| A | B |
|---|
| selling | is any direct and personal communication with customers to assess and satisfly their needs |
| gross impression | is the number of times per advertisement, game or show that a product or service is associated with an athlete, team or entertainer |
| marketing | is the creation and maintenance of satisfying exchange relationships |
| discretionary income | is the amount of money individuals have available to spend after paying for the necessities of life and other fixed expenses |
| marketing information management | involves gathering and using information about customers to improve business decision making |
| entertainment | is whatever people are willing to spend their money and spare time viewing |
| distribution | Involves the locations and methods used to make products available to customers |
| demographics | involve the age range, marital status, gender and income level of individuals in a group |
| product | is what a business offers customers to satisfy needs |
| ratings | involve the number of viewers the programming attracts |
| marketing mix | is the blending of the 4 marketing elements: product, distribution, price and promotion |
| return on investment | is the income that investment provides for the investor |
| liable | when someone is ______, they are legally responsible for damages |
| macroeconomics | is the study of economics of the entire society |
| forecast | is developed to predict the cost of expenses and expected revenues from an event |
| character development | can be divided into stages in which people advance from childish behavior to mature and responsible behavior based on principles |
| budget | a plan for how a business will spend money |
| time utility | is the result of making a product or service available when the consumer wants it |
| revenue | is the money a business receives for the sale of the goods or services |
| ethics | are a system of deciding what is right and wrong in a reasoned and impartial manner |
| economic utility | The amount of satisfaction a person receives from the consumption of a particular product or service |
| principles | High standards or guidelines are referred to as _____ |
| risk retention | occurs when a business assumes the cost of a risk |
| Breakeven point | the point at which all of the expenses for producing a product are covered |
| Benefits Derived | the value that people believe they receive from a product or service |
| Marketing Concept | The ____ is focused on satisfying customer needs. |
| Demographic | segmentation is based upon age, gender, income and eductation |
| Emotional | purchases made with little thought during highs and lows |
| Patronage | purchases are based on loyality to a particular brand or product |
| Productivity | the rate at which companies produce goods or serivces in relation to the amount of materials and number of employees utilized |
| Compariative Advantage | the capability to produce produect or services more efficienctly and economically than the competition |
| Market Share | the percentage of total sales of a product or service that a company expects to caputre in relation to its competitors |
| Customer Service Gap | The difference betweem what customers expect and the service they receive from a business |
| Target market | a specific group of consumers that a company wants to reach |
| Maslow’s Hierarchy | includes the 5 major areas of human need |
| applied research | researched conducted to solve problems |
| interpretation | explaining the information so that it has meaning and drawing conculsions that relate to the defned marketing research problems |
| marketing intelligence | information gathered about competitors |
| marketing plan | a precisely written document that describes the tactics and strategies that will be used to market a product or service |
| mass market | a broad group of customers |
| mission statement | identifies the nature of the business and the reason it exists |
| test marketing | trying ou the sales potential for a new product in a small market area proir to its final release nationwide |
| strategies | the process by which the tactics are implemented |
| trade shows | major events where people in a related industry meet to show their products, exchange ideas, learn about the lates trends, and so forth |
| touchpoints | any means by which the business makes conatct with customers |
| product life cycle | includes introduction, growth, mautrity and decline |
| blue chip | athletes who are highly talented and demonstrate good character and leadership qualitites |
| fringe benefits | are incentives received in addition to the base salary |
| skimming price | strategy introduces a new product at a very high price |
| product mix | represents the final form and the total assorted features for new products |
| extensions | are items added to the product to make it more attractive to the target market |
| enhancements | are features added to the basic product to satisfy additional needs and wants with the same purchase |
| product line | is a group of similar products with slight variations to satisfy the different needs of consumers |
| brand | is the name, symbol, word, design or combination of these elements that identifies a product, service or company |
| NCAA | is the voluntary organization through which the nation’s college and unversitites govern their athletic departments |
| tiering | is a group of similar products with slight variations to satisfy the different needs of consumers |
| impromptu | refers to spontaneous and changing entertainment |
| Art-House | movies are films outside the mainstream of popular subjects, often made by independent filmmakers. |
| Cartel | is a combination of independent businesses formed to regulate production, pricing and marketing of products |
| Amphitheater | is an oval-shaped outdoor theater with tiered seating around a central staging area. |
| free enterprise | is an economic system that allows the unregulated supply and demand of products to drive the economy. |
| league | agreement controls the marketing mix and governs the distribution of professional games, including the location and number of teams. |
| mass media | provides the means to distribute an event to a large volume of people. |
| movie preview | is the release of a film to a limited number of theaters prior to its official release. |
| platform | are types of delivery systems for delivering sprots and entertainment events |
| Title IX | was an amendment in 1972 to federal education law that prohibits discrimination against females in school sports. |
| Vertical Integration | A business structure in which one company controls several different areas of the same industry is known as |
| Venue | is the facility where a sporting or entertainment event is held. |
| Wide Release | occurs when a movie is distributed nationally to a thousand or more theaters at the same time. |
| enterpreneurship | refers to the individual who take the risk of owning and operating the business |
| demand | is the relationship between the quantity of a product that conusmers are willing and able to purchase and the price |
| direct impact | the total of new spending resulting from the event |
| labor | also known as human capital |
| scarcity | created by the difference btween our limited resources and out unlimited needs and wants |
| shortage | occurs when demand is greater than the supply |
| equilibrium | the point where supply and demand curves intersect |
| land | also known as natural resources (trees, water, earth, minerals) |
| capital | includeds money, tools, buildings and equipment needed for production |
| indirect impact | the determined by the multiplier effect, meaning the portion of money speent by visitors on local goods and services that is in turn spent locally by employers and employees |
| supply | the relationship between the quantity of a product that the producer are willing and able to provide and the price |
| producers | are businesses that use resources to develop products and services and provide them to consumers |
| surplus | occurs when supply is greater than demand |
| form utility | created when the product or sevies is physically changed or improved |
| inflation | occurs when prices rise faster than consumer income |
| productivity | is the output per worker hour |
| economic utility | the amount of satisfaction or value a consumer receives from the consumption of a particular product or service |
| business cycle | know as the economic cycle, refers to the ups and downs of the economy |
| time utility | is created when a product or service is available when it is needed or wanted by consumers |
| gross domestic product | is a measure of all the final goods and services produced in a country in one year |
| place utility | created by having a good or service at the location where it is needed or wanted |
| trademark | is a device that legally identifies ownership of a registered brand or trade name |
| intellectual property | refers to the unique works of writers, artists and musicians that can be protected under copyright laws |
| public domain | coying soome else’s creative work and passing it off as your own |
| licensed product | a good or service that legally uses a logo or image owned by another company or person |
| royalty | a payment for material that has been copyrighted or legally declared as belonging to the creator |
| plagiarism | coying soome else’s creative work and passing it off as your own |
| copyright | the legal protection of a creator’s intellectual property or products |
| Promotion | any paid from of cummunication used by a company to inform, persuade or remind people about its products |
| Stop Online Piracy Act (SOPA) | a US bill introduced to expand the abiltiy of US law enforcement to fight online trafficking in copyrighted intellectual property |
| sponsorship | the underwriting an event for the purpose of gaining positive association for the brand with the event, the participant or attendees |
| media | the format used for promotion |
| FTC | the US govenrment agency that protects consumers from deceptive business practices |
| endorsement | is a person’s public expression of approval or support for a product or service |
| cross promotion | any from of communcation through which one industry relies on another industry to promote its product |
| promotional mix | the blending of differenct promotional elements/strategies |
| product tie-in | is the use of ancilary products such as merchandise as promotional tools |
| piracy | the theft of any copyrighted material, music, movies or software |
| client-side | When staff and researchers work with external research agencies, they are referred to as ________ researchers |
| descriptive | research is used when the business is aware of the problem that needs to be solved |
| syndicated research | When research is conducted by an independent company and then offered for sale to everyone in an industry |
| data mining | involves the use of powerful computers to “dig up” data needed for decision making |
| search engine | Internet sites like Google are ______ that help users find releveant web sites |
| engaged | customers are repeat customers who are completely loyal to the company’s products and services |
| exploratory | reserach is conducted when a business is unaware of the exact problem |
| marketing research | is conducted to gather data and identify solutions to marketing problems |
| Click through rate | is determined by dividing the number of time an ad is clicked on by the number of times an ad is shown. |
| polls | are surveys of people’s opintions |
| sample | is a small number of representatives of the large group |
| market research | When information is gathered that is very specifically focused on a single target market |
