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Chapter 2 - Sports and Entertainment Means BusinessProfit - the amount of ________ remaining from revenues after all ___________ are paidRevenue - the money a business receives from the sales of ________________________profit motive - making decisions to use resources in ways that result in the ________________Cultural Opportunities __________________________________________________ revenue is critical for movie profits.Marketers must understand the _____________ in which sales occur._________ has a tremendous movie market.the government __________ movies for content_____________________ diminish theater salesEconomics - the study of how goods and services are ____________, distributed, and _____________Macroeconomics - the study of the economics of the __________________ Microeconomics - the study of the relationships between ________________________ and producersSports and entertainment marketers are focused on _________________; ______________________ with consumerseconomic utility - the amount of _________________ a person receives from the consumption of a particular product or serviceTypes of Utilityform utility - when the _____________________________ of a product or service are improvedtime utility - making the product or service available ________ the customer wants itplace utility - the product is available __________ it is wantedpossession utility - the product or service is _________________ at an affordable priceRisk - the ________________ of financial gain or loss or personal injuryCategories of Risk___________ risk - occurs from unavoidable weather conditionshuman risk - _____________ customers and employees; inadequately trained ______________economic risk - occurs due to changes in the _____________Gain or loss risk_________________risk - either a gain or loss could resultpure risk - a chance of an event occurring that could __________________________controllable risk - if a loss can be _______________ or the likelihood of its occurrence reduced uncontrollable risk - ____________________________ done to prevent the riskinsurable risk - a pure risk for which the chances of loss are ___________________ and the amount of the loss can be estimated uninsurable risk - the chance that a dollar loss could occur; the amount of the __________________________________Risk management - preventing, ___________, or lessening the ______________ impacts of risk by using the strategies of risk avoidance, risk insurance, risk transfer, and/or risk retentionrisk avoidance - Sports and entertainment marketers need to plan to ___________________________.liable - the business is legally ___________________ for damages that occurrisk insurance - _______________ for predictable lossespremium - _______ of insuranceRisk Transfer - Some risks can be____________________ to another company or even to the consumer.contracting with _____________ for servicesincluding releases from liability on event ticketsRisk retention - _______________________ of an uninsurable riskrisk retention groups - similar businesses facing similar risks ___________________; resources are distributed to members that have a lossEthics - a system of deciding _______________________________ in a reasoned and impartial mannerBusiness should be conducted with integrity, trust, and fairness.Principles - _________________________ of rules and guidelines_______________________ - a progression in behavior where people advance from childish behavior to mature behavior based on principlesYoung people need _______________________.People and businesses should _______________ while pursuing a profit.Sometimes it is _________ to continue to act ethically when you observe people who receive a benefit from _____________________________.Only ______ can really influence the behavior of ethically challenged athletes and celebrities.Good decisions are both _____________________________.Good decisions are the right choices for the _______________________.Profit is the primary _____________ of sports and entertainment marketing.Investors generally provide the ___________for an event to cover all the costs that must be incurred before tickets are ever sold.Return on Investment (ROI) - __________________ from a venture that is distributed to investorsMoney SourcesFunds to repay investors are raised throughticket sales / _________________/ licensing / facilitiesforecast - a plan that predicts the _____________ to be incurred and the _____________ to be receivedbudget - a plan for how available funds will be __________The purpose of a budget is to ________________ so they do not exceed the funds available.Financial Statements___________________: net worth = assets – liabilities; shows net worth at a specific point in timeincome statement - shows _______________________________ for a specific period of time; reveals company’s profit or loss ................
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