
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synergy
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a combined action that occurs when products owned by one source promote the growth of related products-is a goal of sports and ent. marketing
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copyright
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legal protection of a creator’s intellectual property or product
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revenue stream
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difference in sports and ent. can be found in _____,consumer loyalty and product
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scalpers
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unauthorized tickets sellers affect pricing of sports events
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core product
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main product includes the sport event,movie,stage show or book
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promotion
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any form of communication used to persuade people to buy products
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sponsorship
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the promotion of a company in association with a property
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virtual advertising
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a new form of ads,where companies pay to have their logos digitally overlaid onto a billboard during a game on TV
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product tie-in
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use of ancilliary products such as merchandising as promotional tools
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convergence
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the overlapping of product promotion
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endorsement
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approval or support of a product service or idea usually by a celebrity
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consumer
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people who use products
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ancillary product
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a product related to or created for the core product
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royalty
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payment for materials that have been copyrighted as belonging to the creator
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consumer loyalty
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Occurs when a consumer is happy with a company’s product and become a repeat customer
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cross promotion
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any form of communication through which one industry relies on another industry to promote its product
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vendors
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sellers of products
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product
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a good/service that any for-profit industry sells to its customers
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TRUE
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If you have consumer loyalty, you make a point to watch the competition, even if they are playing at the same time as your favorite team
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TRUE
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Thomas Edison’s invention, kinetoscope , was a device that led to today’s motion picture industry
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TRUE
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Companies can earn additional revenue, or gross income, by using core and ancillary products as promotional tools to promote and market other unrelated products
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TRUE
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Public transportation helped advance sports and entertainment
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TRUE
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If you download copyrighted material without permission, you are committing an act of piracy , which is illegal
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FALSE
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Any (famous ) celebrity can endorse any product regardless of the audience, and the product will sell well because of the celebrity’s endorsement.
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TRUE
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In America organized sports and entertainment used to be pastimes just for wealthy consumers because they were the only ones with a discretionary income
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TRUE
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With the exception of a championship game, one sporting event does not usually produce the same amount of revenue from merchandising and royalties as might an entertainment event
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TRUE
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convergence and cross promotion help to develop product synergy
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TRUE
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The fifth “P” in the marketing mix is people
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Who was a key figure in the development of sports marketing? What types of innovations did he bring to the sports industry? Which ones are still being used today?
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William Bill Veeck was the owner of the Cleveland Indians and the Chicago White Sox While owner of the Chicago White Sox, he drafted the first African-American player to the American League (Larry Doby) believed that consumers wanted to be involved in more than just the final score grandstand-style entertainment to the fans Fireworks, dazzling scoreboards, special-event nights, grandstand managers, etc. etc. all are still being used!
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What is the difference between a core and ancillary product? How does the two directly relate, and effect, each other?
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Core product is the main product, such as sports event, movie, stage show, or book. Ancillary products relate to or created from the core product.The ancillary product is created from the core product.
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What are the three major differences between marking sports products and entertainment products? Briefly explain each.
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product- consistent products in sports consumer loyalty- no matter what sports fans will always stick with their favorite team-If sports fans feel their team is trying to win, the team can retain its consumer loyalty. revenue stream-sporting events dont produce as much revenue as entertainment events from merchandising/royalties
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Describe two ways in which the stream of revenue in sports differs from the revenue stream in entertainment.
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Sporting events do not usually produce the same amount of revenue from merchandising and royalties as entertainment events (Except Championship games). Sports franchises also earn revenue from advertising and broadcast rights.