FBLA terms

absolutism

belief that moral precepts are universal --that is, applicable to all circumstances

Academic Progess Rate (APR)

most recently initiated by NCAA, collects data on team's academic results based on graduation rates, eligibility, and retention of student -athletes from the previous year. Results are tied to recruiting opportunities, number of atheletic scholarships, postseason eligibility, and NCAA revenue distribution

activation

commitment of financial resources in support of a company's sponsorship through promotion and advertising that thematically includes the sport property's imagery

aftermarketing

customer retention activities that take place after purchase; "that process of providing continued satsifaction and reinforcement to individuals/organizations who are past/ current customers"

Age Discrimination in Employment (ADEA)

a 1967 law that prohibits discrimination based on age

administrative law

body of law created by rules, regulations, orders, and decision of admin bodies

agency

relationship in which one part (the agent) agrees to act for and under the direction of another (the principal)

agent

a person who is a legal rep of another person, used extensively in professional sports

ambush marketing

type of marketing that involves the strategic placement of marketing materil and promos at an event that attracts consumer and media attention, without becoming and offical sponsor of that event

Americans wtih Disabilities Act (ADA)

1990 law that prevent discrimination against people w/ disabilties in employment, public services, transportation, public accommodations, and telecommunications services

International Facilities Management Association

professional association for facilities management

Human Resources Management

area of a sports organization's team determines the number and types of employees needed, offers needed training, and provides adequate compensation and benefits

assests

things that an organization owns and that can be used to generate future revenues, such as equipment, stadiums, and league memberships

International Softball Federation

organization (in the past) that qualified teams for Olympic softball competition

optimum price

price of admissions that organization speculates customers are willing to pay

internship

valuable learning tool for an employee desiring a future management position

How many hotel rooms must a city have avaialable to meet NFL requirements for hosting a Super Bowl?

20,000

entry level occupations

type of job involves routine activities and is usually held for a short period of time

Why would a football stadium conduct marketing audits?

to idetify problems

audit

(n.) an official inspection of an individual's or organization's accounts, typically by an independent body

(v.) conduct an official financial examination of (an individual's or organization's accounts)

barter agreement

contract that provides tickets and passes to a radio station in exchange for free air time promotions

licensing

when a company agrees to give another company the right to use another's brand name or patent in exchange for fee

marketing objectives developed by a sporting goods store should lead to

increase in sales

receiver

intended target of any basic marketing communication

Why is licensing especially important to the sports industry?

licensing helps make consumers aware of professional teams

Title IX

No person in the United States shall, on the basis of sex, be excluded from participation in, be denied the benefits of, or be subjected to discrimination under any education program or activity receiving federal financial assistance;
all colleges/ universities that receive federal aid

One purpose of a professional sports league?

to contorl the number and location of teams

workplace democracy

idea that affects management and involves employees taking part in all decisions has become more common

agent contract

agreement that allows a person or agency to represent that athlete in marketing the athlete's ablility and name

On what does accounting for sports franchises usually center?

financial statements and forecasts

collective bargaining

negotiation of wages and other conditions of employment by an organized body of employees

distribution

involves the locations and methods used to make products available to customers

entertainment marketing

number of times per advertisement, game, or show that a product or service is associated with an athelete, team, or entertainer

demographics

common characteristics of a grup, such as age range, marital status, gender, and income level

promotion

ways to make customers aware of products and encourage them to buy

marketing

the creation and maintenance of satisfuing exchange relatinships

entertainment

whatever people are willing to spend their money and psare time viewing rathe than participating in

product

what a business offers customers to satisfy needs

ratings

number of viewers a program attracts

marketing mix

describes how a business blend the four marketing elements of product, distribution, price, and promotion

disretionary income

amount of money indiviuals have avaliable to spend after paying for the necessities of life and othe fixed expenses

profit

amout of money remaining from revenues after all expenses are paid

economics

the study of how goods and services are produced, distributed, and consumed

risk

possibility of financial gain or loss or personal injury

forecast

a report developed to predict the expenses to be incurred and revenues to be received

liable

business is legally responsible for damages

risk management

incolces preventing, reducing, or lessening the negative impacts of risk

return on investment

income that is distributed to investors

barriers to entry

Make it difficult for new firms to enter an industry

value chain

extends form supplier to consumer and includes all of the activities that bring value to the customer

productivity

the ration of outputs to inputs

inputs

Materials, labor, machines, management and money

deviation

occurs when a standard or objective is not met

sensor

determines if feedback exposes a deviation from a standard

controller

brings the organization back to where it should be

inputs

goods and services

competitiveness

the extent to which an organization can produce goods and services better than other organizations in the same industry

feedback

information about an organization's performance

best practices

management and work methods that lead to the "best" or superior performance

formal work group

a group created by management to run the organization and to carry out the organization's goals and objectives

economic utility

amount of satisfaction a person receieves fromt he consumption of a particular product or service; place, time, possession, and form utility

form utility

when physical characteristics of a product or service are improced
ex: VCR to DVD

time utility

result of making a product or service abailable when the consumer wants it
ex: theatre scheduling multiple showing of movie throughout the day

place utility

ensures that the prouduct/service is available where consumer wants it
ex: Netflix and movie watching at home

possession utility

results from making the product. service available at an affordable price

infrastructure

underlying frameworks supporting economic development, including water, sewers, and roadways

industry

group of organizations involved in producing or handling the same product or service

ecotourism

responsible travel to natural areas that conserves the environment and sustains the well being of the local people

globalization

phenomunon of international evonomic relationships with goods and services flowing quickly around the world

indirect economic impact

portion of money spent by local employers and employees that came from money collected from toursits

industry standards

guidlines and goals set for an enterainment industry; provide the average expectation within an industry

nich travel

recreational travel or tours planned around a special interst

tourism

traveling for pleasure

literary agent

a hired professionalt hat plans the marketing campaign and book appearances for authors

direct economic impact

total of new spending resulting from an attraction or event

ghostwriter

writer who listens to an author's story and then commits it to paper for a fee