Marketing
What are the four Ps of marketing?
Product, place, price and promotion
What is an entrepreneur?
A entrepreneur is someone who starts and runs their own business, taking the financial risks to do so.
What is hospitality?
Hospitality is being friendly and welcoming guests.
Why is it important to be polite and respectful to customers? (multiple answers)
2. To keep customers coming.
3. To have a good brand reputation.
what is an amateur athlethe?
An amateur athlete is a person who does not get paid to play a sport.
What's a target market?
A target market is a specific group of consumers at which a company aims its products and services. This includes demographics, geographic locations, and behavioral patterns.
What are the primary sources of funding for starting a business as an entrepreneur? (multiple answers)
Common sources include:
1. Personal savings
2. loans from banks or credit unions.
3. Investors
4. Government grants or programs.
What is ethical behavior?
Ethical behavior is doing what's right, being honest, and treating people fairly.
Why is customer feedback important for business?
It provides you with ways to improve your business.
Premium stadium seats usually located outdoors that provide a source of high revenue.
Keeping track of whats selling may help you... (multiple answers)
1. Spot product trends
2. make informed decisions about inventory, marketing, and product development.
3. Maximize profits.
What are some common mistakes that entrepreneurs make when running their business? (multiple answers)
-Poor financial plan
-Lack of a clear business plan
-Hiring the wrong people
-Inadequate market research
What is one way that employees can demonstrate a customer service mindset? (multiple answers)
1. Make/maintain eye contact
2. Actively listening
3. Consistently seeking feedback
4. Communicating clearly
What management function establishes a business's goals and objectives?
Planning
What are concessions?
Concessions are snack-bars that sell refreshments such as popcorn, soda and candy.
What is promotion as a part of the 4 ps of marketing?
Promotion is how you inform, persuade and remind customers about a product or service. The key elements of promotion are advertising, sales promotion, etc.
What is intrapreneurship?
Intrapreneurs are people who work for a business and create a product or service.
In contrast to entrepreneurs who own the business.
1. Trustworthiness/integrity
2. Responsibility
3. Care
4. Reliable
After developing a plan for an advertising campaign, a manager is ready to delegate responsibilities to specific employees. Which management function should the manager focus on?
The manager should focus on organizing.
what is entertainment marketing?
Entertainment marketing is influencing how people choose to spend their time and money on entertainment
An effective way to make create desire for others to agree with your ideas is by...
explaining the benefits
How do you develop a strong brand identity for your business? (multiple answers) "How do you make your business stand out?"
1. Having a unique logo
2. Having a catchy slogan
3. Having excellent products and services
4. Communicate your brand message consistently
When in the business of hospitality and tourism, what is the main thing you're looking at?
Customer satisfaction!
Reynolds uniform supplier agreed to sell 500 customized shirts to a fast-food restaurant. After receiving the shirts, however, the restaurant found that the order was missing 100 shirts and the supplier charged them $12 instead of $10. Reynolds uniform supplier most likely violated what law?
Contract law. There was a set contract that was not followed.
what are challenges in sports marketing? (multiple answers)