WARM-UP: Student Is to Access Activity of Choice on Quia to Practice Re: 3

SEM LESSON PLAN 10-26 & 10-27-2011 S. Herman

COMPETENCY: 3.00 Explain economic foundations relevant to the sports and entertainment marketing industry.

OBJECTIVE: 3.03 Discuss the Free Enterprise System Student will become informed of advantages/disadvantages of being an entrepreneur.

WARM-UP: We will review the results of the Mid-Term Exam

A. Discuss the forms of business ownership. 1. A sole proprietorship is a business owned and operated by one person. 70% of all businesses in the U.S. are sole proprietorships.

2. A partnership is a business owned and operated by two or more people. Less than 10% of all businesses in the United States are partnerships.

3. A corporation is a business owned by stockholders. a. A corporation is a legal entity that is chartered by the state in which the business is located. b. Boards, directors and officers manage the daily operations of a corporation. c. The three main types of corporations include: i. Private (closed) corporations do not offer shares of stock for sale to the general public. ii. Public (open) corporations offer shares of stock for sale to the general public. iii. Subchapter “S” corporations are taxed like a sole proprietorship and limited to 35 or less shareholders.

4. A franchise is a business or organization with the right to use an established name and sell trademarked products. Franchises are granted to a retailer or a wholesaler for a fee.

VOCABULARY: Economic ways of doing things that address the economic decisions of what to produce, Institutions how to produce it and who will consume it. Many economic institutions are long-lived and were originally formed in response to economic conditions that may have changed over time Sole a form of business organization that is owned and managed by one individual Proprietorship who assumes all risk of loss and receives all profits Partnership a form of business organization that is owned by two or more individuals who assume all risk of loss and receive all profit Corporation a form of business organization that is created by law, functions as a separate legal entity, and is owned by two or more individuals called stockholders. Stockholders are at risk only for the amount of their financial investment Franchising a system by which a firm expands into new neighborhoods and towns (or foreign countries) by selling the rights to use the company's name and products to individuals. The franchising company provides training services and an advertising campaign for the purchaser of the franchise. In turn, the purchaser agrees to meet certain quality standards, provide certain products, and pay a franchise fee to the franchising organization.

1 Activity 1: View video clip below and write a one paragraph summary of the video. http://www.ehow.com/video_4981773_form-limited-partnership.html

Summary:

Activity 2: "How to Create a Sole Proprietorship". After viewing the video, type one paragraph providing a summary in the information provided to you. http://www.ehow.com/video_4981765_create-sole-proprietorship.html

Summary:

Activity 3 : View video "What is a Shareholder" Type one paragraph summary of the information provided. http://www.ehow.com/video_4981792_what-shareholder.html?wa %5Fvrid=d24cdc41%2D9b01%2D402b%2Da602%2Ddcdda5699c22&cp=1&wa %5Fvlsrc=continuous&pid=1

Summary:

DISCUSSION:

2 COMPETENCY: 4.00 Develop customer service skills needed in the sports and entertainment industry. OBJECTIVE: 4.01 Explain the importance and types of selling. EQ: What is data-based marketing?

DAY TWO: 10-27-2011 Read the information provided:

A. Explain selling. 1. Selling is the exchange of goods and services from producers to consumers for a price. a. Businesses and sponsors might purchase incentives, media time, naming rights, pre-/post-game entertainment, signage, tickets (group or season), and products designed for the corporations’ target market. b. Fans might purchase food and beverages, merchandise, pre-/post-game entertainment, and tickets (group or season). c. Sales of sponsored products should increase as a result of advertising at an event. d. Sponsors pay a rights fee for media time to a sports or entertainment organization for the opportunity to provide broadcasts. 2. Data-based marketing involves the collection of information about past, current, and potential consumers. In sports marketing, a database is needed to generate leads or sources of new customers. One common way to generate leads is through telemarketing. Telemarketing is communicating with customers via the telephone. For example, sales representatives from Nike call customers who recently purchased the new Jordan shoes to offer them a second pair at a 25% discount. In some cases, consumers will call in response to a promotional campaign. 3. Personal selling is a two-way communication between a representative of the company and the customer. For example, a sales associate at the Carolina Hurricanes team store, The Eye, selling an authentic team jersey to a fan. 4. B2B (business to business) selling takes place in a manufacturer’s or wholesaler’s showroom (inside sales) or a customer’s place of business (outside sales). For example, GoodYear Tire Corporation making a sales presentation at Hendrick MotorSports. 5. Direct mail is personal and received in the mailbox. Direct mail is used to initiate the sales process. For example, the Carolina Panthers mail information introducing their new Fan Rewards program. 6. www/Internet selling is selling executed using the Internet. For example, a Monsters, Inc. fan purchasing the DVD, or a customer purchasing stuffed toys from www.disney.com.

ACTIVITY 1: Page 307 in the text book: Read Winning Strategies on Page 307 and answer these critical thinking questions:

1. What type of pricing strategy is used by Country Stampede to maximize attendance at the 4-day event?

2. How might Affiliated Foods Midwest benefit from sponsoring Country Stampede?

ACTIVITY 2: List the six steps involved in the sales process and briefly describe the step.

ACTIVITY 3 : Explain why personal selling is necessary when selling expensive items like luxury suites at a professional football stadium.

ACTIVITY 4 : List and explain the three things that successful salespeople must understand:

ACTIVITY 5: Why should a sales associate NOT ask "May I help you?"