Sports and Entertainment Marketing © Thomson/South-Western Do Now List the three note taking strategies that work best for you. Chapter 2 Slide 1
Sports and Entertainment Marketing © Thomson/South-Western ChapterChapter Sports and Entertainment Means Business 2.3 Business Ethics 2.4 Financial Analysis 2
Sports and Entertainment Marketing © Thomson/South-Western Chapter 2 Slide 3 Lesson 2.3 Business Ethics Goals Define ethics. Discuss the impacts of unethical behavior.
Sports and Entertainment Marketing © Thomson/South-Western Chapter 2 Slide 4 DO ETHICS COUNT? ethics a system of deciding what is right or wrong in a reasoned and impartial manner Business should be conducted with integrity, trust, and fairness.
Sports and Entertainment Marketing © Thomson/South-Western Chapter 2 Slide 5 Ethics and Character Matter principles high standards of rules and guidelines character development a progression in behavior where people advance from childish behavior to mature behavior based on principles Young people need good role models.
Sports and Entertainment Marketing © Thomson/South-Western Chapter 2 Slide 6 Prepare a 3 minute skit to show what ethics is. be sure you can explain the relevance make sure it is appropriate
Sports and Entertainment Marketing © Thomson/South-Western Chapter 2 Slide 7 BUSINESS BEHAVIOR People and businesses should act ethically while pursuing a profit.
Sports and Entertainment Marketing © Thomson/South-Western Chapter 2 Slide 8 Seeking an Advantage Sometimes it is hard to continue to act ethically when you observe people who receive a benefit from acting unethically.
Sports and Entertainment Marketing © Thomson/South-Western Chapter 2 Slide 9 When Being Bad Profits Only fans can really influence the behavior of ethically challenged athletes and celebrities.
Sports and Entertainment Marketing © Thomson/South-Western Chapter 2 Slide 10 Effective and Ethical Good decisions are both ethical and effective. Good decisions are the right choices for the long term.
Sports and Entertainment Marketing © Thomson/South-Western Chapter 2 Slide 11 How can the bad behavior of celebrities be controlled?
Sports and Entertainment Marketing © Thomson/South-Western Chapter 2 Slide 12 Lesson 2.4 Financial Analysis Goals Discuss sources of funding and revenue for sports and entertainment businesses. Describe four tools for financial analysis.
Sports and Entertainment Marketing © Thomson/South-Western Chapter 2 Slide 13 IT TAKES MONEY Profit is the primary purpose of sports and entertainment marketing.
Sports and Entertainment Marketing © Thomson/South-Western Chapter 2 Slide 14 Finding Funding Investors generally provide the funding for an event to cover all the costs that must be incurred before tickets are ever sold.
Sports and Entertainment Marketing © Thomson/South-Western Chapter 2 Slide 15 the income from a venture that is distributed to investors return on investment
Sports and Entertainment Marketing © Thomson/South-Western Chapter 2 Slide 16 Money Sources Funds to repay investors are raised through ticket sales broadcast rights licensing facilities
Sports and Entertainment Marketing © Thomson/South-Western Chapter 2 Slide 17 Name three sources of revenue from sports and entertainment.
Sports and Entertainment Marketing © Thomson/South-Western Chapter 2 Slide 18 WHERE IS THE MONEY? forecast a plan that predicts the expenses to be incurred and the revenues to be received
Sports and Entertainment Marketing © Thomson/South-Western Chapter 2 Slide 19 BUDGETS budget a plan for how available funds will be spent The purpose of a budget is to control costs so they do not exceed the funds available.
Sports and Entertainment Marketing © Thomson/South-Western Chapter 2 Slide 20 Financial Statements balance sheet net worth = assets – liabilities shows net worth at a specific point in time income statement shows revenues and expenses for a specific period of time reveals company’s profit or loss
Sports and Entertainment Marketing © Thomson/South-Western Chapter 2 Slide 21 What is the purpose of a forecast?