1. functions of marketing – there are 7 #3-10
  2. Marketing- determining and satisfying the needs and wants of customers
  3. Product management- design, develop, and maintenance of a product
  4. product/ service- what a business offers customers
  5. promotion- advertising and communicating information about product, services or images.
  6. Finance- Making a budget to market activities
  7. Distribution- Location and methods of making a product available
  8. Pricing- how much a customer will pay for a product
  9. Information Management- market research
  10. Personal Selling- direct communication with customers
  11. Marketing Mix- (4Ps) marketers rely on these to perform marketing tasks
  12. NCAA-National collegiate athletic association-governing body of college sports
  13. Disposable Income- money that can be freely spent
  14. amateur athlete-someone that does not get paid to play sports
  15. License- legal right to produce someone’s logo in exchange for payment
  16. Market Segment- a group of individuals in a larger market that share the same characteristics
  17. Psychographics- things that cannot be measured like attitude and lifestyle choices
  18. Demographics-things that can be measured like gender and income
  19. Benefits Derived- value people believe they receive from a product
  20. Product usage- how often a product is used
  21. geographic- divides markets into physical locations
  22. college city requirements-hotel, restaurants, tourist attractions, and shopping
  23. NCAA sponsor money supports-tournaments, scholarships, college athletic programs
  24. John Calipari- a college basketball coach that got caught cheating by the NCAA
  25. Cartel- a group of independent sports teams governed by a league agreement
  26. Handlers- police athlete’s actions
  27. Ethics- a system of deciding what is right and wrong
  28. advisers- financial business counselors
  29. agent- a legal representative of a celebrity
  30. television- provides greatest revenue for pro basketball and pro football
  31. Perk- a non financial advantage that comes with something (ex: free tickets)

*Sources of revenue- premium ticket sales, sponsorship, television, concessions

*winning is important because it encourages sales/ fans/ sponsorship opportunities

  1. Publicly owned- team owned by share holders
  2. privately owned- team owned by a single person
  3. Houston Texans- beat out LA for new NFL team because taxpayers were willing to pay
  4. to host a super bowl a city must..meet 20 pgs of requirements, 17,500 hotel rooms, 1,000 buses
  5. Greenbay Packers- the only publicly owned NFL team
  6. Publicity-any free notice about a product/service/event
  7. Advertising- paid communication about a product
  8. Endorsement- a person’s public expression of approval for a product
  9. Return- profit sponsor earns from its support of a team
  10. affinity sports- sports outside the mainstream with passionate participants/ fans

**8 promotional strategies- slice of life, fantasy, mood, musical, technical expertise, scientific evidence, personality, testimonials

  1. Wide release- movie released in more than 2000 theatres
  2. trailers- previews of a movie used as advertisement
  3. vertical integration- business structure where one company owns several areas in the industry
  4. MOU- written agreement that contains technical standards
  5. Pre-sales- sales that take place before general ticketsales
  6. Preview- the release of a movie before its official opening
  7. matinees- pre-evening shows with lower ticket prices
  8. Entertainment awards-important form of publicity
  9. Film revenue- comes from ticket sales, soundtracks, themeparks, merchandising, global releases

*Last question- technology is important in the entertainment industry b/c distribution is technology and companies need to stay ahead of tech. advancements