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Terms in this set (25)A celebrity's appearing in a commercial for a soft drink while wearing a certain brand of clothing and holding a certain brand of tennis racquet is an example of cross-promotion. Cross-promotion. Cross-promotion occurs when a celebrity endorses more than one product, or products for another
company. Then, all the companies gain from the increased awareness because consumers associate the celebrity with all the products. An example of cross-promotion is a celebrity appearing in a commercial for a soft drink while wearing a certain brand of clothing and holding a certain brand of tennis racquet. All three products benefit even though the commercial is for the soft drink. Public relations is a function of business designed to establish good relations between the business and the
public. Team-building is the use of In the private sector, naming rights are a financial transaction and form of advertising. In the private sector, naming rights are a financial transaction and form of advertising whereby a corporation or other entity purchases the right to name a facility or event, typically for a defined period of time Which of the following is an example of a celebrity endorsing an event simply by being associated with it? attending a grand opening Attending a grand opening. Some endorsements involve paying celebrities to use their pictures on a product or label or to appear at an event. This is a way of endorsing a product or event simply by being associated with it. The celebrity doesn't say the product or event is great, but that is what consumers usually think. An example is a celebrity attending a grand opening to attract customers. Endorsing an event simply by being associated with it does not involve appearing in a print ad, saying a tournament is great, or cheering for a football team. Why do large fund-raisers and major sporting events often invite celebrities to participate? to increase attendance To increase attendance. Marketers also use celebrities to promote events, which range from large fundraisers for charities or politicians to local amateur tournaments. The purpose of inviting celebrities to participate is to increase attendance. For example, on opening day of baseball season, most ballparks have a celebrity throw out the first ball. Fans come not only to see the game, but to see the celebrity. Although some celebrities may be asked to entertain at an event, that is not the main reason for inviting them. They are invited to increase attendance rather than make donations or sell concessions. Why are people more likely to buy products that celebrities endorse? People want to be associated with celebrities. People want to be associated with celebrities. People are more likely to buy products that celebrities endorse because people want to be associated with famous actors, well-known athletes, and winning teams. That's why people pay to go to fund-raisers that celebrities attend and drink the soft drinks that celebrities endorse. Celebrities endorse all types of products, not necessarily only the best products or the products that everyone needs. People do not buy products to contribute to a celebrity's income because most people believe that celebrities are wealthy. What must a celebrity endorsement always reflect? honest opinion of the endorser Honest opinion of the endorser. According to the Federal Trade Commission (FTC), endorsements must always reflect the honest opinions, findings, beliefs, or experience of the endorser. These endorsements may not misrepresent the celebrity's experience with a product or be deceptive in any way. Endorsements usually reflect the findings of the business, but they must go beyond that and also reflect the honest opinion of the endorser. Endorsements do not reflect the experiences of most customers or the beliefs of other advertisers. Why must businesses that use celebrity endorsers follow the rules and guidelines established by the Federal Trade Commission? Endorsements are a form of advertising. Endorsements are a form of advertising. Businesses that use celebrity endorsers must follow the Federal Trade Commission's rules and guidelines regarding advertising because endorsements are a form of advertising. Celebrities do not limit competition. The Federal Communications Commission regulates television stations. Businesses do not need permission from the Federal Trade Commission to use celebrities. Which of the following is a true statement about using celebrity sport figures to endorse products? All types of businesses use well-known athletes. All types of businesses use well-known athletes. All types of businesses use celebrity sport figures to endorse their goods and services. Even businesses that have no connection whatsoever with sports or events pay well known athletes to be endorsers. These endorsements are successful because of the athlete. Retailers and service businesses are examples of businesses that use celebrity sport figures to endorse products. Celebrities endorse both tangible and intangible products. A primary reason that many colleges and universities sell the naming rights for their new football stadiums or basketball arenas is to help pay for construction expenses. Help pay for construction expenses. It is very expensive for colleges and universities to build new sport facilities. Selling naming rights to the facilities is one way for colleges and universities to offset the construction expenses. By allowing an individual or business to buy the right to name the facility, the college or university may not need to increase ticket prices to events, or increase college tuition to pay for the construction expenses. Naming rights often sell for millions of dollars. Although it is possible that an individual or business would purchase the naming rights for a sport facility to honor a former student-athlete, it is more likely that a business would the buy the naming rights for promotional purposes, such as media exposure. Selling naming rights might create buzz and publicity for the college or university for a short period of time, but short-term publicity won't cover the costs of building a multi-million dollar facility. Fans attend sporting events because they support their school and team, not because they like the name of the building One of the benefits of using celebrities to endorse products is that the celebrities attract attention. Attract attention. One of the main benefits of using celebrities to endorse products is that the celebrities attract attention. Celebrities have a lot of appeal because of their fame and because the public is curious about them. As a result, people are more likely to read an ad, watch a commercial, or attend a special event featuring a celebrity rather than an ordinary, unknown person. Most celebrities expect to be paid to endorse products. Celebrities are not necessarily well informed about the products they endorse. Celebrities often have busy schedules which limit their availability. A celebrity who is paid to use a product and discuss its effectiveness during a lengthy TV commercial is giving a(n) testimonial. Testimonial. A testimonial is a statement by an identified user of a product proclaiming the benefits received from the use of the product. A celebrity who is paid to use a product and discuss its effectiveness during a lengthy TV commercial, or infomercial, is actually giving a testimonial for the product. During the infomercial, the celebrity explains why the product is good and why consumers should buy it. An interview is a meeting during which information is obtained. During an infomercial, the celebrity usually follows a script rather than making a personal observation. A sales presentation involves a salesperson showing a customer the benefits of the product's features. What does one Federal Trade Commission regulation prohibit businesses from doing with celebrity endorsements? rewording statements Rewording statements. The Federal Trade Commission states that endorsements may not be presented out of context or reworded to distort the endorser's opinion or experience with a product. This means that a company cannot use only part of what a celebrity says to make it sound like the celebrity believes in a product. To avoid this problem, businesses generally use exact quotations. Businesses are not prohibited from including photographs or reprinting advertisements. If an endorsement features a celebrity wearing a watch, then the celebrity must be an actual user. An actual user. If an advertisement indicates that the endorser uses the product, then the endorser must be an actual user. If the endorser stops being a user, then the Federal Trade Commission requires that the company stop running the advertisement. For example, if an ad features a celebrity wearing a watch, then the
celebrity must really be a user and continue to be a user. Celebrities usually are paid to appear in ads, but that is not a requirement. Most celebrities are not qualified experts unless they are endorsing products related to their field, One reason companies seriously consider the benefits before hiring a celebrity endorser is because the use of celebrities can be extremely expensive. Extremely expensive. Hiring celebrities to endorse products can be extremely expensive. Some superstars have multimillion-dollar contracts as high as $50 million-$100 million over a period of years for the use of their name. Even less famous celebrities, or celebrities who have retired, often receive millions of dollars to be endorsers. Therefore, companies seriously weigh the benefits of hiring a "name" in relation to the costs involved. Using celebrity endorsers is not necessarily controversial, potentially illegal, or deceptive. Athletes are often considered to be particularly effective promoting products related to their sport. Sport. Celebrity endorsers are often considered to be particularly effective promoting products related to their sport. Their endorsement has a certain amount of authority because they know a lot about those products. Consumers assume they know about the products because they are prominent in that particular sport. Athletes usually are not necessarily effective in promoting products simply because of their background, education, or lifestyle. In fact, their background and lifestyle may be controversial and have a negative effect on endorsements.
In which of the following situations might a celebrity endorser have a negative effect on a product? Celebrity does something inappropriate or illegal. Does something inappropriate or illegal. Celebrity endorsers can sometimes have a negative effect on a product, particularly if the celebrity develops an image problem. If celebrities do something inappropriate or illegal, they might transfer their reputation to a product. Companies often worry that they'll somehow be damaged simply because of guilt by association. Many retired athletes and entertainment figures are effective endorsers. Celebrity endorsers do not have a negative effect on a product when they appear in ads for other types of products or lose major tournaments. Which of the following is an example of a company using a celebrity as an expert to endorse a product? A professional bowler endorsing a brand of bowling balls. A professional bowler endorsing a brand of bowling balls. If companies use celebrities as experts to endorse products, the Federal Trade Commission requires that the celebrity have the necessary qualifications to be an expert. For example, it is all right for a professional bowler to endorse a particular brand of bowling balls if the bowler has tried various brands and selected one as the most effective. The professional bowler is considered an expert in that area. An actor is probably not qualified to be an expert endorser of a brand of breakfast cereal or a brand of tennis racquets. A professional golfer is probably not qualified to endorse a brand of pain medication The most commonly used type of endorsement involves paying a celebrity to advertise a product. Advertise a product. The most commonly used type of endorsement involves paying celebrities to appear in ads and say what the company wants them to say. It simply involves having the person appear in a print or broadcast advertisement and talk about how great the product is. Other types of endorsements include paying celebrities to use a brand of equipment, wear a certain brand of clothing, or appear at an event. However, these are not the most commonly used types of endorsements. A primary reason that large businesses purchase the naming rights to a new sport/event facility is because it provides exclusivity and has potential to maximize exposure. Provides exclusivity and has potential to maximize exposure. Purchasing the naming rights to a facility or event is very expensive. Because it often provides an exclusive association with the sport/event organization, the purchaser receives high amounts of exposure. In addition, an exclusive relationship is more likely to reduce media clutter and increase name recognition. An organization purchasing naming rights generally makes the investment to create or maintain a certain image. However, the purchase does not guarantee that fan-base loyalty will increase. Fan-base loyalty is driven by many factors including team performance. Purchasing naming rights to a facility does not reduce the need to pursue other promotional activities For properties like a multi-purpose arena, performing arts venue or an athletic field, the typical term for naming rights ranges from 3 years to 20 years. For properties like a multi-purpose arena, performing arts venue or an athletic field, the typical term ranges from three to 20 years. Longer terms are more common for higher profile venues such as a professional sports facility Which of the following is an example of a celebrity promoting a service? A professional golfer endorsing a credit card. A professional golfer endorsing a credit card. Sometimes, marketers use celebrities to promote services such as credit cards and health services. Although celebrities are most often used to endorse tangible items on the retail level, they are sometimes used to endorse services. Advertising gas grills, recommending exercise equipment, and wearing a brand of athletic shoes are examples of promoting tangible items. Which of the following is an example of a celebrity endorser? A well-known person promoting a product. A well-known person promoting a product. A celebrity endorser is a well-known person who approves, promotes, or supports a good or service, usually for pay. Many well-known athletes and entertainers are paid to endorse a wide variety of sport-related products and events. A publicist writing advertising copy, a college student posing for a print ad, and a business owner appearing in a commercial are not examples of celebrity endorsers. What might a sports organization offer a business to encourage that business to sponsor an event? naming rights Naming rights. A sponsor is a business that pays to associate its name or products with a sporting event. To encourage businesses to sponsor events, sports organizations sometimes offer a business the right to include its name with the name of the event. For example, McDonald's sponsors several golf events, and its name is part of the title, such as the McDonald's LPGA Championship. In return for the naming rights, the business pays a significant amount of money that helps to support the event. Sponsors do not receive a percentage of the profits. In fact, their financial contribution often is needed to make the event possible. Sponsors are not partial owners. They can decide at any time to withdraw financial support, which means the event needs to find another sponsor. Advertising is not free. One of the problems of using celebrity endorsers who are very well known is that they often __________ the product. overshadow Some celebrities are so well known that they detract from the product they're endorsing. The celebrities become the focus of the ad or commercial rather than the product. Consequently, some companies choose not to use celebrities or to use less well-known celebrities who will not overshadow the product. Celebrity endorsers who are very well known do not add to the cost of the product or lower the quality of the product. Celebrities tend to reinforce a product, which is a benefit rather than a problem. Why do some businesses pay college and high school sport teams to wear a manufacturer's clothing? to influence other students To influence other students. Paying college and high school sport teams to wear a manufacturer's clothing is a variation of the endorsement that involves paying celebrities to wear a certain brand of clothing or use a certain brand of equipment. The athletes on these teams are celebrities on the local level and have an influence on their fellow students. The hope is that other young
people will want to buy the clothing because they are influenced by what the athletes are wearing. The student athletes are suggesting their approval rather than Sets with similar terms.25 terms Tiara_May Chapter 478 terms casl13 marketing #120 terms 27fieldhockey Practice Test- "Endorsements" (Objectives A&B)18 terms alayna_trombley Sets found in the same folderS&E Marketing Unit 1 Review52 terms emihope31 Chapter 110 terms aerikss Careers in Sports6 terms arissakm Other sets by this creatorChart Your Channels-Channel Management33 terms Jandrad123 LAP It's a Brand, Brand, Brand World!20 terms Jandrad123 Spread The Word: Promo Mix21 terms Jandrad123 Know Your Options8 terms Jandrad123 Verified questions
QUESTION Is the debt level that maximizes a firm’s expected EPS the same as the debt level that maximizes its stock price? Explain. Verified answer
QUESTION Find the present values of these ordinary annuities. Discounting occurs once a year. a. $600 per year for 12 years at 8%. b.$300 per year for 6 years at 4%. c. $500 per year for 6 years at 0%. d. Rework parts a, b, and c assuming they are annuities due.. Verified answer QUESTION Find the interest rates earned on each of the following: a. You borrow $720 and promise to pay back$792 at the end of 1 year. b. You lend $720 and the borrower promises to pay you$792 at the end of 1 year. b. You lend $720 and the borrower promises to pay you$792 at the end of 1 year. d. You borrow $15,000 and promise to make payments of$4,058.60 at the end of each year for 5 years. Verified answer
QUESTION Your firm sells for cash only, but it is thinking of offering credit, allowing customers 90 days to pay. Customers understand the time value of money, so they would all wait and pay on the 90th day. To carry these receivables, you would have to borrow funds from your bank at a nominal 9%,daily compounding based on a 360-day year.You want to increase your base prices by exactly enough to offset your bank interest cost. To the closest whole percentage point, by how much should you raise your product prices? Verified answer Recommended textbook solutions
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What is the main advantage of using a celebrity to endorse a product quizlet?Attract attention. One of the main benefits of using celebrities to endorse products is that the celebrities attract attention. Celebrities have a lot of appeal because of their fame and because the public is curious about them.
What must a celebrity endorsement always reflect?(a) Endorsements must reflect the honest opinions, findings, beliefs, or experience of the endorser.
Are the use of celebrities to endorse a product advertisement?Celebrity branding or celebrity endorsement is a form of advertising campaign or marketing strategy which uses a celebrity's fame or social status to promote a product, brand or service, or to raise awareness about an issue.
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Which of the following is a true statement about using celebrity sport figures to endorse products
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