Common characteristics of a group, such as age range, marital status, gender, ethnic background, income level, and education level
Demographics
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
Discretionary Income
The locations and methods used to make products available to customers
Distribution
Whatever people are willing to spend their money and spare time viewing rather that participating in
Entertainment
Influencing how people choose to spend their time and money on entertainment
Entertainment Marketing
Requires a company to budget for its own marketing activities and to provide customers with assistance in paying for the company's products or services
Financing
The number of times per advertisement, game, or show that a product or service is associated with an athlete, team, or entertainer
Gross Impression
The creation and maintenance of satisfying exchange relationships
Marketing
Describes how a business blends the four marketing elements of product, distribution, price, and promotion
Marketing Mix
Gathering and using information about customers to improve business decision making
Marketing Information Management
The amount that customers pay for products
Price
The process of establishing and communicating to customers the value or cost of goods and services
Pricing
What business offers customers to satisfy needs
Product
Designing, developing, maintaining, improving, and acquiring products or services for the purpose of meeting customer needs and wants
Product/service management
Using advertising and other forms of communication to distribute information about products, services, images, and ideas to achieve a desired outcome
Promotion
The number of viewers the programming attracted
Ratings
Any direct and personal communication with customers to assess and satisfy their needs
Selling
Games of athletic skill
Sports
Using sports to market products
Sports Marketing
Items of value, including cash, property, and equipment
Assets
Shows the company's assets and its liabilities at a specific point in time
Balance Sheet
A plan for how available funds will be spent
Budget
Stages in which people advance from childish behavior to mature and responsible behavior based on principles
Character Development
The amount of satisfaction a person receives from the consumption of a particular product or service
Economic Utility
The study of how goods and services are produced, distributed, and consumes
Economics
A system of deciding what is right or wrong in a reasoned and impartial manner
Ethics
Budgeting, finding ways to pay the costs of doing business, managing the costs so that they do not exceed the revenues coming in, and helping customers pay for the products or services
Financing
A report developed to predict the expenses to be incurred and revenues to be received from an event
Forecast
Shows all revenues received and all expenses incurred over a specific period of time
Income Statement
Amounts owed for purchases made on credit and loans
Liabilities
The business is legally responsible for damages and might have to pay for the medical costs and other losses suffered by an injured person
Liable
The study of the economics of the entire society
Macroeconomics
The study of the relationships between individual consumers and producers
Microeconomics
The difference between the assets and liabilities of the business
Net Worth
Payment for insurance
Premium
The high standards of rules and guidelines in both business and personal life
Principles
The amount of money remaining from revenues after all expenses are paid
Profit
Making decisions to use resources in ways that result in the greatest profit
Profit Motive
The income from a venture that is distributed to investors
Return on investment
The money a business receives from the sale of goods and services
Revenue
The possibility of financial gain or loss or personal injury
Risk
Preventing, reducing, or lessening the negative impacts of risk by using the strategies of risk avoidance, risk insurance, risk transfer, and/or risk retention
Risk Management
Business assumes the cost of uninsurable risks
Risk Retention
Workshop
Clinic
The total of new spending resulting from the event or attraction
Direct Economic Impact
U.S. Tourists
Domestic Visitors
Web magazines that focus on a sport
E-zines
Responsible travel to natural areas that conserves the environment and sustains the well being of the local people
Ecotourism
Writer who writes a celebrity's story in book form for a fee
Ghostwriter
International economic relationships
Globalization
The portion of the money spent by visitors on local goods and services that is in turn spent locally by employers and employees
Indirect Economic Impact
A group of organizations involved in producing or handling the same product or type of services
Industry
The average expectation within an industry
Industry Norm
The guidelines and goals set for different entertainment industries
Industry Standards
Water, sewer, roadways, and all other underlying framework
Infrastructure
Two organizations share the costs and profits of a business; one of the organizations may be a government
Joint Venture
Person an author hires who, for a percentage of the book sales, plans the marketing campaign and personal appearances
Literary agent
Recreational travel or tours planned around a special interest
Niche Travel
Theft of copyrighted material
Piracy
A payment to the author of a book of 10 percent or more of the price of every copy sold
Royalty
Enjoying while at the same time preserving natural environments so that they may also be enjoyed in the future
Sustainable Tourism
Traveling for pleasure, either independently or with a tour group; includes vacations, family visits, and attending conventions or sports entertainment events
Tourism
Companies and individuals who create and market tours
Travel Trade
Market segmentation that focuses on a customer's attitude toward products and services
Behaviorial-based Segmentation
The value people believe they receive from a product or service
Benefits Derived
The minimum attendance and sales required to cover all of the expenses of organizing, promoting, and running the event
Breakeven Point
The capability to produce products or services more efficiently and economically that the competition
Comparative Advantage
The difference between customer expectations and the service that is actually received
Customer Service Gap
Market segmentation that focuses on information that can be measured, such as age, income, profession, gender, education, marital status, and size of household
Demographic Segmentation
All of the consumers who will purchase a product or service
Economic Market
Purchases made with little thought during emotional highs or lows
Emotional Purchases
Divides markets into physical locations, such as Eastern, Northern, Southern, and Western regions of the United States or the urban and rural areas of a state
Geographic Segmentation
Five areas of human needs identified by Abraham Maslow, including physiological needs, security, social needs, self-esteem needs, and self-actualization
Hierarchy of Needs
A group of consumers within a larger market who share one or more characteristics
Market Segment
The percentage of total sales of a product or service that a company expects to capture in relation to its competitors
Market Share
A business keeps the focus of satisfying customer needs
Marketing Concept
The value of the next best alternative that you forgo when making a choice
Opportunity Cost
Purchases based on loyalty to a particular brand or product
Patronage Purchases
Data obtained for the first time and specifically for the particular problem or issue being studied
Primary Data
Reflects what products you use and how often
Product Usage
The rate at which companies produce goods or services in relation to the amount of materials and number of employees utilized
Productivity
Market segmentation that focuses on characteristics that cannot be physically measured, such as values, interests, and lifestyle choices
Psychographics
Purchases based upon careful thought and sound reasoning that take place when individuals recognize needs and wants, assess their priorities and budget, conduct research, and compare alternatives
Rational Purchases
Data that has already been collected for some other purpose but is now found useful in the current study
Secondary Data
A specific group of consumers you want to reach
Target Market
Business culture rooted in high performance and excellent customer service
Values-based Culture
Research used to determine cause-and-effect relationships when the problem is already clearly defined
Casual Research
Measures the effectiveness of an Internet ad by dividing the number of times an ad is clicked on by the number of times an ad is shown
Click-through Rate
Staff researchers work with external research agencies
Client-side Researchers
A small date file that is placed on the hard drive of a web site visitor that collects and reports data on the visitor
Cookie
The use of powerful computers to "dig up" data needed to make decisions
Data Mining
Research used when the business is aware of the problem that needs to be solved
Descriptive Research
Reports of other completed research are used to help define the problem
Desk Research
Repeat customers who are completely loyal to the company's products and services
Engaged Customers
Conducted when a business is unaware of the exact problem
Exploratory Research
Information is gathered that is specifically focused on a single target market
Market Research
Research conducted to gather data and identify solutions to marketing problems
Marketing Research
Surveys of people's opinions
Polls
The range of prices charged for a category of merchandise
Price Points
A small number representative of the larger group
Sample
Internet sites like Google that help users find relevant web sites at no cost to the user
Search Engines
Research conducted by an independent company and then offered for sale to everyone in an industry
