Venue MGT 1 Exam 1

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Belmont University Venue MGT 1, Eric Holt

53 Terms

1
Amphitheater

open air, permanent stage, permanent/lawn seating, concerts/stage presentations

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2
Arena/Coliseum

open floor area, permanent/portable seating, permanent/portable stage,sporting events, concerts, family shows

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3
Auditorium

flat floor, stage at one end, balcony at one or both ends, small concerts, community events, religious meetings

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4
Complex

two or more venue types, single management structure, based on venue type

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5
conference center

state-of-the-art meeting rooms, may provide sleeping rooms, small-scale meeting and conferences

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6
Convention/exhibition/trade show center

indoor venue, large exhibit areas, various sizes of meeting rooms, conventions, trade shows, consumer shows, banquets and receptions

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7
Performing arts venue

permanent stage, permanent seating, sloped floor, concert, ballet, Broadway shows.

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8
Special event venue
designed to accommodate a specific activity or event
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9
Stadium

open-air or dome, fixed seats or bleachers surrounding a field, sporting events, concerts, civic events

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10
Administration/management
management of day-to-day operations oversight of venue policies and procedures
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11
Booking the venue
time and space
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12
sales
advertising, sponsorship, space and time
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13
marketing
marketing venue to the industry and marketing the event to the community
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14
purpose of a ticket
manage and control admission while providing financial accountability
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15
common ancillary revenue sources
food/beverage, merchandise, and parking
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16
operation functions
general maintenance, housekeeping, engineering, HVAC, safety, production, utilities
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17
event management goal
provide positive event experiences for guests and clients
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18
nine core functions venue manager does

administration/management, finance, booking, marketing/ sales, ticketing, ancillary revenue sources, venue operations, event management, safety/ security

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19
management by government department

-organized as a government department, budget approval form government entity, restricted by bureaucratic red tape, depends on other departments for services

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20
management by authorities, commissions, and non-profits

-typically created by a government entity, enables venues to operate more businesslike, government body appoints members, alternate to private management.

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21
management by academic institutions

-organized as an individual department within the institution, other university departments provide support, provide educational, training, and employee opportunities for students/staff.

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22
management by private companies

-cost of private management may be offset by increased revenues/decreased expenses, rfp process to selection best option, negotiate fees with incentives, industry expertise and resources

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23
advantages of public management

local control of fulfilling the mission, venue operations, revenues/ expenses, booking policies, sensitivity to local market expectations and conditions

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24
advantages of private management

-fewer bureaucratic controls, may provide investment dollars to the venue, industry connections to drive event bookings

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25
6 key skills of a venue manager

ability to negotiate, ethics, managerial leadership, team building abilities, entrepreneur instincts, ability to communicate.

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26
ability to negotiate

-rental agreements, service contracts, maintenance supplies & landscaping, F&B services, talent contracts, labor agreements.

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27
ethics

-fundamental principles of right and wrong, reputation for honesty, integrity, forthrightness, and consistency, IAVM code of ethics

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28
managerial leadership

-strong IQ and strong EQ, extensive understanding of each managerial function, must be knowledgeable, flexible, and excellent motivators/leaders

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29
team building abilities

-recognize importance of building a successful team, utilize the unique skill/abilities of individual employees, create a positive work atmosphere

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30
entrepreneurial instincts

-seek opportunities to maximize venue resources to generate additional income, importance of creativity

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31
ability to communicate
public, owners, tenants/users, venue staff, contractors, media, sponsors
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32
financial department

monitoring, reports, forecasts all financial activities of the venue, detailed analysis of past performance to enhance future strategic planning.

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33
finance director

oversees all venue business functions, gathers, interprets, and provides venue financial information, must be able to view the venue's finances through the eyes of the venue manager

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34
operating budget

-anticipated annual operating revenues/expenses, identifies resources allocated to fund shortfalls, provides management with monthly reports and analysis of YTD revenues/expenses, considered a roadmap for venue management

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35
4 stages of operating budget process

research and preparation, presentation, approval, execution

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36
capital improvement budget

identifies projected major expenses, responsibility of venue manager and finance director

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37
finance reports
Profit and Loss statement, balance sheet, and capital expenditures report
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38
cost accounting
identifies and isolates every venue financial activity and determines associated costs
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39
cost allocation
assignments of costs to one or more expense categories
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40
cash management

cash-on-hand is a persistent concern -

-issues: embezzlement insurance, point-of-sale systems, security, cash audits, venue checking account, petty cash, investment of cash

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41
PCI Compliance

Payment Card Industry, businesses that accept credit cards are responsible for proper management of the information acquired as a result of any transaction

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42
Fixed assets management

track and account for tangible items acquired for use in venue operations, depreciation overtime.

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43
accounts receivables
billing and collecting for products or services
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44
accounts payable
balances owed to other for good, supplies, or services.
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45
purchasing and procurement

venues spend significant amounts of money on purchasing goods and services, all purchases must be verified.

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46
event contracts

between venue and event promoter, outlines financial responsibilities of each party, finance director's pre-event estimates are needed for negotiations.

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47
all-in contract
flat rate includes rent and most other expenses
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48
flat rent + expenses contract
flat rent is a set amount and most other event expenses are line items in the settlement
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49
variable rent based on space used contract
may be based on square footage of exhibit space and/or meeting rooms used plus expenses
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50
percentage of ticket sales contract
rent is determined based upon a percentage of ticket sales plus expenses
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51
per person contract
rent is determined based upon a fixed amount per person in attendance plus expenses or just fixed amount per person
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52
event settlements
process by which monies are divided between the promoter and venue based upon the event contract
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53
audits

review of venue's finances, operations, management processes/practices

internal/ external

scheduled/ unscheduled

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