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| Marketing | defined as the 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’ goals. |
| Market | consists of potential customers with shared needs who have the desire and ability to buy a product. |
| Need | a lack of basic necessities such as food, clothing, or shelter. |
| Wants | things that people desire based on personality, experiences, or information about a produc |
| 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. |
| Marketing Mix | a combination of four basic marketing strategies, known as the 4 P’s--product, price, place, and promotion. |
| Channel of Distribution | path a product takes from the producer to the consumer. |
| 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 a country. |
| Profit | the money left after all costs and expenses of a business are paid. |
| Competiton | as a characteristic of free enterprise , the struggle among companies for customers. |
| Copyright | the legal protection of a creator’s intellectual property or products. |
| The 4 Types of Business Ownership | Sole Proprietorship, Partnership, Corporation, Subchapter S Corporation |
| Goods | tangible products such as sports equipment. |
| Services | intangible products such as theater tickets. |
| The 4 P's of Marketing | product, price, place, promotion. |
| The three characteristics of a free enterprise system | profit, risk, and competition. |
| Consumers | people who use products. |
| Discretionary Income | money left to spend after necessary expenses are paid. |
| Kinetoscope | a device used to view a sequence of moving pictures. |
| Vendors | 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. |
| Endorsement | approval or support of any product or idea, usually by a celebrity. |
| Core Product | the main product, such as sports event, movie, stage show, or book. |
| Ancillary Product | a product related to or created from the core product. |
| 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. |
| 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. |
| The key figure in the development of sports marketing | William “Bill”Veeck. |
| An example of a core product (main product) | Movie |
| An example of a ancillary product | theme park ride |
| Sports Marketing | defined as 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 | a national organization that governs college athletics and oversees important decisions pertaining to athletics. |
| 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 | sports that involve nontraditional, daring methods of athletic competition. |
| The four main categories of sports | amateur sports, high school sports, college sports, and professional sports. |
| Title IX was passed in | 1973. |
| Sports Consumer | a person who may play, officiate, watch, or listen to sports, or read, use, purchase, and/or collect items related to sports. |
| Market Segmentation | a way of analyzing a market by specific characteristics to create a target market. |
| Sports Products | the goods, services, ideas, or a combination of those things related to sports that provide satisfaction to a consumer. |
| Tangible Products | physical goods that offer benefits to the consumer. |
| Intangible Products | a nonphysical service such as tennis lessons, personal training, and sports camps. |
| Product Line | a group of closely related products manufactured and/or sold by a company. |
| Product Mix | the total assortment of products that a company makes and/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 good or service within a given area. |
| Grassroots Marketing | refers to marketing activity on a local community level. |
| The four characteristics needed to analyze the market segmentation of sports consumers | geographics, demographics, psychographics, and product benefits. |
| The six functions of an infrastructure of a community are | power and water supplies, public transportation, telecommunications, roads, and schools, |
