EXSS 221 Final Exam Review 2022

What are the Steps of the Planning Process? - ANSWER 1) Defining the Purpose 2) Analyzing the Environment 3) Prescribing Written objectives 4) Developing Strategies 5) Developing Operational Plans 6) Setting up evaluation procedures Name the 5 Market Segmentation options - ANSWER 1) Demographics: Gender, Age, Sex, Ethnicity, Etc. 2) Psychographics: Interests, opinions, lifestyles, activities 3) Benefit Segmentation: Customers Look for different benefits 4) Geographic: Basing marketing on geographic location 5) Geodemographic: reflects synergy Name the Pentagon of Sports Sales Training - ANSWER - Product - Practice - Philosophy - Performance - Prospect What is the 80/20 Rule? - ANSWER 80% of the revenue comes from 20% of the customers What is Branding? - ANSWER Identifies the company's name or product What is Fan Cost Index? - ANSWER Average price for a family of four to attend a sporting event What is a Marketing Plan? - ANSWER The Blueprint marketers follow when executing the marketing What is Leveraging? - ANSWER Utilization of various marketing strategies to improve sponsor value What is a fulfillment Audit? - ANSWER Post-Sponsorship review that shows the sports fulfillment of their corporate needs What is Social Bonding? - ANSWER A Social or psychological incentive given to customers in order create a strong relationship What is Financial Bonding? - ANSWER Finacial incentives used towards customers in order to build a strong relationship What are Cialdini's 6 Rules of Influence? - ANSWER 1) Reciprocation 2) Authority 3) Scarcity 4) Social Proof 5) Consistency 6) Liking What are Referrals? - ANSWER When someone gives a sales person a sales lead What is Prospecting? - ANSWER Searching for and creating new customers What is Distribution? - ANSWER How the content reaches the audience What is Fragmentation? - ANSWER The division of large audiences into smaller ones based on personal interests What is News Cycle? - ANSWER How quickly news and information reaches audience What is Agenda setting? - ANSWER A theory of mass communication which suggests the media exert a significant influence over public perception through their ability to filter and shape media content. What is Risk Management? - ANSWER The process of identifying potential risks and reducing the likelihood those risks will occur. Forecasting, Assessing, Treating (FAT) What are the 3 goals of Risk Management? - ANSWER - Minimize Liability - Reduce Insurance - Maintain a safe environment What is a P&L statement? - ANSWER Measures an organization's expenditures and receipts between two specific points in time What is a Balance Sheet? - ANSWER Measures the financial condition of an organization at a specific point in time Operating income-Depreciation-Amortization leads to - ANSWER Earnings before interest and taxes (EBIT) What is a risk Management Matrix? - ANSWER an effective means of identifying process safety risks and determining the most cost-effecti