Sports Marketing Chapter 2

Opportunity cost is the value of the next best alternative that individuals pass up when making a purchase

• True

• False

Mass marketing is used by companies when they are trying to appeal to a diverse group of consumers with different needs

• True

• False

Marketers should never group consumers based on the benefits derived from products or services

• True

• False

A values-based culture communicates values through high performance and excellent customer service.

• True

• False

Employees need to remember that customer service is everyone's responsibility

• True

• False

Purchases based upon careful thought and sound reasoning are __________ purchases.

• values-based

• patronage

• emotional

• rationale

The marketing concept

• focuses attention on maximizing profit

• involves satisfying the producer

• focuses attention on satisfying customer needs

• both a and c above

The first step in marketing a product is to determine

• how the product will be advertised and promoted

• who the competition is in the marketplace

• what quantity of the product should be produced

• who specifically the customer is for the product

Secondary data

• is obtained for the first time

• has already been collected for some other purpose

• is collected through consumer surveys

• is collected by observing consumer behavior

External sources of information for businesses do not come from

• business publications

• trade and professional organizations

• the company’s financial reports

• government reports