1.09 Identify Sport/Event Trends – Terms – Part 1

Distribution Channel The path through which goods and services travel from the vendor to the consumer. A DC can be as short as a direct transaction from the vendor to the consumer or may include several intermediaries along the way such as wholesalers, distributors, agents and retailers.

Channel Management The process by which a producer or supplier directs marketing activity by involving and motivating parties comprising its channel of distribution. Can also be known as LOGISTICS,

Marketing Research Market research: identification of a specific market and measurement of its size and other characteristics. Information for marketing research is collected from direct observation of the consumers such as: in retail stores, mail surveys, telephone or face-to-face interviews, and from published sources. The main objective is to find a real need and fulfill it in a most cost effective and timely manner. There are 2 Types: Product and Consumer.

Product Research Identification of a need or want and the characteristic of the good or service that will satisfy it.

Consumer Research Identification of the preferences, motivations, and buying behavior of the targeted customer.

Product/Service Management The process of creating and changing the information about a company's catalog of offerings. For example, many business websites have a P/S management specialist who maintains their online catalog according to the current list of products and services that the company provides to customers.

Pricing Method adopted by a firm to set its selling price. It usually depends on the firm's average costs, and on the customer's perceived value of the product in comparison to his or her perceived value of the competing products. Different pricing methods place varying degree of emphasis on selection, estimation, and evaluation of costs, comparative analysis, and market situation.

Promotion The advancement of a product, idea, or point of view through publicity and/or advertising.

Selling The last step in the chain of commerce where a buyer exchanges cash for a seller's good or service, or the activity of trying to bring this about.

Financing The act of obtaining funding to start a business or buy inventory. Many possibilities – Bank, Investors etc.