Question 1

Sport marketing, and its operational underpinning of marketing management, were probably first enunciated in which year, according to Shilbury et al. 2014:&#10;A) 1978&#10;B) 1980&#10;C) 1984&#10;D) 1988

Accepted Answer

According to Shilbury et al. 2014, sport marketing and its operational underpinning of marketing management were first enunciated in 1978.

Question 2

Sport marketers require knowledge of their external environment (the so-called PEST analysis). Which of these is not part of the PEST analysis:&#10;A) political&#10;B) economic,&#10;C) Social&#10;D) Territory

Accepted Answer

The four elements of the PEST analysis are political, economic, social, and technological. Territory is not a factor considered in the PEST analysis.

Question 3

It is claimed by Erb et al that the financial value of the All Blacks brand was not fully appreciated until the professional rugby era, which was from:&#10;A) 1995 onwards&#10;B) 1998 onwards&#10;C) 2001 onwards&#10;D) 2004 onwards

Accepted Answer

Erb et al state that the financial value of the All Blacks brand was not fully appreciated until the professional rugby era, which began in 1995.

Question 4

While gaining and gathering information is part of the marketing function, storage and retrieval of that information is also required. Often this is managed using a:&#10;A) Marketing information system&#10;B) Market segmentation system&#10;C) Marketing insight process&#10;D) Market systems analysis

Accepted Answer

A marketing information system is specifically designed to gather, store, and retrieve marketing information, making it the best choice for managing the collection and storage of marketing data. Market segmentation systems are used to categorize customers into specific groups, while marketing insight processes focus on analysis and interpretation of data.  Market systems analysis is a broader concept that encompasses analysis of market trends, competitor activities, and external factors affecting the market.

Question 5

Stanton et al. (1995) suggest that market segmentation is the process of dividing,&#10;A) The total heterogeneous market for a product or service into several segments&#10;B) The total homogeneous market for a product or service into several segments&#10;C) The total market for a product or service into several segments&#10;D) The total market for a product or service in half

Accepted Answer

Market segmentation involves dividing the total heterogeneous market for a product or service into several segments, each of which tends to be homogeneous in all significant aspects.

Question 6

Businesses report a summary of their financial transactions in a number of standard formats. Highlight the odd one out below:&#10;A) Income statement&#10;B) balance sheet&#10;C) cash flow statement&#10;D) Transaction statement

Accepted Answer

The odd one out is D - Transaction statement. The other options are all standard financial statements used by businesses to report their finances. A - Income statement shows the revenue, expenses and profit/loss of the business during a specific period of time. B - Balance sheet shows the assets, liabilities and equity of the business at a specific point in time. C - Cash flow statement shows the inflow and outflow of cash in the business during a specific period of time.

Question 7

According to the established literature, what is the first principle of business:&#10;A) Make a profit&#10;B) Manage its human resources effectively&#10;C) Operate within the resources allocated to them and to be in a position whereby the business is well set to continue trading.&#10;D) Expand its reach internationally

Accepted Answer

The first principle of business is to ensure that the business operates within the resources allocated to them and to be in a position whereby the business is well set to continue trading. This involves managing finances effectively, controlling costs, and maintaining a sustainable model for growth. Making a profit, managing human resources effectively and expanding reach internationally are important goals, but they are secondary to the principle of operating within allocated resources to ensure long-term viability of the business.

Question 8

Organisational business planning can be summarised as an analysis of four key questions. Which of these is the odd one out (i.e. should not be included):&#10;A) Where are we now?&#10;B) Who is responsible for this?&#10;C) Where are we going?&#10;D) How are we going to get there?

Accepted Answer

While all four questions are important in organisational business planning, the odd one out is B because it doesn't directly relate to the analysis of the current situation, future goals, or strategies for achieving those goals. Instead, it focuses on assigning responsibility, which is important but not necessarily a core aspect of business planning.

Question 9

Whatever the objectives of an organisation, they need to have certain qualities that enable them to be measured. These qualities are contained within the mnemonic 'MASTER'. Which of the five descriptors listed below is wrong?

A) Measurable. For example, a profit of £3m in the financial year, or simply to break even
B) Achievable. The organisation must have the capability to attain its objectives; capability means staff, other resources and competitive advantage
C) Specific. Objectives must be specific,e.g. £3m profit, not 'to do well this year'
D) Time limited. Objectives must have a stated date for being achieved
E) Ends related. Objectives must relate to achieving outputs (ends) rather than describing means (how)
F) Random. It is important that these qualities are random in nature to ensure their representativeness.

Accepted Answer

The descriptor "random" is not a quality contained within the mnemonic 'MASTER'. It is important for the qualities to be related and representative, not random.

Question 10

In terms of budgeting processes there are two common ways in which budgets tend to be compiled. Highlight these two methods from the choice of four below:&#10;A) Continuation budgeting&#10;B) Zero-based budgeting&#10;C) Profit orientated budgeting&#10;D) Profit and Loss Budgeting

Accepted Answer

The answer of In terms of budgeting processes there are...

Deck 7: Budgeting and Budgetary Control in Sport and Sport Marketing Management and Communication