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SASM 1010 Final Exam Review With 100% Correct And Verified Answers, Exams of Advanced Education

Ch. 3 Key Skill: Oral Communication - Correct Answer-Ability to speak in public, speak to large groups, and make persuasive presentations demonstrating knowledge about the product and its potential to benefit the customer Ch. 3 Key Skill: Written Communication - Correct Answer-Competence to prepare sales presentations, reports, analyses, and general correspondence in a concise and insightful manner Ch. 3 Key Skill: Data Analysis Skills - Correct Answer-Use of data to inform the decision-making process; whether it be projecting the return on investment for a sponsorship program or analyzing a customer database to identify the organization's best customers, quantitative skills are increasingly in demand in sport organizations

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Download SASM 1010 Final Exam Review With 100% Correct And Verified Answers and more Exams Advanced Education in PDF only on Docsity! SASM 1010 Final Exam Review With 100% Correct And Verified Answers Ch. 3 Key Skill: Oral Communication - Correct Answer-Ability to speak in public, speak to large groups, and make persuasive presentations demonstrating knowledge about the product and its potential to benefit the customer Ch. 3 Key Skill: Written Communication - Correct Answer-Competence to prepare sales presentations, reports, analyses, and general correspondence in a concise and insightful manner Ch. 3 Key Skill: Data Analysis Skills - Correct Answer-Use of data to inform the decision-making process; whether it be projecting the return on investment for a sponsorship program or analyzing a customer database to identify the organization's best customers, quantitative skills are increasingly in demand in sport organizations Ch. 3 Key Skill: Computer Capabilities - Correct Answer-Expertise in all types of software, beyond basic word processing skills, including databases, spreadsheets, desktop publishing, ticketing systems, Web page design and utilization, and soul media tools; particularly in-depth knowledge of presentation software (PowerPoint) Ch. 3 Key Skill: Personnel Management - Correct Answer-Skills to develop, motivate and manage a diver group of people to achieve organizational goals and objects Ch. 3 Key Skill: Sales - Correct Answer-Ability recognize an opportunity in the marketplace and convince potential consumers of the value and benefits of that opportunity; part of identifying opportunities is understanding the wants and needs of consumers; listening is very important Ch. 3 Key Skill: Education - Correct Answer-A minimum of a bachelor's in sport management or a bachelor's in business with an internship in a sport setting; master's in sport management or a master's in business administration, although not necessary in some positions, desirable for advancement and promotion Ch. 3 Current Issue: Rising Cost of Attending Sporting Events - Correct Answer-High ticket prices is the no. 1 reason why fans don't attend sporting events; 85% of fans also believe that owners are more concerned with making money than making it possible for fans to attend games; coincidentally, prices increased dramatically when a large number of new stadiums and arenas were built/renovated Ch. 3 Current Issue: Cluttered Marketplace - Correct Answer-Sport marketers try to target the next generation of sports fans, but find it difficult to compete when new action sports (skateboarding, motocross) and media technology dominate young people's attention; this is also an issue for sponsors of sporting events and endorsers of athletes because there is a large number of events and athletes to sponsor and there has been an increased focus by sport managers on increasing revenue by identifying as much saleable inventory as possible (logos on NASCAR cars and uniforms) Ch. 3 Current Issue: Image Matters - Correct Answer-It's important to have unique images for sports, athletes and events, but they also need to be positive; at the turn of the 21st c., corporate ethical scandals have lead to consumers distrusting large companies Ch. 3 Key Concept: Sport Marketing Mix - Correct Answer-Refers to the controllable variables the company puts together to satisfy a target group; it's the recipe for creating a successful marketing campaign that includes the elements of product, price, place and promotion Sport Marketing Mix: Product - Correct Answer-Debate between whether or not the actual event or the fans' experience is the product; the outcome of a sporting event can't be promised since it's unpredictable, but marketers have to promote the fact that fans don't want to miss out on a chance to see something amazing Sport Marketing Mix: Price - Correct Answer-Fans pay for more than just their ticket, may have to pay for parking, concessions or a souvenir; the price of the sport product is dependent on the value or perceived value provided by the sport product or experience; consumers associate higher price with higher quality, however, sports marketers have to be careful to balance perceived value versus perceived quality Sport Marketing Mix: Place - Correct Answer-The place where the product is made (stadium/arena) is also the place where the product is consumed, so once a game is over, tickets to the same event can't be sold; some people attend events at certain venues not only because what is taking place, but the history and tradition like Wrigley Field Sport Marketing Mix: Promotion - Correct Answer-Typically refers to a variety of functions, including advertising (paid messages conveyed through media), personal selling (face-to-face presentation in which a seller attempts to persuade a buyer), publicity (media exposure not paid for by the beneficiary) and sales promotion (special activities undertaken to increase sales of a product); example: sport entities both compete and cooperate, so the Chicago White Sox heavily promote the fact that the New York Yankees are visiting in an effort to increase attendance for the Yankee series, even though they are competing with the Yankees Ch. 3 Key Concept: Segmentation - Correct Answer-Identifying subgroups of the overall marketplace based on a variety of factors including age, income level, ethnicity, geography, and lifestyle tendencies; demographics (age, income, gender, educational background), geographic (region or postal code), psychographic (lifestyles, activities or habits) and product usage (type of beer they drink , type of car they drive or credit card Ch. 4 Key Challenges: Competitive Balances - Correct Answer-An issue of revenue disparities across schools and conferences; the problem is rooted in the notion that consumers of a spectator sport seek to be entertained by the game itself Ch. 4 Key Challenges: Hard Salary Cap - Correct Answer-Seen in the NFL (1994) and NHL (2005); the team payroll limit is an absolute and cannot be violated; the philosophy behind it is that it will constrain all franchises to spend about the same amount on payroll, presumably ensuring that franchises are fielding relatively equally balanced Ch. 4 Key Challenges: Soft Salary Cap - Correct Answer-Seen in the NBA (1984); the payroll limit is still set, but teams can exceed this limit though there are various types of "exclusions"; one type of exclusion is for situation in which teams sign their own free agents as opposed to another team's free agents Ch. 4 Key Challenges: Revenue Sharing - Correct Answer-Teams in the league agree to share certain types of revenues among themselves; example: all four major professional leagues share national television revenues equally, however, the relative significance of his sharing of natural television revenues account for a large portion of the total league revenues Ch. 4 Key Challenges: Luxury Tax - Correct Answer-A mechanism to influence competitive balance; a payroll threshold is set prior to a season (NBA and MLB have a form of this); teams that exceed this threshold pay a tax on the excess amount Ch. 5 Key Concepts: Risk Management - Correct Answer-Managing risk requires developing a management strategy to maintain greater control over the legal uncertainties that may wreak havoc on a sport business Ch. 5 Key Concepts: Judicial Review - Correct Answer-Occurs when a plaintiff challenges a rule and the court evaluates it to determine whether it should apply Ch. 5 Key Concepts: Tort Liability - Correct Answer-An injury or wrong suffered due to another's improper conduct; goals of the law are to provide monetary damages to compensate an injured person and to deter defendants and others in society from engaging in similar conduct in the future Negligence - Correct Answer-Unintentional tort and most common tort that sport managers encounter Gross Negligence - Correct Answer-Occurs when a defendant acts recklessly and knows the act is harmful, but fails to realize it will produce the extreme harm that results Duty of Care - Correct Answer-Legal duty of care that arises from (a) a relationship in hereunto in a particular situation, (b) a voluntary assumption of the duty of care, or (c) a duty mandated by law Ch. 5 Key Concepts: Agency Law - Correct Answer-The fiduciary relation which results from the manifestation of consent by one person to another that the other shall act on his behalf and subject to his control and consent Contract - Correct Answer-Establishes the relationship's parameters between the principal and agent Fiduciary Duties - Correct Answer-Inherent in the principal-agent relationship and are imposed on the parties in accordance with agency law Principal to Agent Duties - Correct Answer-(1) To comply with a contract if one exists, (2) to compensate the agent for his or her services, (3) to reimburse the agent for any expenses incurred while acting on the principal's behalf Agent to Principal Duties - Correct Answer-(1) To obey, (2) to remain loyal, (3) to exercise reasonable care, (4) to notify, (5) to account for information and finances on a reasonable basis Ch. 5 Key Concepts: Vicarious Liability - Correct Answer-Provides a plaintiff with a cause of action to sue a superior for the negligent act of a subordinate Independent Contractor - Correct Answer-An employee who isn't under the employer's supervision or control Ch. 5 Key Concepts: Contract - Correct Answer-Written verbal agreement between two or more parties that creates a legal obligation to fulfill the promises made by the agreement Consideration - Correct Answer-Included in the contract; something of value such as money, property or something intangible Capacity - Correct Answer-People entering a contract 18 years and older understand the nature and effects of their actions; under contract law, minor or mental incompetent people can enter contracts but can disaffirm (opt-out) at any time Legality - Correct Answer-The subject matter of a contract must be legal, so it can't violate laws or public policy Breach - Correct Answer-If a promise made in a contract is broken Waivers - Correct Answer-Signed before one participates in an activity for which one is waiving their right to sue Release of Liability - Correct Answer-Contract that a party signs after an injury occurs by which the injured party gives up the right to sue later, usually in exchange for a financial settlement Ch. 5 Key Concepts: Constitutional Law - Correct Answer-Develop from precedents established by courts applying to the language of the U.S. Constitution and state constitutions to the actions and policies of government entities State Actor - Correct Answer-When a private entity is argued to be so enmeshed with a public entity that the two are dependent on each other and the court may apply the Constitution to that private entity Due Process - Correct Answer-The right to notice and a hearing before life, liberty or property can be taken away Equal Protection - Correct Answer-Clause in 14th Amendment that guaranteed that no person shall be discriminated against unless a constitutionally permissible reason for the discrimination exists Strict Scrutiny - Correct Answer-Standard review that applies where on discriminates on the basis of race, religion, or national origin; defendant must convince the court it has a compelling need to violate a fundamental right or discriminate; most challenging standard to meet Ch. 5 Key Concepts: Invasion of Privacy - Correct Answer-Plaintiff must establish that the invasion is substantial and is in an area for which there is an expectation of privacy; in sport, this case usually arises as challenges to drug testing programs Ch. 5 Key Concepts: Collective Bargaining Agreement - Correct Answer-Contract agreed to by the players association and the owners for all provisions related to hours, wages and terms and conditions of employment Title IX - Correct Answer-Comprehensive statute aimed at eliminating gender discrimination in educational institutions that receive federal funding; these cases only involve interscholastic and intercollegiate athletics (employment discrimination and participation opportunities) Antitrust Laws - Correct Answer-Put in place to promote competition in the free market as the Sherman Antitrust Act of 1890; goal was to break up business trusts and monopolies and prohibit anticompetitive activity by businesses; two types of violations: section 1 prohibiting contracts, combinations, or conspiracies that restrain trade and section 2 prohibiting monopolies Ch. 5 Key Challenges: Olympic Games - Correct Answer-Ambush marketing, the rights of individual athletes to market themselves and the imposition of codes of conduct for athletes create legal challenges Ch .12 Types of Events: Sport Events - Correct Answer-Sports have seasons that allow events to be schedule approximately eight months ahead of time; several venues will have tenant teams that play the home schedule and require certain dates contractually Ch .12 Types of Events: Family Events - Correct Answer-Are products geared toward the toddler and through the "tween" markets; often these are acts produced on TV or movie programs that are run on mainstream TV or theaters; Sesame Street, Nickelodeon and Disney are the top names in the family genre Ch .12 Types of Events: Concerts - Correct Answer-Booked on an average of six months ahead of time; tours and routings are established and the dates are promoted after an agreement is reached Ch .12 Types of Events: Trade Shows - Correct Answer-Mostly multiple days events held annually in the same location; trade shows work best in convention centers because hotel and exhibition space are specifically intend for that usage, but they can also play in stadiums and arenas that can convert to accommodate the event Ch .12 Types of Events: Religious Events - Correct Answer-Encompass mass worship; these events are generally booked as a rental with expenses guaranteed; a rental structure is preferred because religious organizations generally don't charge for tickets Ch .12 Types of Events: Convocations - Correct Answer-Convocations, graduations, and speaking engagements are great ways to get community involvement and interaction with the venue; venue managers generally approach these types of events with the understanding that graduations happen in the spring and weather conditions may present certain challenges to hosting them outside Ch .12 Types of Events: Seasonal Events - Correct Answer-Events that take place during a specific time frame; summer tours are a perfect example of a seasonal event, like country music tours Ch .12 Facility Financing Mechanisms: Bonds - Correct Answer-Money used to build facilities is usually obtained by issuing bonds; may be issued by local authorities (cities, counties, states) to underwrite the cost of sport facility construction; two types: (1) general obligation - backed by the local government's ability to raise taxes to pay off the debt, are considered relatively safe investments; (2) revenue bonds - backed specifically by the facility's ability to generate revenues, are somewhat riskier because the facility has to generate sufficient funds to meet both the annual debt payments Ch .12 Facility Financing Mechanisms: Taxes - Correct Answer-Property taxes are paid by homeowners who are often longterm residents of a city (residents receive full benefits, but they must be given the chance to vote); occupational tax which taxes anyone who works in the community, regardless of whether that person actually resides in the community (this tax must also be voted on, but in many cases it has been more likely to pass than property tax); hospitality tax are imposed on out-of-town visitors, forcing them to pay directly for the facility (used in Atlanta to help build the Georgia Dome and in Chicago to build the new Comiskey Park); general sales taxes is imposed on nearly all transactions; sin tax taxes only alcohol and tobacco products Ch .12 Facility Financing Mechanisms: Corporate Investment - Correct Answer- Corporate sponsorship could also pay for construction; sale of naming rights for stadiums and arenas to companies like CitiField in Queens, Barclays Center in Brooklyn; soft drink and beer companies pay for facility pouring rights which means the company would be the facility's exclusive soft drink or beer distributor; corporations also make outright donations to defray costs in exchange for the publicity and public relations benefits Ch .12 Facility Marketing: Marketing - Correct Answer-Facility manager needs to account for the location of the venue, the types of events that best fit the community and the culture of the facility, and how those events will be produced Ch .12 Facility Marketing: Promoting - Correct Answer-Facility managers may have guidelines to use when negotiating a contract for an event or program for the facility and his/her task is to keep financial risks low and profit margins high; co-promotional model is a deal structure where risk and revenue are shared (they can provide a greater profit, but also the carry the risk of loss should tickets sales not be favorable) Ch .12 Facility Marketing: Facility Revenues - Correct Answer-Tickets generate the largest amount of revenue for facilities; ticket rebate is part of the surcharge that the consumer must pay when they purchase a ticket to an event (this is the additional fee that is structured based on the ticket price and returned to the facility or venue as a result of the sale); ancillary revenue occurs from the sale of food and beverage, merchandise, parking charges, ticket fees, and sponsorships (useful to the venues not only for their income, but their profit margins allow venue managers to get creative with promoters when developing their idea structures) Ch .12 Career Opportunities: Marketing Director - Correct Answer-Act primarily as in- house advertising agents for the various events booked into facilities; buying media (TV, radio, print, billboards), coordinating promotions, and designing marketing materials (commercials, brochures, flyers, newspaper ads) are some of their primary responsibilities Ch .12 Career Opportunities: Public Relations/Communications Director - Correct Answer-Essential for facilities as they deal with the media on a wide variety of issues; talented PR can spin the news, good or bad, and position a facility in the best possible light; one the primary goals is to forge solid working relationships with TV and radio news directors, newspaper editors, and reporters so that when bad news hits, the media reports a balanced story Ch .12 Career Opportunities: Event Director - Correct Answer-Acts as the point person for facility during each show supervising a full staff of ushers, police officers, firefighters, emergency medical technicians and private concert security forces; must be able to think and react quickly to any problems arising during the event and must be able to deal with show promoters, angry customers, lost children, intoxicated patrons and other situations calmly but forcefully Ch .12 Career Opportunities: Booking Director - Correct Answer-Works tandem with the general manager or executive director to land as many events as possible; may choose to rent the facility to a promoter, to co-promote an event or purchase the show directly from an agent Ch .12 Career Opportunities: Operations Director - Correct Answer-Supervises facility preparation for all types of events; typically spends the majority of the facility's annual expense budget on labor, maintaining and repairing all equipment, and purchasing all necessary supplies (toilet paper, cleaning materials) that the events require on a weekly basis; most important aspect is that they coordinate, schedule and supervise the numerous change-overs that take place each year as one show moves in and another moves out Ch .12 Career Opportunities: Advertising, Sponsorship and Signage Salesperson - Correct Answer-Good entry-level job; most facilities hire sales staff on a commission- only basis which can range from 5% to 20% depending on the deal; must possess excellent interpersonal and presentation skills and must be able to handle plenty of rejection on a daily basis Ch .12 Career Opportunities: Group Ticket Salesperson - Correct Answer-Primarily responsible for selling large blocks of tickets for various events to corporations, charity organizations, schools, Boy Scout and Girl Scout troops and other parties; group sales for certain types of shows contribute significantly to an event's success Ch .12 Career Opportunities: Box Office Director - Correct Answer-Responsible for the sale of all tickets to events as well as the collection of all ticket revenue; must be patient and understanding and good with numbers Ch .12 Current Issues: Security - Correct Answer-Became highest priority after 9/11; bag checks, pat downs and metal detectors are now used as normal; larger arenas and stadiums have placed barricades, posts, and fencing around the perimeters of facilities to create a "moat" effect to keep potential threats and terrorist activities away from crowds and buildings; crowd management plan encompasses categorizing the type of event, knowing the surrounding facilities and environment, team or school rivalries, threats of violence, and the crowd size and seating configuration, using personnel and ushers, and having an emergency plan Ch .12 Current Issues: Sustainability - Correct Answer-Public facilities consume more energy per square foot than any other retail industry; facility management has worked toward building green buildings, creating "green management teams," reducing waster, cutting energy usage and pollution, and implementing recycling program