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Unit A Review

QuestionAnswer
“Babe” Didrickson was an American athlete who achieved outstanding success in golf, basketball, and track and field.
Agencies refers to a person who acts on behalf of another person
Behavioral Segmentation A more focused form of market segmentation that groups consumers based on specific behavioral patterns they display when making purchasing decisions enabling producers to adapt their marketing approach to specific groups.
Charlie Chaplin was an English comic actor, film director and composer best known for his work during the silent film era.
Corporation created under the laws of a state as a separate legal entity that has privileges and liabilities that are distinct from those of its members.
Command Economy A system where the government, rather than the free market, determines what goods should be produced, how much should be produced and the price at which the goods will be offered for sale.
Communist Economy the managed economy of a communist state
Demand the desire to own anything, the ability to pay for it, and the willingness to pay
Demographical Segmentation strategy whereby the intended audience for a given product is divided into categories based on demographic variables
Depression long-term downturn in economic activity in one or more economies.
Direct competition situation where two or more firms offer essentially the same good or service.
Distribution is one of the four elements of the marketing mix.
Economic goods something that is intended to satisfy some wants or needs of a consumer and thus has economic utility.
Economic services is an intangible commodity.
Elvis Presley was one of the most popular American singers of the 20th century.
Endorsement Testimonial in advertising, written or spoken statement endorsing a product
Entertainment marketing the marketing of entertainment products, such as movies, music, or celebrities.
Entrepreneur a person who is willing to help launch a new venture or enterprise and accept full responsibility for the outcome.
Financing the management of money or “funds” management.
Franchise the practice of using another firm's successful business model.
Free enterprise means competition
Geographic Segmentation customer market classification based on geographic location.
Good Objects produced for market
Indirect competition where products which are close substitutes for one another compete.
Inelastic demand the situation in which the supply and demand for a good are unaffected when the price of that good or service changes.
Jackie Robinson was an American baseball player who became the first black Major League Baseball
Law of supply and demand economic model of price determination in a market
Limited liability a concept whereby a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a company or partnership with limited liability.
Louis Armstrong an American jazz trumpeter and singer from New Orleans, Louisiana.
Lucille Ball an American comedienne, film, television, stage and radio actress, model, film and television executive
Market Economy is an economy in which decisions regarding investment, production and distribution are based on supply and demand[1] and the prices of goods and services are determined in a free price system.
Marketing the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing Concept achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions
Marketing mix a business tool used in marketing products
Max Muhleman He is a sports marketing consultant and he is 72.
MLB Major League Baseball
Monopoly when there is no competition in a certain business market
Muhammad Ali American former professional boxer, philanthropist and social activist.
Name recognition Degree to which a brand or company name has meaning to a consumer
Naming right a financial transaction whereby a corporation or other entity purchases the right to name a facility, typically for a defined period of time
NASCAR National Association for Stock Car Auto Racing
NBA National Basketball League
NCAA National Collegete Atheletic Association
NFL National Football League
NHL National Hockey League
Non-price competition a marketing strategy "in which one firm tries to distinguish its product or service from competing products on the basis of attributes like design and workmanship
Oligopoly a market form in which a market or industry is dominated by a small number of sellers
NHL National Hockey League
Non-price competition a marketing strategy "in which one firm tries to distinguish its product or service from competing products on the basis of attributes like design and workmanship
Partnership an arrangement where parties agree to cooperate to advance their mutual interests
Partnership an arrangement where parties agree to cooperate to advance their mutual interests
Possession exclusive practical control of a thing, in the context of the legal implications of that control
Price competition intense competition in which competitors cut retail prices to gain business
Price competition intense competition in which competitors cut retail prices to gain business
Product/service management deals with managing a service product across its complete life cycle
Product/service management deals with managing a service product across its complete life cycle
Promotion specifies how much attention to pay to each of the five subcategories, and how much money to budget for each.
Promotion specifies how much attention to pay to each of the five subcategories, and how much money to budget for each.
Prosperity the state of flourishing, thriving, good fortune and/or successful social status
Prosperity the state of flourishing, thriving, good fortune and/or successful social status
Psychographic Segmentation are any attributes relating to personality, values, attitudes, interests, or lifestyles
Public corporation limited liability company that offers its securities (stock/shares, bonds/loans, etc.) for sale to the general public, typically through a stock exchange, or through market makers operating in over the counter markets.
Risk management identification, assessment, and prioritization of risks
Risk management identification, assessment, and prioritization of risks
Scarcity the fundamental economic problem of having humans who have wants and needs in a world of limited resources
Scarcity the fundamental economic problem of having humans who have wants and needs in a world of limited resources
Socialist Economy the economic theories and practices of hypothetical and existing socialist economic systems.
Sole Proprietorship a type of business entity that is owned and run by one individual and in which there is no legal distinction between the owner and the business.
Sponsorship to support an event, activity, person, or organization financially or through the provision of products or services.