SEM - Chapter 1 Vocabulary

Sports & Entertainment Marketing with Duncan at Plano East Senior High

About this deck

By: Jason Duncan
Textbook: Glencoe Marketing Series: Sports and Entertainment Marketing, Student Edition
Created: 2011-06-27
Size: 28 flashcards
Views: 690

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Marketing

theprocess of developing, promoting, and distributing products (goods or services)to satisfy customers’ needs and wants

Developing

studyingconsumers to determine what they want, then designing the products that willsatisfy their needs and wants

Promoting

activitiesthat help educate consumers, create interest and desire, make a sale, andcreate an image for a company and its products

Distributing

themeans of getting the product into the hands of the customer

Goods

tangibleproducts, such as sports equipment

Services

intangibleproducts, such as movie tickets

Marketing concept

the idea that organizations need to satisfytheir customers while also trying to reach their organizations’ goals

Market

consistsof potential customers with shared needs who have the desire and ability to buya product

Target market

aspecific group of consumers that an organization selects as the focus of itsmarketing plan

Demographics

statistics that describe a population in terms of personalcharacteristics

Marketing mix

combinationof four basic marketing strategies, known as the 4 P’s – product, price, place,and promotion

Channel of distribution

thepath a product takes from the producer to the consumer

Economics

thestudy of the choices and decisions that affect making, distributing, and usinggoods and services

GrossDomestic Product (GDP)

thevalue of all goods and services produced within the country

Profit

themoney left after all costs and expenses of a business are paid

Competition

thestruggle among companies for customers

Price competition

typeof competition that follows the concept of demand elasticity and availablesubstitutes

Non-price competition

typeof competition that involves quality, service, or image

legalprotection of a creator’s intellectual property, such as books, films, videogames, and music

Royalty

paymentfor permission to use a clip from a copyrighted film or television commercial

Patent

legalprotection that keeps others from making, using, importing, selling, oroffering them for sale

Trademark

legalprotection of words, names, symbols, sounds, or colors that distinguish goodsand services

Sole proprietorship

aform of business ownership that involves only one owner

Partnership

aform of business where two or more owners share the responsibility andliability

Corporation

aform of business that has the ability to conduct business and enter intocontracts apart from its owner(s)

Subchapter S corporation

aform of business ownership that acts like a corporation but is taxed like apartnership

About this deck

By: Jason Duncan
Textbook: Glencoe Marketing Series: Sports and Entertainment Marketing, Student Edition
Created: 2011-06-27
Size: 28 flashcards
Views: 690

About StudyBlue

“I have used this website for three exams, and I see a huge difference in my test results.”
Naj