Transcript Chapter 2
Do Now List the three note taking strategies that work best for you. Chapter 2 Slide 1 Sports and Entertainment Marketing © Thomson/South-Western Chapter 2 Sports and Entertainment Means Business 2.3 Business Ethics 2.4 Financial Analysis Sports and Entertainment Marketing © Thomson/South-Western Lesson 2.3 Business Ethics Goals Define ethics. Discuss the impacts of unethical behavior. Chapter 2 Slide 3 Sports and Entertainment Marketing © Thomson/South-Western 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. Chapter 2 Slide 4 Sports and Entertainment Marketing © Thomson/South-Western 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. Chapter 2 Slide 5 Sports and Entertainment Marketing © Thomson/South-Western Prepare a 3 minute skit to show what ethics is. be sure you can explain the relevance make sure it is appropriate Chapter 2 Slide 6 Sports and Entertainment Marketing © Thomson/South-Western BUSINESS BEHAVIOR People and businesses should act ethically while pursuing a profit. Chapter 2 Slide 7 Sports and Entertainment Marketing © Thomson/South-Western Seeking an Advantage Sometimes it is hard to continue to act ethically when you observe people who receive a benefit from acting unethically. Chapter 2 Slide 8 Sports and Entertainment Marketing © Thomson/South-Western When Being Bad Profits Only fans can really influence the behavior of ethically challenged athletes and celebrities. Chapter 2 Slide 9 Sports and Entertainment Marketing © Thomson/South-Western Effective and Ethical Good decisions are both ethical and effective. Good decisions are the right choices for the long term. Chapter 2 Slide 10 Sports and Entertainment Marketing © Thomson/South-Western How can the bad behavior of celebrities be controlled? Chapter 2 Slide 11 Sports and Entertainment Marketing © Thomson/South-Western Lesson 2.4 Financial Analysis Goals Discuss sources of funding and revenue for sports and entertainment businesses. Describe four tools for financial analysis. Chapter 2 Slide 12 Sports and Entertainment Marketing © Thomson/South-Western IT TAKES MONEY Profit is the primary purpose of sports and entertainment marketing. Chapter 2 Slide 13 Sports and Entertainment Marketing © Thomson/South-Western Finding Funding Investors generally provide the funding for an event to cover all the costs that must be incurred before tickets are ever sold. Chapter 2 Slide 14 Sports and Entertainment Marketing © Thomson/South-Western return on investment the income from a venture that is distributed to investors Chapter 2 Slide 15 Sports and Entertainment Marketing © Thomson/South-Western Money Sources Funds to repay investors are raised through ticket sales broadcast rights licensing facilities Chapter 2 Slide 16 Sports and Entertainment Marketing © Thomson/South-Western Name three sources of revenue from sports and entertainment. Chapter 2 Slide 17 Sports and Entertainment Marketing © Thomson/South-Western WHERE IS THE MONEY? forecast a plan that predicts the expenses to be incurred and the revenues to be received Chapter 2 Slide 18 Sports and Entertainment Marketing © Thomson/South-Western 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. Chapter 2 Slide 19 Sports and Entertainment Marketing © Thomson/South-Western 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 Chapter 2 Slide 20 Sports and Entertainment Marketing © Thomson/South-Western What is the purpose of a forecast? Chapter 2 Slide 21 Sports and Entertainment Marketing © Thomson/South-Western