| A | B |
|---|
| financial plan | included projected income, expenses, and profit for an entertainment event |
| marketing plan | a detailed written description of all marketing activities that must be accomplished in order to make an event successful |
| business plan | a written description of an event, its goals and objectives, and how they will be achieved |
| budget | a specific financial plan that assists managers in determining the best way to use available financial resources to reach goals |
| economics | the science that relates to producing and using goods and services that people want |
| supply | the amount that will be offered for sale at a particular time and at a certain price |
| demand | the amount that will be bought at a given time at a given price |
| utility | the ability of a service or good to satisfy a want |
| form utility | involves changing the shape of a product to make it useful for prospective customers |
| possession utility | is created when ownership of a good or service is transferred from one person to another |
| time utility | involves having the entertainment event available when the largest target market can be involved |
| place utility | involves offering an entertainment event at a location where the target market demand is greatest |
| factors of production | include natural resources, labor, capital goods, and entrepreneurship |
| natural resources | anything provided by nature that influences the productive ability of a venue |
| labor | the physical or mental human effort that goes into the production of goods and services |
| capital goods | buildings, tools, machines, and other equipment used to produce goods or services to satisfy needs of consumers |
| entrepreneurship | involves taking the risk of planning, managing, and producing an entertainment event |
| economic system | an organized way to decide how to use productive resources |
| market economy | an economic system in which consumer buying decisions determine what, how, and for whom goods and services will be produced |
| scarcity | involves limited financial resources for unlimited wants |
| capitalism | allows individuals to freely produce and distribute legal entertainment events |
| socialism | a political system in which the government controls the use of the country's factors of production |
| communism | an extreme form of socialism in which most national factors of production are owned by the goverment |
| unity of command | employees report to only one supervisor at a time |
| span of control | the number of employees that a manager supervises directly |
| shoulder periods | non-peak times at theme parks |
| proforma | a financial document that projects attendance and revenue necessary to successfully undertake an event |
| brand marketing | the process of creating a perception that separates an organization from its competitors |
| upselling | selling additional products to customers beyond the initial purchase |
