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INTIX | Entertainment Ticketing | Body of Knowledge
INTIX Body of Knowledge, created by content experts, provides an outline of core domains for entertainment ticketing including Finance, Management, Marketing and Technology.


 


Finance Domain Outline

I. General Accounting Concepts and Principles

A. Time value of money (a dollar received today is worth more than a dollar received in the future because income can be earned by investing that dollar today)

1. Definition of return on investment and present dollar value (the amount that must be invested today to receive a greater amount at a future date) and their implications for financial management

2. Types of short-term investments and their purpose (e.g., can be readily converted to cash, used to pay current liabilities within one year)

3. Types of long-term investments and their purpose (e.g., capital preservation, generation of additional revenue)

4. Basic concepts and procedures associated with escrow of funds (e.g., ticket sales revenue for event is maintained in patron escrow account and following the event, monies are paid out to relevant parties, such as promoters, or transferred to revenue account)

B. Basic concepts associated with cost of goods sold (the cost to the organization of tickets/merchandise sold to customers) and its role in financial management
C. Budgeting systems

1. Basic distinctions between and cash and accrual accounting systems and the advantages/disadvantages of each system

2. Purpose of, and basic concepts associated with, profit and cost centers (e.g., profit centers are responsible for generating income, cost centers record only expenses)

3. Basic elements of a budget and how it is used in financial management (e.g., aids in coordinating business activities and controlling costs)

D. Definitions of, and distinctions between, fund balances and retained earnings (e.g., fund balances have no specific ownership, retained earnings are the income accrued to the shareholder owners)

E. Distinctions between not-for-profit and for-profit organizations (e.g., repayment of resource providers may not be required, purpose of operations is not necessarily to provide goods and services at a profit, absence of defined ownership interests)

II. Financial Statements

A. Uses of pro forma presentations of statements (e.g., projection of financial results for a future period, forecasting)

B. Key elements of a balance sheet and their relevance to financial management

1. Assets (e.g., cash and fixed assets, such as computers, ticket printers, land, buildings)

2. Tangible assets (the combined total of fixed assets and long-term investments)

3. Liabilities (e.g., accounts payable, bank loans)Equities (the net value of a company's total assets, less its total liabilities)

C. Key elements of an income (profit and loss) statement and their relevance to financial management

1. Revenues (i.e., the total income received in exchange for goods or services during a specific accounting period) and common forms of revenue for the admission service industry

2. Expenses (i.e., resources used to support ongoing operations) and common sources of expenses in the admission service industry

D. Key elements of the statement of cash flows and the statements' role in financial management (i.e., indicates sources of cash and how it was used within a given financial reporting period)

III. Inventory and Credit Policies

A. Inventory
1. Defining tickets for accounting purposes (i.e., treated as products, services, or rights)
2. Accounting approaches to tickets categorized as inventory (e.g., treatment of sold vs. unsold tickets and tickets before date and time of performance vs. after)
Key distinctions between the following systems/methodologies for physical inventory:
3. Periodic and perpetual inventory systems
4. First-In, First-Out method (assumes costs should be charged to cost of goods sold in the order in which they are incurred); average cost method (assigns the same average cost to each unit sold); Last-In, First-Out method (assumes the more recent cost of a specific item should be charged to the cost of goods sold)
B. Credit
1. Types of credit terms (e.g., discount for early payment, net 30) and the financial implications of each
2. Typical finance charges for accounts receivable in the admission service industry and when to use them
3. Financial implications of extending credit beyond the date of service (e.g., reduction in cash on hand for operating costs)
4. Financial implications of credit card discount fees (fees imposed by financial institution for receipt of credit card payments)
C. Auditing
1. Strategies for minimizing risk (e.g., ensuring accountability of front-line personnel such as ticket handlers)
2. Identification of policies and procedures that pose risk (e.g., cash handling procedures, office policies)
3. Design and implementation of effective control measures and risk solutions
4. Evaluation of the effectiveness of implemented control measures (e.g., employing data analysis software, auditing internal information systems)
IV. Capital
A. Capital budgeting
1. Methods and formulas for evaluating return on investment
2. Use of short- vs. long-term debt for financial management
3. Banking and borrowing options
a. Definition of prime rate and its impact on borrowing
b.Typical line of credit procedures and when to use such credit
c. Key distinctions between collateralized and noncollateralized loans
d. Basic concepts associated with secured loans and forms of security required to secure the obligation
B. Leasing
1. Basic concepts (e.g., buy-out value)
2. Advantages of leasing (e.g., immediate use of equipment without making full investment)

3. Factors to consider when determining whether to lease or buy (e.g., expected obsolescence of equipment)

V. Cash Management

A. Benefits of investing excess cash

B. Basic elements of cash management policies and procedures
C. Near- and long-term cash management strategies

VI. Financial Management Concepts and Tools

A. Key distinctions between forecasting and budgeting and the role of each in financial management

B. Cost analysis

1. Types of operational costs (fixed, semivariable, variable, avoidable vs. unavoidable), their implications for budgeting, and common examples of each within the admission service industry

2. Key components of a break-even (or cost-volume-profit) analysis (e.g., contribution margin), relevant formulas, and the role of the analysis in financial management

3. Basic distinctions between marginal/incremental costs and variable costs

4. Definition of opportunity costs and its implications for financial management

C. Risk and return

1. Sources of risk in the admission service industry (e.g., low level of audience interest in the attraction)

2. Strategies for reducing/managing risk

3. Relationship between risk and return

4. Basic elements of a competitive analysis (e.g., identification of competitors, evaluation of competitive strategy, identification of competitors' target market)

D. Basic elements of a "play or cancel" analysis and additional considerations when evaluating whether to cancel an attraction (e.g., dissatisfaction of ticket buyers and agent for the attraction)
E. Project planning and analysis

1. Strategies for determining the individuals/departments that should have responsibility for the project and assessing level of management support

2. Needs assessment methodologies

3. Components of a Request for Proposals (RFP) for vendors and guidelines for conducting the RFP and proposal review processes

4. Procedures for assessing capital costs of the project

5. Procedures for assessing incremental operational costs associated with project implementation

6. Basic elements of a project implementation plan

7. Methodologies for post-implementation evaluation

 

Management Domain Outline


I. Essential Management Skills

A. Communication

1. Active listening techniques

2. Use of open vs. closed-ended questions in communication

3. Nonverbal communication

4. Interaction between situational/organization factors and power

B. Decision making

1. Decision-making strategies

2. Brainstorming techniques

3. Approaches to implementing decisions and evaluating results

C. Delegation

1. Authority

2. Responsibility

3. Knowledge

4. Criteria

5. Accountability

II. Organizational/Behavioral Dynamics

A. Leadership

1. Characteristics of effective leadership (e.g., assertiveness, delegation of authority)

2. Team-building skills and principles

B. Authority

1. Sources of authority (e.g., position, resources, information)

2. Influence strategies (e.g., threat, exchange, appeal to values)

C. Motivating people

1. Rewards and incentives for enhancing motivation (e.g., using the organization's own products, directly or through relationships as an incentive)

2. Motivational strategies/approaches (i.e., the "cheerleader factor")

3. Factors affecting:

a. Morale

b. Job satisfaction

c. Productivity

d. Employee stress

III. Human Resources

A. Hiring

1. Elements of job descriptions/announcements (e.g., job title, responsibilities, necessary qualifications, special criteria, hours, to whom the position reports)

2. How to disseminate job descriptions (e.g., to whom they should be sent, how they should be sent)

3. Sources of job candidates

a. Internal posting and communications (e.g., ways of soliciting and identifying qualified candidates in current employee pool)

b. External announcements and advertisements (e.g., INTIX, Internet, local newspapers, trade papers, local university and alumni career offices)

4. Candidate interviews procedures and techniques (e.g., procedures for submitting applications and setting appointments, techniques for eliciting the most valuable information from candidates, preparation for conducting the interview, selection of appropriate interview questions)

5. Equal opportunity hiring practices and statements (e.g., when they should be used; what activities and what individuals are covered under local, state and federal laws)

6. Legal issues related interviewing (e.g., questions prohibited by law vs. acceptable questions)

7. Employment testing guidelines (e.g., testing processes that ensure fairness to all applicants, acceptable tests for employee selection, standardized procedures for administering tests)

8. Use of probationary periods for new hires (e.g., purpose and length of probationary period, evaluation of performance)

9. Employee orientation formats (i.e., individual, group) and content (e.g., organizational structure, policies/procedures and related manuals, completion of relevant employment forms)

B. Appraisals

1. Performance appraisals procedures (e.g., timing and frequency, processes to ensure objectivity, appropriate focus and scope)

2. Goal setting and results (e.g., establishing realistic and appropriate goals, prioritizing areas of improvement, monitoring progress)

C. Discipline, grievances and termination

1. Discipline

a. Types of disciplinary actions/options (e.g., written warning, termination) and situations in which they are used)

b. Procedures for implementing disciplinary actions (e.g., documenting incident, notifying employee)

2. Grievances

a. Procedures governing grievance hearings (e.g., corporate/ organizational policies, collective bargaining agreements)

b. Policies for notifying supervisor(s) and employee

3. Termination

a. Situations necessitating employee termination

b. Pre-termination procedures (e.g., warning period, unpaid leave)

c. Termination procedures (e.g., notification of employee, safety and security measures)

D. Special Topics

1. Diversity

a. Sources of diversity in the workplace and among customers (e.g., racial-ethnic background, sexual orientation, physical/mental disabilities)

b. Impact of diversity on the workplace (e.g., working with multilingual staff, employees who are single parents)

c. Special needs of audiences of specific shows or productions (e.g., ethnic productions, Special Olympics, children's events, rodeo)

d. Marketing nuances relating to audiences of specific production types (e.g., ethnic/international productions, productions in non-native languages, classical vs. modern dance/music, opera)

e. Sensitivity training for the workplace and the customer base (e.g., approaches and typical content)

2. Negotiation of business contracts

a. Basic contract styles/structures

b. Basic elements of employee contracts

c. Considerations related to writing and negotiating:

i. basic labor agreements

ii. contract supplier agreements

iii. box office service agreements

iv. armored service agreements

d. Pertinent theater- and entertainment-specific terminology included in contracts for promoted/booked events (e.g., gross, adjusted gross, daily wrap, daily sales, percentage used, forward, statements)

3. Technology standards and guidelines

a. Factors (e.g., department and company structure, training) influencing the development of standards, policies and procedures for various types of technology (e.g., Internet access, the usage of company e-mail, cell phones, beepers and pagers by office staff and patrons)

4. Internal controls

a. Standard protocols for and concerns related to cash handling and management

b. Procedures for and concerns related to depositing of cash (e.g., security issues, training for necessary personnel)

c. Establishment of daily counter/walk-up/window procedures (e.g., security concerns, ensuring accuracy of counts, training)

d. Establishment of appropriate banking procedures with designated financial institutions

e. Development of and factors influencing check cashing and check use policies for internal and external customers

f. Policies regarding reporting (e.g., to whom to report, what kind of reports)

g. Policies regarding computers and technology (e.g., access; passwords; maintenance and updates; code manipulation; services; technical support and on-call centers; control of pricing schemes, events, and upper-level accounts)

5. Inventory management

a. Techniques for managing the sales of tickets through various channels (e.g. Internet, stand-alone ticketing units, ticket offices, outlets, call centers, group sales, subscription offices, promoters)

b. Techniques for providing the broadest possible base of selling opportunities (e.g., effects and proper timing for releasing, holding and allotting tickets)

c. Basic concepts of revenue management, and its effect and appropriateness for the business

d. Basic concepts of customer relations management

6. Sexual, violent and general harassment policies

a. Harassment laws in the states in which the business operates

b. Fundamentals of harassment policies (e.g., procedures for ensuring the effectiveness and comprehensiveness of the policy)

c. Implementation of harassment policies (e.g., training of employees, common sensitivity issues, guidelines for providing a safe working environment for an employee, co-worker or patron who has filed a complaint)

7. Americans with Disabilities Act (ADA)

a. Purpose, structure and limitations of the act

b. Legal implications of the act and failure to comply

c. Implementation of accessibility policy for the organization/company (e.g., plan, budget, hiring process, employee training, aids and publicity for challenged patrons)

8. Customer service

a. Basic elements of customer relations management

b. Techniques for enhancing customer service (e.g., use of inbound and outbound call centers; window selling techniques during peak hours; cultivation of successful relationships with donors/patrons; e-mail courtesies and communications)

c. Impact of technology on managing/cultivating relations with patrons

9. Labor/Management relations

a. Basics components of labor contracts for entertainment ticket services employees

b. Fundamental elements of union contract negotiation

c. Factors influencing the formation of unions (e.g., laws/regulations governing union formation)

d. Impact of a unionized workforce on a company's/organization's policies and procedures

e. Common structures for and purposes of labor/management committees

f. Standard formats/models of grievance processes



Marketing Domain Outline


I. Marketing Strategy and Philosophy of the Organization

A. Types of strategies (e.g., customer-centric, operations-dominated, finance-dominated)

B. Corporate vision and positioning (e.g., presentation of organization to marketplace; implications of positioning on revenue; goal determination; translation of corporate philosophy into positioning)
C. Organization's definition(s) of marketing function (e.g., attracting and retaining customers, positioning, products, channels, market communications)

II. Elements of a Marketing Strategy

A. Market research

1. Types of research methods (e.g., qualitative, quantitative, database analyses)

2. Advantages and disadvantages of each research method

3. Types of marketing questions that can be answered using each methodology

4. Interpretation of market research reports (e.g., avoidance of erroneous conclusions)

B. Consumer behavior

1. Factors affecting consumer behavior

a. Interests and preferences

b. Types of customer (e.g., casual, infrequent, major fan)

c. Psychological and cultural factors (e.g., demographics, peer influence, family influence, disposable income)

2. Types of buying behavior

a. Single/Infrequent

b. Habitual

c. Specific interest (e.g., sports, arts)

d. Special event (e.g., sports playoffs, museum events, popular plays)

e. Dedicated fan (e.g., series/season subscription, memberships, multiple single buyer)

3. Buying decision process (e.g., recognition of needs, evaluation of alternatives)

a. Attraction of customers through events and "talent" offered

b. Implications of the selection of pricing points

c. Factors affecting ticket availability

d. Effects of ticket availability on buying decision process

e. Points of purchase (e.g., accessible, available)

C. Marketing objectives

1. Types of marketing objectives

a. Generating revenue (including ticket sales, rental space, donations)

b. Other objectives (e.g., assuring a satisfying customer experience, cultivating customer relationships, creating value)

2. Benchmarks for measuring achievement of objectives

a. Increases in revenue (e.g., individual sales, subscriptions/season tickets, renewals)

b. Donations

c. Upsells to next dollar tier (i.e., customer breaks from historical purchase pattern to purchase tickets in a more expensive class)

d. Attendance and average percentage of capacity

III. Common Industry Marketing Tactics

A. Elements of the marketing mix (i.e., price, product, place, promotion)

B. Market segmentation

1. Criteria for segmentation of an organization's customer base (e.g., age, education, interests, willingness to pay)

2. Role of segmentation in developing marketing plans and strategy

a. Product development

b. Pricing (e.g., flexibility and number of pricing classes/tiers including student, standing room, promotional, senior citizen, group)

c. Seasonality

d. Economic conditions

e. Marketing budget allocations

3. Types of segmentation approaches and relevant segmentation variables

4. Variables to consider when selecting target market segments

C. Pricing

1. Factors impacting pricing

2. Types of pricing strategies (e.g., discounting)

D. Promotions

1. Types of promotions (e.g., group discounts, value-added incentives)

2. Advantages and disadvantages associated with different types of promotions

3. Factors impacting the effectiveness of promotions

4. Procedures for evaluating the effectiveness of promotions

E. Packaging

1. Subscription combinations

2. Special packages

3. Exclusivity/Priority status

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