The field of sport management has expanded rapidly, and now includes various aspects of sport industry. Researchers as well as practitioners in the sport business have provided various interpretations of the concept of sport management. However, the question “what should be researched and taught in sport management” remains unanswered. The present paper attempted to reexamine the concept of sport management in order to explain the significance of its existence as a science. In order to clarify what aspects of “sport” could be the target in the field of sport management, the author reviewed the structure of the sport industry and concluded that producing sport itself(i.e., sport activities) is the center of the sport industry. The uniqueness of sport product was also examined bacause it would clarify peculiar features of sport management. As discussed in the paper, sport management can be defined as “the management of business related to the production and provision of participant sport and/or spectator sport.”