Sports And Entertainment Marketing Exam One Review

Front 1

marketing

Back 1

the process of developing, promoting, and distributing products, or goods and services to satisfy customers' needs and wants.

Front 2

marketing concept

Back 2

idea that organizations need to satisfy their customers while also trying to reach their organizations' goals.

Front 3

market

Back 3

potential customers with shared needs who have the desire and ability to buy a product.

Front 4

needs

Back 4

a lack of basic necessities such as food, clothing, or shelter.

Front 5

wants

Back 5

things that people desire based on personality, experiences, or information about a product.

Front 6

target market

Back 6

a specific group of consumers than atn organization selects as the focus of its marketing plan.

Front 7

demographics

Back 7

statistics that describe a population in terms of personal characteristics.

Front 8

marketing mix

Back 8

a combination of four basic marketing strategies, known as the 4 P's - product, price, place, and promotion.

Front 9

channel of distribution

Back 9

path a product takes from the producer to the consumer.

Front 10

economics

Back 10

the study of the choices and decisions that affect marketing, distributing, and using goods and services.

Front 11

GDP(gross domestic product)

Back 11

the value of all goods and services produced within a country.

Front 12

profit

Back 12

the money left after all costs and expenses of a business are paid.

Front 13

competition

Back 13

as a characteristic of free enterprise, the struggle among companies for customers.

Front 14

copyright

Back 14

the legal protection of a creator's intellectual property or products.

Front 15

consumers

Back 15

people who use products.

Front 16

discretionary income

Back 16

money left to spend after necessary expenses are paid.

Front 17

kinetoscope

Back 17

a device used to view a sequence of moving pictures.

Front 18

vendors

Back 18

sellers of products.

Front 19

product

Back 19

a good or service that any for-profit industry sells to its customers.

Front 20

core product

Back 20

the main product, such as sports event, movie, stage show, or book.

Front 21

ancillary product

Back 21

a product related to or created from the core product.

Front 22

revenue

Back 22

gross income.

Front 23

piracy

Back 23

the unauthorized use of an owner's or creator's music, movies, or other copyrighted material.

Front 24

royalty

Back 24

a payment for material that has been copyrighted, or legally declared as belonging to the creator.

Front 25

product tie-in

Back 25

use of ancillary products such as merchandise as promotional tools.

Front 26

cross promotion

Back 26

any form of communication through which one industry relies on another industry to promote its product.

Front 27

synergy

Back 27

a combined action that occurs when products owned by one soure promote the growth of related products.

Front 28

risks

Back 28

unforeseen events and obstacles that can negatively affect business.

Front 29

risk management

Back 29

a strategy to offset business risks.

Front 30

consumer loyalty

Back 30

consumers' attitude that occurs when they are happy with a company and become repeat cutomers.

Front 31

sponsorship

Back 31

the promotion of a company in association with a property.