(Vocab) FBLA Sports and Entertainment Management Part I – Flashcards
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absolutism
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belief that moral precepts are universal --that is, applicable to all circumstances
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Academic Progess Rate (APR)
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most recently initiated by NCAA, collects data on team's academic results based on graduation rates, eligibility, and retention of student -athletes from the previous year. Results are tied to recruiting opportunities, number of atheletic scholarships, postseason eligibility, and NCAA revenue distribution
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activation
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commitment of financial resources in support of a company's sponsorship through promotion and advertising that thematically includes the sport property's imagery
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aftermarketing
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customer retention activities that take place after purchase; "that process of providing continued satsifaction and reinforcement to individuals/organizations who are past/ current customers"
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Age Discrimination in Employment (ADEA)
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a 1967 law that prohibits discrimination based on age
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administrative law
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body of law created by rules, regulations, orders, and decision of admin bodies
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agency
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relationship in which one part (the agent) agrees to act for and under the direction of another (the principal)
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agent
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a person who is a legal rep of another person, used extensively in professional sports
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ambush marketing
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type of marketing that involves the strategic placement of marketing materil and promos at an event that attracts consumer and media attention, without becoming and offical sponsor of that event
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Americans wtih Disabilities Act (ADA)
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1990 law that prevent discrimination against people w/ disabilties in employment, public services, transportation, public accommodations, and telecommunications services
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International Facilities Management Association
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professional association for facilities management
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Human Resources Management
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area of a sports organization's team determines the number and types of employees needed, offers needed training, and provides adequate compensation and benefits
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assests
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things that an organization owns and that can be used to generate future revenues, such as equipment, stadiums, and league memberships
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International Softball Federation
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organization (in the past) that qualified teams for Olympic softball competition
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optimum price
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price of admissions that organization speculates customers are willing to pay
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internship
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valuable learning tool for an employee desiring a future management position
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How many hotel rooms must a city have avaialable to meet NFL requirements for hosting a Super Bowl?
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20,000
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entry level occupations
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type of job involves routine activities and is usually held for a short period of time
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Why would a football stadium conduct marketing audits?
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to idetify problems
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audit
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(n.) an official inspection of an individual's or organization's accounts, typically by an independent body (v.) conduct an official financial examination of (an individual's or organization's accounts)
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barter agreement
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contract that provides tickets and passes to a radio station in exchange for free air time promotions
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licensing
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when a company agrees to give another company the right to use another's brand name or patent in exchange for fee
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marketing objectives developed by a sporting goods store should lead to
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increase in sales
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receiver
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intended target of any basic marketing communication
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Why is licensing especially important to the sports industry?
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licensing helps make consumers aware of professional teams
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Title IX
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No person in the United States shall, on the basis of sex, be excluded from participation in, be denied the benefits of, or be subjected to discrimination under any education program or activity receiving federal financial assistance; all colleges/ universities that receive federal aid
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One purpose of a professional sports league?
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to contorl the number and location of teams
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workplace democracy
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idea that affects management and involves employees taking part in all decisions has become more common
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agent contract
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agreement that allows a person or agency to represent that athlete in marketing the athlete's ablility and name
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On what does accounting for sports franchises usually center?
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financial statements and forecasts
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collective bargaining
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negotiation of wages and other conditions of employment by an organized body of employees
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distribution
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involves the locations and methods used to make products available to customers
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entertainment marketing
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number of times per advertisement, game, or show that a product or service is associated with an athelete, team, or entertainer
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demographics
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common characteristics of a grup, such as age range, marital status, gender, and income level
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promotion
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ways to make customers aware of products and encourage them to buy
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marketing
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the creation and maintenance of satisfuing exchange relatinships
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entertainment
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whatever people are willing to spend their money and psare time viewing rathe than participating in
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product
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what a business offers customers to satisfy needs
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ratings
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number of viewers a program attracts
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marketing mix
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describes how a business blend the four marketing elements of product, distribution, price, and promotion
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disretionary income
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amount of money indiviuals have avaliable to spend after paying for the necessities of life and othe fixed expenses
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profit
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amout of money remaining from revenues after all expenses are paid
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economics
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the study of how goods and services are produced, distributed, and consumed
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risk
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possibility of financial gain or loss or personal injury
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forecast
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a report developed to predict the expenses to be incurred and revenues to be received
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liable
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business is legally responsible for damages
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risk management
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incolces preventing, reducing, or lessening the negative impacts of risk
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return on investment
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income that is distributed to investors
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barriers to entry
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Make it difficult for new firms to enter an industry
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value chain
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extends form supplier to consumer and includes all of the activities that bring value to the customer
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productivity
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the ration of outputs to inputs
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inputs
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Materials, labor, machines, management and money
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deviation
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occurs when a standard or objective is not met
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sensor
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determines if feedback exposes a deviation from a standard
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controller
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brings the organization back to where it should be
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inputs
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goods and services
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competitiveness
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the extent to which an organization can produce goods and services better than other organizations in the same industry
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feedback
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information about an organization's performance
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best practices
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management and work methods that lead to the "best" or superior performance
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formal work group
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a group created by management to run the organization and to carry out the organization's goals and objectives
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economic utility
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amount of satisfaction a person receieves fromt he consumption of a particular product or service; place, time, possession, and form utility
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form utility
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when physical characteristics of a product or service are improced ex: VCR to DVD
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time utility
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result of making a product or service abailable when the consumer wants it ex: theatre scheduling multiple showing of movie throughout the day
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place utility
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ensures that the prouduct/service is available where consumer wants it ex: Netflix and movie watching at home
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possession utility
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results from making the product. service available at an affordable price
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infrastructure
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underlying frameworks supporting economic development, including water, sewers, and roadways
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industry
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group of organizations involved in producing or handling the same product or service
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ecotourism
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responsible travel to natural areas that conserves the environment and sustains the well being of the local people
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globalization
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phenomunon of international evonomic relationships with goods and services flowing quickly around the world
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indirect economic impact
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portion of money spent by local employers and employees that came from money collected from toursits
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industry standards
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guidlines and goals set for an enterainment industry; provide the average expectation within an industry
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nich travel
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recreational travel or tours planned around a special interst
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tourism
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traveling for pleasure
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literary agent
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a hired professionalt hat plans the marketing campaign and book appearances for authors
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direct economic impact
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total of new spending resulting from an attraction or event
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ghostwriter
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writer who listens to an author's story and then commits it to paper for a fee
