Sports Media Exam 1

Sports Marketing

using sports to market products

price

the amount that customers pay for 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

promotion

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

entertainment marketing

influencing how people choose to spend

their time and money on entertainment

demographics

shared characteristics of a group, such as

age, marital status, gender, ethnic

background, income level, and education

level

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

entertainment

some type of performance that people are

willing to spend their money and spare

time watching

distribution

the locations and methods used to make

products available to customers

streaming media

entertainment that is viewed or listened to

as soon as it is received

ratings

the number of viewers a program attracts

breakeven point

minimum sales required to cover all of the

expenses of organizing, promoting, and

running the event

economic market

all of the consumers who will purchase a particular product or service

marketing concept

keeping the focus on satisfying customer

needs; requires maintaining important

relationships with customers

opportunity cost

value of the next best alternative that you

pass up when making a choice

productivity

rate at which companies produce goods or

services in relation to the amount of

materials and number of employees

utilized

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

rational purchases

when consumers recognize needs and

wants, assess their priorities and budget,

conduct research, compare alternatives,

and then make purchases based on careful

thought and sound reasoning

emotional purchases

when consumers spend with little thought

during emotional highs or lows

patronage purchases

purchases based on consumer loyalty to a

particular brand or product

market segment

a group of consumers within a larger

market who share one or more

characteristics

target market

a specific group of consumers a business

wants to reach

mass marketing

an attempt to appeal to a large, general

group of consumers

values-based culture

a culture that communicates values

through high performance and excellent

customer service

market share

the percentage of total sales of a product or

service that a company expects to capture

in relation to its competitors

customer service gap

the difference between customer

expectations and the service that is

actually received

Economics

the study of how goods and services are

produced, distributed, and consumed

profit motive

when a company makes decisions on how

to use resources in ways that result in the

greatest profit

revenue stream

an activity that will produce money

profit

the amount of money remaining from income after all expenses are paid

economic impact

the effect produced by decisions that are

made by consumers and businesses

venture capital

financing provided to start a company in return for owning part of the company

scarcity

occurs when there is a limited amount of

resources needed to produce and

distribute goods and services

ROI

calculates the business's return as a

percentage of the money invested

forecast

a report that predicts the expenses to be

incurred and the revenues to be earned

loss

occurs when not enough revenue is made to cover expenses

economic utility

the amount of satisfaction a person

receives from the consumption of a

particular product or service

capital

a company's wealth in the form of money

or property

income statement

a statement that shows all revenues

received and all expenses incurred over a

specific period of time

budget

a detailed projection of financial

performance for a specific time period

risk

the possibility of financial gain or loss or

personal injury

balance sheet

a statement that shows the company's

assets (items of value, including cash,

property, and equipment) and its liabilities

(amounts owed for purchases made on

credit and loans) at a specific point in time

Ethics

a system for deciding between right and

wrong in a reasoned and impartial manner

liable

being held legally responsible for damages

and possibly medical costs and other losses

suffered by the injured person

risk management

preventing, reducing, or lessening the

negative impacts of risk

risk assessment

a step-by-step process by which

knowledgeable safety and security staff

identify and prepare to manage risks

contingency planning

the preparation for an unexpected emergency

integrity

a strong, voluntary adherence to honesty

and morality; often linked to ethical

behavior

ethical dilemma

when one has to choose between two

possible options, neither of which is

completely acceptable

principles

the rules and codes of conduct on which ethical behavior is based

IOC

the governing authority of the Olympic

Movement, which includes all of the

National Olympic Committees (NOC), the

International Sports Federations,

Organizing Committees for the Olympic

Games, athletes, sponsors, and

broadcasting partners

piracy

the theft of copyrighted material

international marketing

marketing a product in another country

censorship

the act of altering or editing media that is

considered objectionable

joint venture

an agreement between two or more

companies to work together on a business

project

gender equity

when opportunities for men and women

are roughly equal

differentiation

when a product is customized to appeal to different markets

esports

video games played by multiple players in

front of spectators

globalization

the international economic relationships

resulting from the integration of the

world's markets

global trends

the worldwide direction of sports and entertainment

box office

income from ticket sales

trendsetters

people who are leading the direction of sports or entertainment

culture

the shared history, beliefs, customs, and

traditions of a group of people that

distinguishes them from another group

polyglots

people who speak many languages

prime time

the block of time during the middle of the

evening when the largest number of

viewers is watching

augmented reality

when digital information is overlaid onto

real live video of an event

Title IX

an amendment to federal education law

that prohibits discrimination on the basis

of gender in school programs or activities,

including sports

indirect economic impact

determined by the multiplier effect, which

is the portion of the money spent by

visitors on local goods and services that is

in turn spent by local employers and

employees and re-circulated in the area

direct economic impact

the total amount of new spending resulting from an event or attraction

niche travel

recreational travel or tours planned

around a special interest

ecotourism

responsible travel to natural areas that

conserves the environment and improves

the wellbeing of local people

multigenerationalism

satisfying the needs of several generations of a family