tuition for one year at wku is $4,042. housing is an additional $3,972, while the meal plan is an...
TRANSCRIPT
Bell Ringer
Tuition for one year at WKU is $4,042. Housing is an additional $3,972, while the meal plan is an additional $1,071. How much can you expect to pay for one year at WKU, not including personal expenses.
Bell Ringer Answer
$4,042 + $3,972, + $1,071 = $9.085
I would expect to pay over $9,085 for one year at WKU.
Agenda
Bell Ringer – 5 min.Notebook ReviewEconomic Utility Left-Page Activity – 15 min.
Table of Contents
Topic Page #
Marketing Basics Vocabulary (1.1) 5
Marketing Basics Notes (1.1) 74 P’s of Marketing 6
Extreme Sports 10Entertainment Mkt Notes and Vocab (1.3) 11
Concert Poster 8Sports Mkt Notes and Vocab (1.2) 9
Pg. 1
Economic Utilities 12Economics in Spts and Mkt Notes and Vocab (2.1) 13Chapter 2.1 Encore (4 Questions) 14
Risk Management Vocab & Notes (2.2) 15
WHAT GOES IN MY
NOTEBOOK?Risk Management (2.2) 16
Vocabulary
ProfitProfit MotiveEconomicsEconomic Utility
The Profit Makers
PROFIT the amount of money remaining from revenues after all expenses are paid. Revenue is the money a business receives from
the sale of goods and services.PROFIT MOTIVE making decisions to use
resources in ways that result in the greatest profit.
The National Football League
The NFL has a total revenue in excess of $5.5 billion. The teams operate under an agreement that the total
revenue will be shared among the 32 teams, even though the teams are privately owned and operated.
The financial resources that teams share is called the total football revenue and includes the majority of the income sources for each team, including revenues from local and national television broadcasts, ticket sales, and sales of concessions and merchandise.
Players receive 59.5% of the TFL.
Cultural Opportunities of Profits
Worldwide distribution revenue is critical for movie profits.
The income from an international release of a movie can increase the box-office take by 50 to 100% over the domestic ticket sales.
Cultural Opportunities
Most films generate less than 25% of their final income from US sales. The biggest ticket seller in the last 100 years has
remained Titanic with $600.8 in US tickets and $1.234.6 million in overseas tickets.
With 1.3 billion people in China, the market for movies is tremendous. Sales have been shrinking because of pirated
movies shown.
Chinese Movie Sales
The Chinese government tightly controls the content, filming location, and distribution of films released in China. Chinese films must avoid political and religious
topics.Marketers must understand the markets in
which they are trying to sell.
Economics
The study of how goods and services are produced, distributed, and consumed.
Economics
There are two levels of economics. Macroeconomics the study of the economics of
an entire society. Microeconomics the study of the relationships
between individual consumers and producers. Sports and Entertainment markets focus on
microeconomics. Markets want to persuade consumers to use their
resources on the products and services the marketers offer.
Sports and Entertainment Economics
Economic Utility The amount of satisfaction a person receives from the consumption of a particular product or service. Consumers are more likely to purchase a product
or service if it provides higher utility than another product or service.
Economic UtilityWhat is it?
Adds value to goods and servicesIncreases customer benefits from their
purchases of goods and servicesMakes goods and services more useful
Economic Utility and Sports & Entertainment Marketing
How do we add value to sports & entertainment marketing?Make the event an “experience”Do more than just play the game or put on
the show - have contests, have activities for fans to be involved in, give them more than just the “show”
Why Should We Add Value?
Increase Sales to Increase Profit Why increase profit?
The purpose of business is give the owners a profit.
How does adding value increase profit? What is the motive to increase value?
To increase profit. The profit motive is what drives our economy.
Forms of Economic Utility
Form Utility (Production)Place Utility (Marketing)Time Utility (Marketing)Information Utility (Marketing)Possession Utility (Marketing)
Form Utility in S&E Marketing
What is form utility in S&E Marketing? The production The sports event (the game) The entertainment event (the show) Production process of the memorabilia Production process of the clothing lines (t-
shirt, jersey, hat, costume, etc.) Can you think of any other form utilities in
S&E?
Place Utility in S&E Marketing What is place utility in S&E Marketing?
Having the event at a convenient location for customers to attend
Having the event at a “cool” location for customers to attend
Having the event in a location that is large enough
Having the event in a location that is comfortable
Can you think of any other place utilities in S&E?
Time Utility in S&E Marketing
What is time utility in S&E Marketing? Having the event available at a convenient time Having the event at the right time of year for the type
of event Promoting the event during the right time of year for
the event (ex. light display during the holidays, haunted house during October, baseball games during the spring & summer)
Can you think of any other time utilities in S&E?
Information Utility in S&E Marketing
What is information utility in S&E Marketing? Getting information to the customers about the
product or service by advertising and promotions
During events give information about upcoming events
Make each event so much fun for the customers that they want to come back
Can you think of any other information utilities in S&E?
Possession Utility in S&E Marketing
What is possession utility in S&E marketing? Adding value by making it easy for the customer to
possess the product Allowing the customer to pay with various types of
payment ( PayPal, Credit Cards, Debit Cards, etc.) Running promotional packages that make it easier to
purchase Making tickets available a long time in advance so
customers can raise the money Can you think of any other possession utilities in S&E?
Improving Utilities
Form Offering a movie in DVD or Blu-Ray format. Time Schedule several different showings of a
movie throughout the day. Place Watch a movie at home and then the movie
must be made available for purchase or rental at conveniently located retail outlets.
Possession Rent a movie instead of purchasing the movie.
Information Sending out emails to fans regarding upcoming events.
Left – Page ActivityBrainstorm 5 ways your favorite sports
team or entertainer (entertainment venue) can or do use each of the utilities.
Write 5 for each utility on a left-hand side page.
Be prepared to share at least one utility.
Left-Page ActivityLouisville Bats Game
Form Utility Time Utility Place Utility Possession Utility
Information Utility
Bats baseball game
4+ home games in a row for series
Tickets sold at Front and Back gates
Purchase with CC
Promotions advertised on website