Sports and Entertainment Marketing 1 Objective 4.07

Yield management is a way that sport/event marketers address product pricing issues when they want to maximize revenue but have below-market stock value. unallocated resources. limited capacity. few distribution intermediaries.

C. limited capacity.

Wintergreen Ski Area knows that the area will be most successful if it bases its pricing structure o costs associated with renovations what the market will bear. total cost of the experience inelastic demand for skiing.

B. what the market will bear.

The additional cost of paying for parking and buying refreshments and programs is part of the overall __________ of attending a concert. benefit price Goal goal

B. price

In sports and entertainment marketing, the concept of price includes not only the cost of a ticket to an event but also the value of the overall experience. quality of the media advertising elements of the marketing plan. location of the facility.

A. value of the overall experience

Which of the following is a tangible benefit of purchasing a surfboard: It is the most popular brand on the market. It gives you the opportunity to join a surfing club. It allows you to spend time with your friends at the beach. It has a wrist strap to keep it connected to you in the water

D. It has a wrist strap to keep it connected to you in the water

Which of the following is a company-focused pricing objective for sport/event products: Offering the most discounts to customers Offering the lowest prices Enhancing image Achieving a price customers feel is "fair"

C. Enhancing image

Why might a sport/event organization price entry fees for a marathon below the normal rate? To establish their event as "luxury" To encourage maximum participation To create profits To meet competitors' prices

B. To encourage maximum participation

When prices go up or down, the change can affect how much of the sport/event product customers purchase. This is the general principle of elasticity. market segmentation smoothing. "total cost."

A. elasticity

Which pricing strategy sets prices lower than those of the competition? Smoothing Stretching Penetration Skimming

C. Penetration