Risk Management
strategy to offset business risks
Market Segment
A group of customers with shared needs and wants
Geographic Segmentation
divides the market into physical locations
Demographic Segmentation
divides the market based on information such as age, income, gender and education
Psychographic Segmentation
focuses on characteristics that cannot be physically measured
A physical activity that is governed by a set of rules and is often engaged in competitively
Amateur Athlete
someone NOT paid to play a sport
Professional Athlete
someone paid to play a sport as a form of entertainment
Blue Chip Athlete
someone proven to be among the best at their position in their sport
Labor Union
a group of workers who have joined together to work for higher wages, benefits and working conditions
Collective Bargaining
What a labor union joins together for
Owners and the players association negotiate to determine salaries
when the players refuse to work
When the owners don’t allow the players to work
a court order forbidding a strike or lockout
Collective Bargaining Agreement
The contract negotiated by the players and owners
Recreational Sports
activities that occur in travel, tourism and amateur sports that are not associated with educational institutons
Extreme Sports
a term given to inherent activities perceived to be very dangerous
Sports Marketing
All of the marketing activities designed to satisfy the needs and wants of sports consumers
Entertainment Marketing
The activity of influencing how people choose to spend their time and money on entertainment
They are improvements like expanding and upgrading water, sewers, roadways and electricity
Joint Venture
A commercial enterprise undertaken jointly by two or parties that otherwise retain their distinct identities
The growth of international economic relationships
Entertainment Industry
Consists of a large number if sub-industries devoted to entertainment

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