Sports and Entertainment Marketing Questions and Answers with complete solution

Marketing - the process of developing, promoting, and distributing products, or goods and services, to satisfy customers needs and wants marketing concept - idea that organizations need to satisfy their customers while also trying to reach their organizations goals market - potential customers with shared needs who have to desire and ability to buy a product needs - a lack of basic necessities, such as food, clothing, or shelter wants - things that people desire based on personality, experiences, or information about a product target market - a specific group of consumers that an organization selects as the focus of its marketing plan demographics - statistics that describe a population in terms of personal characteristics marketing mix - a combination of four basic marketing strategies, known as the 4 Ps - product, price, place, and promotion channel of distribution - path a product takes from the producer to the consumer economics - the study of the choices and decisions that affect making, distribution, and using goods and services GDP - the value of all goods and services produced within a countryprofit - the money left after all costs and expenses of a business are paid competition - as a characteristic of free enterprise, the struggle among companies for customers copyright - the legal protection of a creators intellectual property or products Patents - granted for 20 years to protect owners of patented products. Trademarks - Words, symbols, sounds, or colors that distinguish goods and services are also registered with USPTO. Sole proprietorship - business involving only one owner Partnership - Business involving two or more owners Corporation - Business entity that has the ability to conduct business and enter into contracts apart from its owner or owners. Limited partnership - One general partner who assume unlimited liability Subchaper S corporation - Same government regulations as a corporation, but it is taxed like a partnership. consumers - people who use products discretionary income - money left to spend after necessary expenses are paid kinetoscope - a device used to view a sequence of moving picturesvendors - sellers of products product - a good or service that any for-profit industry sells to its customers