VOCAB for simulations:

Demand:

The amount of goods/services consumers want to buy.

Dynamic pricing:

A system of fluid, not fixed, ticket prices that increase/decrease due to small and/or short-term changes in supply and demand.

Marginal cost:

The cost of producing one good.

Revenue:

Money collected in sales or (# of unit sales x cost of each unit).

Ticket agencies:

Companies used by stadiums to sell tickets.

Ticket brokers:

Individuals who purchase tickets in bulk to constrict demand and drive up prices.

Yield management pricing:

Setting different prices for goods and services in effort to maximize revenue when limited capacity is a factor:

Crowd control:

Techniques used by security to ensure peaceful events.

Info specialist:

• Walks around to direct customers

• Is the first line of supporters to medical emergencies.

Parking attendants:

Help fans navigate through lots.

Parking cashiers:

Take money from fans for parking.

Parking security:

Makes sure items in vehicles are safe.

Sound crew:

Runs sound system. (hired by tour promoter).

Stage crew:

Set up staging + equipment (hired by tour promoters).

Ticket sellers:

Sell tickets.

Ticket takers:

Check tickets at entrances.

Usher:

Makes sure fans stay in assigned seats.

On-street parking:

Parking on street instead of parking lot.

Public transportation:

Methods of transport other than driving.

Satellite lot:

Any parking lot that is off-site from the stadium.

Tailgating:

Grilling food + socializing in the parking lot.

Variable costs:

Costs incurred from a business that vary month to month/ year to year. (Cost of food, snow removal, etc).

Bottleneck math equation:

Throughput=Rate x Time.

Ingress:

People going into a stadium.

Egress:

People going out of a stadium.

Bottlenecks:

Choke points of a crowd.

Americans with Disabilities Act (ADA):

A federal law requiring that new stadiums be accessible to those with disabilities.

Concessionaire:

The owner or operator of a concession stand.

Concessions:

Areas of a stadium where food and drink are for sale.

Concession pricing:

The various methods stadium owners use to price concessions. (including all-you-can-eat seats).

Cost:

Amount ingredients cost +amount paid to workers to serve and sell it.

Game day experience:

The quality of a fans experience during an event.

Inventory:

On-hands supplies a concession stand has.

Profit margin:

Cost of item - price charged.

Association principle:

People simplify decision-making by relying on intuitive feelings towards brands.

Bidding war:

When two or more companies try to outbid on a sponsorship opportunity.

Brand:

An image or logo customers associate with a company.

Naming rights:

Right of a company to have their name or logo on a stadium.

Negotiation:

The process in which two or more parties with competing interest reach an agreement.

Net-profit margin:

The income a team is left with after paying operating and administrative expenses.

Passion transferrance:

When fans strengthen their allegiance to a brand that is associated with a team.

Perceived value:

The value attached to something according to a person.

Product promotions and endorsements:

when a celebrity recommends customers buy a product/service provided by a sponsor.

Signage:

The collective use of signs symbols or designs with space in stadiums, often dedicated for advertising.

TV broadcast rights:

The rights to broadcast a teams games on TV (and often the internet).