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.

$4,042 + $3,972, + $1,071 = $9.085 I would expect to pay over $9,085 for one year at WKU.

Bell Ringer – 5 min. Notebook Review Economic Utility Left-Page Activity – 15 min.

Table of Contents TopicPage # Marketing Basics Vocabulary (1.1)5 Marketing Basics Notes (1.1) 7 4 P’s of Marketing6 Extreme Sports 10 Entertainment Mkt Notes and Vocab (1.3) 11 Concert Poster 8 Sports Mkt Notes and Vocab (1.2) 9 Pg. 1 Economic Utilities12 Economics in Spts and Mkt Notes and Vocab (2.1) 13 Chapter 2.1 Encore (4 Questions) 14 Risk Management Vocab & Notes (2.2) 15 WHAT GOES IN MY NOTEBOOK? Risk Management (2.2) 16

Profit Profit Motive Economics Economic Utility

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 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.

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.

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 $ 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.

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.

The study of how goods and services are produced, distributed, and consumed.

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.

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.

What is it? Adds value to goods and services Increases customer benefits from their purchases of goods and services Makes goods and services more useful

How do we add value to sports & entertainment marketing? Make the event an “experience”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”have contests, have activities for fans to be involved in, give them more than just the “show”

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.

Form Utility (Production) Place Utility (Marketing) Time Utility (Marketing) Information Utility (Marketing) Possession Utility (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?

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?

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?

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?

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?

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 s to fans regarding upcoming events.

Brainstorm 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.

Form UtilityTime UtilityPlace UtilityPossession 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