| A | B |
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| Marketing | process of developing, promoting, and distributing products, or goods and services, to satisfy customers’ needs and wants |
| Marketing concept | the idea that organizations need to satisfy their customers while also trying to reach their organizations’ goal. |
| Market | potential customers with shared needs who have the desire and ability to buy a product. |
| Needs | basic necessities such as food, clothing, or shelter. |
| Wants | things that people desire based on personality, experiences or information about a product. |
| Target Market | a specific group of consumers that an organization selects as the focus of its marketing plan. |
| Demographics | statistics that describe a population in terms of personal characteristics. These include age, income, age, occupation, gender, ethnic background, and education level. |
| Marketing Mix | a combination of four basic marketing strategies, known as the 4 P’s, product, price, place, and promotion. To be effective, all 4 P’s in a marketing plan must focus towards the target market. |
| Channel of Distribution | The path a product takes from the producer to the consumer. Some companies have multiple channels such as a retail store and the Internet. |
| Economics | The study of the choices and decisions that affect making, distributing, and using goods and services. |
| GDP | The value of all goods and services produced within the country |
| Competition | the struggle among companies for customers. |
| Price competition | competition that is based on price follows the concept of demand elasticity and available substitutes |
| Non-Price Competition | involves factors other than price such as quality, service, or image |
| Copyright | the legal protection of a creator’s intellectual property or products. |
| Consumer | people who use products |
| Discretionary Income | the money left to spend after necessary expenses are paid |
| Vendor | sellers of products |
| Product | a good or service that any for-profit industry sells to its customers |
| Promotion | any form of communication used to persuade people to buy products through advertising, publicity, personal selling, or sales |
| Endorsement | approval or support of a product or idea, usually by a celebrity lending his or her image or name to a product. |
| Core product | the main product, includes sports events, movies, stage shows, or books |
| Ancillary Product | is a product related to or created from the core product, an example is an amusement park ride based on a movie |
| Revenue | gross income |
| Piracy | the unauthorized use of an owner’s or creator’s music, movies, or other copyrighted material |
| Royalty | a payment for material that has been copyrighted, or legally declared as belonging to the creator |
| Product tie-in | use of ancillary products such as merchandise as promotional tools |
| Cross-promotion | any form of communication through which one industry relies on another industry to promote its product |
| Convergence | the overlapping of product promotion |
| Synergy | a combined action that occurs when products owned by one source promote the growth of related products |
| Risks | unforeseen events and obstacles that can negatively affect business |
| Risk management | a strategy to offset business risks |
| Consumer loyalty | consumers’ attitude that occurs when they are happy with a company and become repeat customers |
| Sponsorship | the promotion of a company in association with a property |
| Sports marketing | all the marketing activities designed to satisfy the needs and wants of sports consumers |
| Amateur athlete | a person who does not get paid to play a sport |
| NCAA | National Collegiate Athletic Association, a national organization that governs college athletics and oversees important decisions pertaining to athlete. |
| Professional Athlete | an athlete who has the will and ability to earn an income from a particular sport |
| Title IX | a law that bans gender discrimination in schools that receive federal funds |
| Extreme sports | are sports that involve nontraditional, daring methods of athletic competition. |
| Sports consumer | a person who may play, officiate, watch, or listen to sports, or read, use, purchase, or collect items related to sports |
| Market segmentation | a way of analyzing a market by specific characteristics to create a target market |
| Tangible products | physical goods that offer benefits to the consumer |
| Sports products | the goods, services, ideas, or combination of those things related to sports that provide satisfaction to a consumer |
| Intangible product | a nonphysical service such as tennis lessons, personal training, and sports camps |
| Product line | a group of closely related products manufactured and sold by a company |
| Product mix | the total assortment of products that a company makes or sells |
| Opportunity cost | the loss of the opportunity that is passed up in order to receive something in exchange |
| Infrastructure | the physical development of an area, including the major public systems, services, and facilities of a country or region needed to make a location function |
| Sports franchise | an agreement or contract for a sports organization to sell a parent company’s goods or services within a given area |
| Grassroots marketing | marketing activity on a local community level |
