Sports and Entertainment Marketing Terms

Marketing
The creation and maintenance of satisfying exchange relationships.
Marketing Mix
Describes how a business blends the four marketing elements of product, distribution, price, and promotion.
Product
What a business offers customers to satisfy needs
Price
The amount that customers pay for products and services.
Promotion
Ways to make customers aware of products and encourage them to buy using advertising and other forms of communication to distribute information about products, services, images, and ideas to achieve a desired outcome.
Discretionary Income
the amount of money individuals have available to spend after paying for the necessities of life and other fixed expenses, such as housing and car payments.
Demographics
common characterists of a group, such as age range, marital status, gender, ethnic background, income level, and education level
Sports Marketing
using sports to market products
Gross Impression
the number of times per advertisement, game, or show that a product or service is associated with an athlete, team, or entertainer
Entertainment Marketing
influencing how people choose to spend their time and money on entertainment
Entertainment
Whatever people are willing to spend their money and spare time viewing rather than participating in
Ratings
the number of viewers the programming attracted
Profit
the amount of money remaining from revenues after all expenses are paid
Profit Motive
making decisions to use resources in ways that result in the greatest profit
Economics
The study of how goods and services are produced, distributed, and consumed
Economic Utility
the amount of satisfaction a person receives from the consumption of a particular product or service
Risk
The possibility of financial gain or loss or personal injury
Risk Management
preventing, reducing, or lessening the negative impacts of risk by using the strategies of risk avoidance, risk insurance, risk transfer, and/or risk retention
Liable
The business is legally responsible for damages and might have to pay for the medical costs and other losses suffered by an injured person
Ethics
a system of deciding what is right or wrong in a reasoned and impartial manner
Principles
the high standards of rules and guidelines in both business and personal life
Returns of Investment
the income from a venture that is distributed to investors
Forecast
A report developed to predict the expenses to be incurred and revenues to be received from an event
Budget
a plan for how available funds will be spent
Balance Sheet
shows all the company’s assets and its liabilities at a specific point in time
Income Statement
shows all revenues received and all expenses incurred over a specific period of time
Marketing Concept
a business keeps the focus of satisfying customer needs
Productivity
The rate at which companies produce goods or services in relation to the amount of materials and number of employees utilized
Break Even Point
the minimum attendance and sales required to cover all of the expenses of organizing, promoting, and running the event
Opportunity Cost
the value of the next best alternative that you forgo when making a choice
Economic Market
all of the consumers who will purchase product or service
Benefits Derived
the value people believe they receive from a product or service
Comparative Advantage
the capability to produce products or services more efficiently and economically than the competition
Emotional Purchases
Purchases you make without much thought
Rational Purchases
Purchases based upon careful though and sound reasoning that take place when individuals recognize needs and wants, assess their priorities and budget, conduct research, and compare alternatives
Patronage Purchase
purchases based on loyalty to a particular brand or product
Target Market
a specific ground of consumers you want to reach
Market Segment
a group of consumers within a larger market who share one of more characteristics
Market Share
the percentage of total sales of a product or service that a company expects to capture in relation to its competitors
Tactic
the way a product or service is differentiated in the minds of customers from other competing products or services
Strategies
The processes by which tactics are implemented
Marketing Intelligence
information gathered about competitors
Mission Statement
identifies the nature of the business and the reason it exists
Mass Market
broad group of customers
Product Portfolio
all the products a company has available for customers at any one time
Test Marketing
the sales portential for a new product is tried in a regional, or otherwise small, market prior to its final release nationwide or worldwide
Product Mix
a new product’s final form and its total assorted features, including brand name, the various products offered under the brand, and the packaging
Product Extensions
items added to a product to make it more attractive to the target market, including guarantees, warranties, and instructional information
Product Enhancements
Features added to the basic product that satisfy additional needs and wants in the same purchase
Product Line
a group of similar products with slight variations to satisfy the different needs of consumers
Brand
the name, symbol, word, design, or combination of these elements that identifies a product, service, or company
Trademark
the legal protection of words and symbols used by a company
Licensed Brand
a well-known name or symbol established by one company and sold for use by another company to promote its products
Fringe Benefits
incentives received in additional to a base salary, such as medical insurance, use for an organization’s vehicles, and paid travel
Free Enterprise
an economic system that allows the unregulated supply and demand of products to drive the economy
Amphitheaters
oval-shaped outdoor theater with tiered seating around a central staging area
Venue
the facility where live performances are held
Mass Media
a term used to describe a means of distributing an event to a large volume of people, including radio, television, and the internet
Platforms
types of delivery systems for sports and entertainment
Advertising
A paid form of communication delivered by a product maker or seller to consumers
Product Placement
a product is integrated into the plot of a movie or television show
Publicity
any unpaid media attention, both positive and negative, about a business and its products, services, or events
Sales Promotion
additional incentives offered for a limited time to encourage consumers to buy a product
Personal Selling
an in-person, face-to-face, communication between a seller and a customer