SPORTS BUSINESS FINAL EXAM
QUESTIONS AND ANSWERS (GRADED
A+)
Be able to explain important considerations that influence sponsorship portfolio planning
- ANSWER--Don't assume they work, proactively manage sponsorships
-Learn what the sponsorship can do for
your firm and the bottom line
-Think of it as a partnership
-Take a long-term strategic perspective
-Leverage with innovative media
-Be visionary and creative in measurement
Be able to explain how one might go about a systematic sponsorship acquisition
process. - ANSWER-Proposal Acquisition: Receive sponsorship proposals,
Composition of the buying center: Look through, discard some proposals (The
interaction process: talk it over etc, &&& Buying grid: Sponsorship is being negotiated
for the first time these are part of the composition of the buying center.) Next is the
purchase decision and finally: The selection of the preferred sport Sponsorship
Property: Implemented, communicated to property
What is meant by the idea of "option space"? - ANSWER-Tomato metaphor:Gardening
metaphor:
Options as Tomatoes
-Ripe and Perfect
- Rotten
- Edible and could be picked
but would benefit by saying on the vine
- Not yet edible and thus, there is no point in picking them now, however, they may
ripen
Be able to apply your understanding about how sponsorships in a portfolio work
together to build things like image and personality of a brand. - ANSWER-A
Communications Perspective:
Sponsorship Portfolio as a brand-‐‐image creation
strategy
-Sponsorship Portfolio Defined: the collection of
brand and/or company sponsorships comprising sequential and/or simultaneous
involvement with
events, activities and individuals (usually in sport, art and charity) utilized to
communicate with various audiences
, Think of ways in which "brand pillars" might play a role in sponsorship. - ANSWER-
defines brand pillars as the most
important attributes and principles that you want communicated through your brand.
Examples of brand pillars are Quality,
Expertise, Passion, Natural Ingredients, Community Involvement
and Honesty.
Be able to explain the difference between measurement and evaluation. - ANSWER-
Measurement: Measurement is the process observing and recording the observations
that are collected as part of a research effort.
Evaluation: can be thought of as the systematic acquisition and assessment of
information to provide useful feedback about some object.
-Important is that it is systematic
-It could apply to a program, policy, person, or activity
-The goal of evaluation in sponsorship should be to provide decision makers with useful
feedback
Be able to explain how and why one might target the internal audience of employees via
sponsorship. - ANSWER-Why: Findings based on a survey of a trucking company with
a NASCAR sponsorship show that sponsorship affinity is positively related to
organizational commitment and willingness to satisfy customers.
Employer attractiveness is the envisioned benefits that a potential employee sees in
working for a specific organization
Book: When employees feel their firm's ads are effective and align with their values,
their pride encourages them to increase their customer focus and meet customer needs
How: Employee engagement, perks, let them work there, etc
Explain how sponsorship might go beyond traditional thinking about internal marketing. -
ANSWER-Traditional thinking about internal
marketing suggests it has three purposes:
-Development
-Reward
-Vision for employees
Be familiar with shortcomings in measurement and ways in which sponsorship is
measured. - ANSWER-Various types of measurement might be employed
including:
-Qualitative approaches
-Observation methods
-Surveys
QUESTIONS AND ANSWERS (GRADED
A+)
Be able to explain important considerations that influence sponsorship portfolio planning
- ANSWER--Don't assume they work, proactively manage sponsorships
-Learn what the sponsorship can do for
your firm and the bottom line
-Think of it as a partnership
-Take a long-term strategic perspective
-Leverage with innovative media
-Be visionary and creative in measurement
Be able to explain how one might go about a systematic sponsorship acquisition
process. - ANSWER-Proposal Acquisition: Receive sponsorship proposals,
Composition of the buying center: Look through, discard some proposals (The
interaction process: talk it over etc, &&& Buying grid: Sponsorship is being negotiated
for the first time these are part of the composition of the buying center.) Next is the
purchase decision and finally: The selection of the preferred sport Sponsorship
Property: Implemented, communicated to property
What is meant by the idea of "option space"? - ANSWER-Tomato metaphor:Gardening
metaphor:
Options as Tomatoes
-Ripe and Perfect
- Rotten
- Edible and could be picked
but would benefit by saying on the vine
- Not yet edible and thus, there is no point in picking them now, however, they may
ripen
Be able to apply your understanding about how sponsorships in a portfolio work
together to build things like image and personality of a brand. - ANSWER-A
Communications Perspective:
Sponsorship Portfolio as a brand-‐‐image creation
strategy
-Sponsorship Portfolio Defined: the collection of
brand and/or company sponsorships comprising sequential and/or simultaneous
involvement with
events, activities and individuals (usually in sport, art and charity) utilized to
communicate with various audiences
, Think of ways in which "brand pillars" might play a role in sponsorship. - ANSWER-
defines brand pillars as the most
important attributes and principles that you want communicated through your brand.
Examples of brand pillars are Quality,
Expertise, Passion, Natural Ingredients, Community Involvement
and Honesty.
Be able to explain the difference between measurement and evaluation. - ANSWER-
Measurement: Measurement is the process observing and recording the observations
that are collected as part of a research effort.
Evaluation: can be thought of as the systematic acquisition and assessment of
information to provide useful feedback about some object.
-Important is that it is systematic
-It could apply to a program, policy, person, or activity
-The goal of evaluation in sponsorship should be to provide decision makers with useful
feedback
Be able to explain how and why one might target the internal audience of employees via
sponsorship. - ANSWER-Why: Findings based on a survey of a trucking company with
a NASCAR sponsorship show that sponsorship affinity is positively related to
organizational commitment and willingness to satisfy customers.
Employer attractiveness is the envisioned benefits that a potential employee sees in
working for a specific organization
Book: When employees feel their firm's ads are effective and align with their values,
their pride encourages them to increase their customer focus and meet customer needs
How: Employee engagement, perks, let them work there, etc
Explain how sponsorship might go beyond traditional thinking about internal marketing. -
ANSWER-Traditional thinking about internal
marketing suggests it has three purposes:
-Development
-Reward
-Vision for employees
Be familiar with shortcomings in measurement and ways in which sponsorship is
measured. - ANSWER-Various types of measurement might be employed
including:
-Qualitative approaches
-Observation methods
-Surveys
