Describe at least three differences between fans and customers. Describe at least four factors that affect the demand for a particular commodity. Why do many people spend money on entertainment even in periods of economic hardship? How does the core product affect the perceived value of ancillary products? Explain using an example. How is event marketing valuable for brands? Do you think it's wise for a company to spend millions of dollars for a single commercial during a vastly popular event such as the Super Bowl? Why do corporate sponsors pay athletes and entertainers to use their products? Which do you think is most important to an athlete's or entertainer's success: talent or marketing? Explain how banning performance-enhancing drugs levels the playing field for marketers. Explain why entertainers and athletes can charge so much for their events.

The correct answers are the following.

Describe at least three differences between fans and customers.

Fans show their passion, customers not. Fans commit to one team or band, customers not. Fans are loyal, customers not.

Describe at least four factors that affect the demand for a particular commodity.

The factors are, tastes, preferences, the number of people willing to buy in any given market, and the money people have to spend.

Why do many people spend money on entertainment even in periods of economic hardship?

Because humans need time to have fun, to relax, to laugh. And events are a great way to offer people those things.

How does the core product affect the perceived value of ancillary products?

Because if the core product is of value, ancillary products will help to convince consumers that they have made a good purchase.

How is event marketing valuable for brands? Do you think it's wise for a company to spend millions of dollars on a single commercial during a vastly popular event such as the Super Bowl?

Yes, event marketing not only is important for brands, it is a necessity today when there are so many competitors in the market.

If a company has the money to invest millions in advertising during the Superbowl, World Series, or the Oscar, it is fine. But the important thing is to know where your buyers are and knowing how to deliver your marketing message.

Why do corporate sponsors pay athletes and entertainers to use their products?

Because they are famous. They are public figures that attract many followers. They have a huge fan base and companies want those fans to become clients.

Which do you think is most important to an athlete's or entertainer's success: talent or marketing?

Both are important, but talent and being genuine is more important because, with marketing, you could believe them for the first time, but if they are not talented and genuine, people are going to find it sooner or later.

Explain why entertainers and athletes can charge so much for their events.

Because they are stars, they are "big names" in their fields and are followed by millions of people. And that has value in the market. That is why companies invest a lot of money hiring those athletes or artists to be part of their marketing communication efforts.

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