| A | B |
|---|
| Marketing | the process of developing, promoting, pricing and distributing products in order to satisfy customers’ needs and wants. |
| Sports marketing | the involvement of sports to develop, promote, and distribute goods and/or services to satisfy the wants and needs of consumers. |
| Entertainment marketing | the involvement of entertainment to develop, promote and distribute goods and/or services to satisfy the wants and needs of consumers. |
| Goods | athletic shoes and CDs |
| Services | going to a theme park or to see the Durham Bulls play baseball. |
| Financing | obtaining the money needed to finance the operation of a business. |
| Selling | determining customer needs and wants and responding to those needs and wants through communication intended to influence purchase decisions and ensure satisfaction |
| Distribution | the transporting, storing and handling of goods on their way from the manufacturer to the consumer. |
| Marketing mix | The four Ps (product, price, place and promotion) |
| Target market | the group of consumers that a company desires to have as customers. |
| Psychographic segmentation | divides the market based on values, attitudes and lifestyles. |
| Behavioral segmentation | divides the market into groups based on what they are looking for in a product and why they buy the product. For example, purchasing Nike shoes because Michael Jordan wears them. |
| Customer | The person that buys the product or service |
| Consumer | the person that uses the product or service |
| Promotion | communication used to inform, persuade, or remind people about a business’s products |
| Market segmentation | dividing the entire market into smaller groups who share similar characteristics. |
| Demographic segmentation | divides the market based on personal characteristics such as age, gender, income, ethnic background, education and occupation. |
| Geographic segmentation | divides a market based on where a person lives |
| Market | the group of all potential customers who share common needs and wants, and have the ability and willingness to buy the product |
| Product management | concepts and procedures necessary to obtain, develop, maintain, and improve a product |
