Marketing Midterm Exam Review

Ms. Guerrero’s SERM Midterm Review Packet

SPORTS MARKETING MIDTERM EXAM REVIEW 2011-2012

Resources: Sports and Entertainment Marketing Textbook Worksheets, Handouts, Class notes, Listening Guides Workbook Packets & Tests

Unit 1: DECA

What is DECA and what does it stand for?

Who can be a member of DECA?

What are the official DECA colors?

Identify this year’s national theme.

Unit 2: Marketing Overview

Define the following terms:  Marketing

 Marketing Mix

 Target Market

 Demographics

Explain the difference between marketing and marketing concept

SERM Midterm Review 1 Ms. Guerrero’s SERM Midterm Review Packet

List and explain the four ways to segment a market

List and explain the seven marketing functions

List the six benefits of marketing

List and explain the five P’s

Unit 3: Importance of Sports and Entertainment Marketing

Define Sports.

Define Entertainment.

Provide examples of entertainment:

How are sports and entertainment different?

Sports Entertainment

How much do fans spend on recreation and related products each year?

The sports industry generated $ ______a year

Define the following terms:  Sports Marketing

 Entertainment Marketing

Identify goals of sports marketing.

What are the two types of price competition?  ______Competition

 Non-Price Competition

Identify ways that growth is measured in sports marketing

What are the current trends in the entertainment industry? 1. ______2. ______3. ______

What are the 3 economic resources?

Identify factors that influence demand

Unit 4: Communication

Define communication

List and explain the six primary elements of communication?

Why is communication important?

What is the difference between verbal and non-verbal communication?

Identify effective listening strategies

Identify effective writing strategies

Identify effective speaking strategies

What are the benefits of face-to-face communication?

Define:  Message

 Sender

 Receiver

 Feedback

 Channels Unit 5: Economics

Define Economics

Define Free Enterprise system

Define the following  Supply

 Demand

 Law of supply

 Law of demand

 Equilibrium

 Shortage

 Surplus

What factors do companies take into consideration when determining supply?

How does competition affect the customer?

Unit 6: Business Structure

Define Business cycle

Identify and define the four stages in the cycle

Identify the three (typical) causes for a change in business cycle

Identify the types of legal forms of business ownership (hint: 3 types)

List characteristics of a sole proprietorship

What are the advantages and disadvantages of a sole-proprietorship?

List characteristics of a partnership

What are the advantages and disadvantages of a partnership?

List characteristics of a corporation

What are the advantages and disadvantages of a corporation?

Unit 7:Hospitality

Define Hospitality

List current rends in the hospitality industry:

What are the four sections hospitality?

Where/what areas do we find hospitality?

Provide 2 examples of hospitality and tourism for sports, entertainment and recreation Sports

Entertainment

Recreation

Unit 8: Product Development

Identify the four types of new products

List and explain the 7 steps in new product development

List and define the four stages of the product life cycle

How can a company extend the life cycle of a product? (Hint see notes or book )

Define Market Research

Explain why marketing research is important

List and describe each step of market research

Define product positioning

What is the focus and the goal of product positioning?

List and describe the four ways to position a product

Unit 9: Pricing

Define price

How does pricing influence the marketing mix?

How is sales revenue calculated?

How is profit or loss determined?

Identify and describe several factors that affect pricing decisions.

Identify and describe the four special pricing strategies

Unit 10: Conflict Resolution

What is a persons natural reaction in conflict resolution?

Define assertive communication.

Explain why assertive communication is challenging to master.

List the 3 types of conflict resolution strategies.

What is the difference between “I” and “You” statements?

Provide a scenario and an example of a “I” and “You” statement.

SERM Midterm Review 11