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Virtual Business

TermDefinition
Price The amount of money charged for one unit. Ticket prices should reflect what customers are willing to pay.
Revenue The money collected in sales. Revenue is equal to (number of unit sales) × (price of each unit). A sports franchise has a number of revenue sources, including ticket sales, concessions, licensing, and sponsorships.
Demand The amount of goods or services that customers want to buy. Ticket prices for a sporting event should be determined by the demand that exists for that event.
Yield Management Pricing Setting different prices for goods or services in an effort to maximize revenue when limited capacity is a factor.
Dynamic Pricing A system of fluid, not fixed, ticket prices that increase or decrease due to small and/or short-term changes in supply and demand. Dynamic pricing is facilitated by the Internet and mobile technology.
Marginal Cost The cost of producing one additional good or making one more of a commodity (like a seat at a stadium) available.
Ticket Brokers Individuals or companies who purchase tickets in bulk to artificially constrict demand and drive up prices.
Ticket Agencies Companies that stadium owners use to manage their ticket sales.
Grounds Crew The team that maintains a property’s grounds, especially the athletic field. Proper field maintenance is important because improper maintenance can lead to player injuries and league fines.
Security Personnel responsible for the security and well-being of the fans, stadium property, and workers. A security shortage can lead to unruly crowds.
Usher Personnel responsible for making sure fans sit in and stay in their assigned seats. Fans will move to better seats if they are available and there is no one to stop them.
Gate Greeter Staff members who check tickets of customers entering the stadium. They play the vital role of ensuring that only paying customers enter.
Information Speciailist Information specialists walk around the stadium before, during, and after an event to direct customers to facilities and serve as the first line of support to customers with medical emergencies.
Concession Staff Team members who prepare and serve food and drinks (often alcoholic) to customers.
Stage Crew The crew that helps set up and test a band’s staging and equipment. They are either part of the band’s road crew or local contractors hired by the tour promoter.
Sound Crew The crew that runs a venue’s sound system. They are either part of the band’s road crew or local contractors hired by the tour promoter.
Cleaning Crew The crew responsible for stadium cleanliness before, during, and after events.
Ticket Takers Staffers who check tickets at stadium entrances.
Ticket Sellers Staffers who sell tickets to fans at the stadium.
Parking Cashiers Personnel who man booths at stadium parking lots and garages to take money from fans before or after an event.
Parking Attendants Personnel who help fans find parking spots and navigate through parking areas.
Parking Security Staffers who make sure that fans’ vehicles, and the personal belongings in them, are safe. They work with law enforcement to address cases of larceny and other unruly behavior.
Crowd Control A term for the various techniques used by security personnel to ensure a peaceful event for ticketholders.
Spectator Violence Violence perpetrated by spectators against fans of the opposing team or even opposing players.
Ingress The flow of fans into a venue.
Egress The flow of fans out of or away from a venue.
Bottlenecks A restriction of optimal traffic throughput. In Virtual Business—Sports, you may see bottlenecks occur in the parking lot because of overloaded traffic situations due to the inability of the parking and security staff to support the traffi
Satellite Parking Any parking lot that is offsite from the stadium. Shuttle buses are often required to transport fans to and from the stadium.
Public Transportation Methods of transport other than driving, such as the subway and the commuter rail.
Americans with Disabilities Act (ADA) A federal law requiring, in part, that new stadiums be handicapped accessible.
Satellite Lot Any parking lot that is offsite from the stadium is considered satellite parking. Shuttle buses are often required to transport fans to and from the stadium.
Public Transportation Methods of transport other than driving or flying, such as the subway and the commuter rail.
On-Street Parking Parking along the street, as opposed to in a parking lot.
Tailgating The practice of grilling food, drinking, and socializing around cars and trucks in a stadium parking lot. Lots of sports fans enjoy arriving early to games, parking, and then partying before the game.
Dynamic Pricing The practice of grilling food, drinking, and socializing around cars and trucks in a stadium parking lot. Lots of sports fans enjoy arriving early to games, parking, and then partying before the game.
Fixed Costs Costs incurred by a business regardless of how much goods and services are produced. These might include, for example, salaries. These costs are not connected to profit and loss but must be paid on a regular basis, as stipulated in a contr
Variable Costs Costs incurred by a business that vary from month to month or year to year. These might include the cost of food, snow removal, and so on.
Concessions Areas on stadium property, both inside and outside, where food and drink are available for fans to purchase and enjoy while they’re at a game or a music event.
Concessionaire The owner or operator of a concession stand.
Game-Day Experience The quality of the fan experience during an event, including the concession experience.
Concession Pricing The various methods stadium owners and managers use to price concessions, including all-you-can-eat seats and discounts for season ticket holders.
Price The amount a concessionaire charges for food and drink items.
Cost The amount a food item costs the concession owner plus the amount paid to workers to prepare and serve the item.
Profit Margin The total cost of the item (including labor, etc.) subtracted from the price charged.
Inventory The on-hand supplies of food and drink a concession stand has.
Ordering The process by which concessionaires purchase raw materials for their concession stands from food suppliers, often wholesalers.
Sponsors Organizations, firms, or individuals that give teams money in exchange for naming rights and advertising rights on stadium signage.
Signage The collective use of signs, symbols, or design. Stadiums may reserve areas where sponsors can use signage for advertising purposes.
Naming Rights The exclusive right of a sponsor to have its name and logo on a stadium.
Negotiation The process through which two or more parties with competing interests reach an agreement.
Brand An image, logo, or name that consumers associate with a particular company.
Association Principle A principle holding that people simplify decision making by relying on visceral responses to questions related to topics such as peer acceptance or rejection.
Passion Transference A term used to describe the process by which fans of a sports team strengthen their allegiance to brands associated with that team.
Product Promotions/ Endorsements When a celebrity recommends that consumers buy a product or service provided by a sponsor.
Bidding War When two or more companies try to outbid the other for something, such as a sponsorship opportunity.
Profit Margin The income a team is left with after paying operating and administrative expenses.
TV Broadcast Rights The rights to broadcast a team’s games on TV (and often the Internet).
Perceived Value The value attached to something—such as a sports sponsorship—by the person seeking to acquire it.
Market Research Market research is the function that links the consumer, customer, and public to the marketer through information. This information is used to identify and define marketing opportunities and problems; to generate, refine, and evaluate mark
Media Planner People who plot marketing strategies for events or products.
Cost Per Reach The cost of an advertising campaign divided by the number of people reached.
Media In advertising, media describes avenues for communicating a message. The most common forms of media are TV, newspapers, radio, and the Internet.
Traditional Media The different avenues through which a business can reach its potential customers, excluding the Internet. Examples include broadcast TV, cable TV, radio, and newspapers.
New Media The Internet and mobile devices such as smartphones.
Social Media A subset of new media that facilitates two-way interactions between a band or team and its fans. Popular social media websites and mobile apps include Twitter and Facebook.
Awareness Awareness is measured as the percentage of potential customers in a specific target audience that is aware of a product’s existence.
Demographics The basic characteristics of a population segment, such as gender, age, and income.
Social Media Marketer Someone who uses the power of social media to converse with actual and prospective customers, all with the goal of bolstering a company’s brand and selling more product.
Spam Unwanted email solicitations from companies.
Marketing Campaign The methods and strategies a company uses to promote a product, service, or event.
Brand Recognition The general awareness of a particular brand among the general population.
Brand Reputation How a brand is perceived in the marketplace.
Contextual Advertising Advertising targeted to online users based upon their self-reported preferences
Viral Marketing In the context of social media marketing, viral marketing is using consumers to share an organization’s message with their friends and family using social media. A band’s music video that is shared widely on Facebook is an example.
Authenticity An attribute of a brand, band, company, etc. that conveys that it is primarily interested in understanding and meeting the real needs of customers rather than making a one-size-fits-all type of sales pitch.
Created by: 127818
 

 



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