Chapter 1
What are the four components of the marketing mix?
product, price, place, promotion
Ryan is deciding between attending the Drake concert and the Boonton High School football game. If he chooses to go to the Drake concert, what is the opportunity cost?
BHS football game
The study of how goods are produced, distributed, and consumed
economics
Provide two examples of a revenue stream for the NFL.
ticket sales, merchandising, corporate sponsorships
Loyalty status is part of this market segment:
behavioral
Which of the marketing mix elements makes consumers aware of products and events?
promotion
Occupation is part of this market segment:
demographic
Provide an example of a natural risk:
any type of natural disaster
Improving the physical characteristics of a product or service (economic utility):
form
Define profit motive
When a business makes decisions on how to use resources in ways that result in the greatest profit.
Which of the marketing mix elements refers to how the merchandise got from the manufacturer to the stadium?
place
There are three types of buying motives: emotional, rational and patronage. Mike decides he wants to buy a new car. Prior to purchasing, he researches online to make sure he gets the best deal. This is an example of which buying motive?
rational
Making the product available at an affordable price relates to this economic utility:
possession
Define target market
a specific group of consumers a business wants to reach
The preparation for an unexpected emergency
Contingency planning
The number of times per advertisement, game, or show that a product or service is associated with an athlete, team, or entertainer.
gross impression
What is the equation that is used to calculate the breakeven point?
fixed cost / (selling price per unit - variable cost per unit)
What is an ethical dilemma?
when he/she has to choose between two equal moral principles
What are demographics?
age, gender, race, income, education level, occupation
What are the four marketing segments?
demographic, geographic, behavioral, psychographic
Which of the core standards of marketing involves collecting and using data to make future business decisions?
marketing-information management
What are the five stages of Maslow's Hierarchy of Needs?
physiological needs, safety needs, love and belonging, esteem, self-actualization
Mr. Hughen is preparing for a Friday night football game at Boonton High School. How can Mr. Hughen manage risk during the football game through risk avoidance and risk transfer?
Risk avoidance: crowd control
Risk transfer: EMS, police officers, school doctor
The stage of Maslow's Hierarchy of Needs that is reached when an individual has the desire to become the most that they can be.
self-actualization
The three ways to manage risk are:
risk avoidance, risk transfer, risk retention