Vocab for simulations (cont.)

Awareness:

The percentage of customers in a target audience that is aware of the products existence.

cost per reach:

Advertising campaign / number of people reached.

Market research:

Function that links people to the marketer through info That is used to identify/define marketing opportunities and evaluate action.

Media:

Avenues for communicating a message.

New media:

The Internet.

Social media:

New media that allows 2-way interactions between a brand and its fans.

traditional media:

Avenues outside the Internet in which a business can reach its potential customers such as TV, radio, and newspapers.

Authenticity:

When a brand conveys that it is interested in understanding and meeting the needs in customers instead of making a one-size-fits-all sales pitch.

Contextual advertising:

Advertising targeted to online users based upon their self-reported preferences.

Social media:

Websites and services that allow users to interact with one another.

Spam:

Unwanted emails from companies.

Marketing campaign:

Methods and strategies a company uses to promote product, service or event.

Viral marketing:

Strategy of using consumers to share an organizations message with their friends and family using social media.

Arena:

An entertainment complex usually used for indoor sports events that has 10,000 to 20,000 seats.

Promoter:

The individual or company who brings acts to major stadiums.

Stadium manager:

Someone who manages the stadium, works with promoters + others to bring profitable events to a stadium.

Stadium:

A large entertainment complex usually with more than 20,000 seats and often unroofed.

Support act:

A band, usually newer and less known than the headlining band, that performs at a venue before the headliner.

Backup:

A player who doesn’t play much until the starter is injured.

Big-market teams:

Professional sports teams that earn more revenue.

Contract:

Legal agreement that the team will pay for play.

Draft:

when teams select amateurs to join.

Free agency:

When a player has completed their contract and can either stay or go to another team.

Hometown discount:

When a player signs for less than they could earn to stay on their existing team.

Luxury tax:

A penalty a team must pay if they give a player a certain amount of money during a season. (Mostly MLB).

Roster:

A list of players on a team.

Salary cap:

The annual dollar limit a team may pay all of its players.

Scouts:

Talent evaluators for a team that researches future players.

Small-market teams:

Professional teams that do not earn as much revenue compared to big-market teams.

Trade:

players on two or more teams, switch teams.