Sports Marketing ~ Chapter 14 Terms

Business plan
a formal, written document that provides the details for a proposed new business (p. 360)
Cafeteria plan
benefits plan in which employees pick and choose from various benefit options to best meet their needs (p. 367)
Corporation
form of business in which ownership is represented by shares of stock (p. 361)
Crowd surfing
individuals are lifted above a densely packed crowd and are passed from person to person above audience members’ heads (p. 370)
Entrepreneurs
individuals who take the risk of starting, owning, and operating a business (p. 358)
Fringe benefits
extra incentives beyond salary and wages that employers are not required by law to provide (p. 367)
Human resources
the employees who work for an organization (p. 363)
Incentive pay
compensation based upon the quantity and quality of work completed by employees (p. 367)
Job analysis
the study of a specific job to identify the duties and skill requirements of the job (p. 364)
Mosh-bobbing
fans jump up and down in the mosh pit (p. 370)
Moshing
a form of dance, often frenzied, in which people in a circle rotate while simultaneously slamming into each other (p. 370)
Outsourcing
having other businesses perform a specific job task; also called subcontracting (p. 365)
Part-time workers
employees who may be in permanent ongoing jobs, but work less than 30 hours per week (p. 365)
Partnership
two or more individuals sign an agreement to own and operate a business together (p. 361)
Permanent employees
employees who have a long-term commitment to continue working for the business as long as the business remains profitable (p. 365)
Probationary period
test period of a few months to determine if the new employee will fulfill the needs of the organization (p. 366)
Salary
a specified amount paid annually for a job, regardless of the number of hours worked (p. 367)
Sole proprietorship
business owned and operated by one person (p. 361)
Stage diving
a performer or fan dives from the stage into the crowd (p. 370)
Stakeholders
parties associated with a business such as investors, lenders, and suppliers, who want to know that the entrepreneur has done his or her homework to develop a solid plan for running a successful business (p. 360)
Stockholders
the owners of a corporation (p. 361)
Subcontracting
having other businesses perform a specific job task; also called outsourcing (p. 365)
Temporary employees
workers hired for a short time to complete a specific task (p. 365)