Sports and Entertainment marketing quiz 1

Marketing
process of developing promoting and disturbing products to satisfy customers’ needs and wants.
Marketing Concept
the idea that organizations need to satisfy their customers while also trying to reach their goals
Market
potential customers with shared needs who have the desire and the ability to buy a product
Needs
basic necessities, food clothing and shelter
Wants
these are things that we desire based on personality, experiences or information on a product
Target market
a specific group of consumers an organization selects as the focus of its marketing plan
Demographics
statistics that describe a population in terms of personal characteristics
Marketing mix
combing the four basic marketing strategy’s; product price place and promotion
Channel of distribution
this is the path a product takes in getting from the producer to the consumer
Competition
struggle among companies for customers
Economics
study of the choices and decisions that affect making distributing and using goods and services
GDP
value of all goods and service produced within a country
Profit
money left after all costs and expenses are paid
Copyright
legal protection of a creators intellectual property or products
Patent
this protects an inventor on their invention for 20 years
Limited partnership
all partners do not have unlimited financial liability