My midterm questions and answers Flashcards
Define work for hire.
Work for hire is when you work as an “employee” (or contracted as an employee) and any creative work you produce is considered intellectual property / owned by / authored by the employer. As a photographer, you will have no rights to the photographs (including no copyright), no credit, and no residual income. It is advised to stay away from work for hire unless you get something overwhelmingly positive / worth it in return.
Define buyout.
A buyout is when all rights to a photography are purchased, so that the photographer no longer maintains credit/author/ownership of the copyright. The purchaser can do whatever they want with the photograph, including reselling it. The original photographer does not have the right to sell or use the photograph for any purpose. It is advised to avoid buyouts as much as possible by finding out what the client actually wants (i.e., reuse rights after initial usage, exclusivity from competitors for a certain period of time, etc.), and letting them know that the buyout is unnecessary and far more expensive (i.e., 500%). A buyout must provide something overwhelmingly positive / worth it in return, as it means the photographer loses all potential residual income from that photograph and could even have their own work competing against it in the future. This is why it must be weighed heavily and priced accordingly.
Define licensing.
Licensing is when the author of intellectual property/the copyright owner authorizes another party to use /reproduce the work in a specified manner (a specific use, for a specific amount of times, for a specified period of time.)
Define media use.
Media use is all the types of forms in which a photograph can be used (print, web, merchandise). Within each category, there are a variety of specific uses, like book, magazine, billboard, brochure, point of service, etc.
Name the two kinds of costs that make up your Overhead and give four examples of each cost.
The two kinds of costs that make up your overhead are fixed and variable.
Fixed costs include salaries, taxes, rent, utilities, and depreciation of equipment (such as camera and computer equipment). Variable costs include education, professional organization fees (like ASMP), permits, digital supplies (like storage cards), and printing supplies (ink, paper, etc.).
What are the 6 steps in negotiating (in order)?
The six steps of negotiating are: 1. Establish Rapport (with the client). 2. Gather Information. 3. Educate the Client. 4. Quote The Price 5. Close the Deal 6. Follow-Up
Establishing rapport is important to build a bond between you and the client. It sets both parties at ease to better conduct business and work together, and lets the client know that you are professional and friendly to work with. You should let them know you are interested in their company and project, and find common grounds to connect on.
Gathering information one of the must crucial steps, since it helps you provide the most accurate estimate of costs, challenges, and nature of an assignment. (Refer to question about what you should ask a client).
Educating the client is important to make sure they understand industry standards and the pricing factors involved in an estimate.
Make sure you have all information and take time before quoting a price. Don’t be rushed. Try to start with a range so that you can reconfigure it if necessary. But never lower price without giving a valid reason for doing so and making sure you take something off in terms of the work/usage, or get something in return.
When you close the deal, make sure you get confirmation in writing with Po, estimate, and confirmation.
Follow up and find out success of project and let client know you’re interested in their success.
What is the difference between an estimate and a bid?
An estimate is a price offering by a photographer for a particular job (assignment or stock). It has a industry standard of +/- 10 percent.
In contrast, a bid is considered a fixed price given by a photographer for a job, often in competition with other photographers for the same assignment/job. Sometimes there is a “comparative bid” where the photographer is basically bidding for a job that is already essentially booked. The client is just looking at other prices to justify their current choice. It is advised to make sure you know whether the client is looking for a bid or an estimate, that you both agree on what those terms mean, and that, if possible, you can find out who else is competing for the job.
When a client contacts you asking for an estimate for a shoot, list 6 questions that
you should ask the client.
You should gather as much information as possible when creating an estimate for a shoot. Six of the important questions that should be asked include:
- What does the assignment entail? (What is the location, will there be models needed, any special equipment, who is the lead contact person, etc.)
- For what purpose is the assignment? Who is the market (advertisement, corporate editorial, regional or national)? Find out how important the assignment is to the client (like will it be used as their main marketing, take up a full page ad in a major magazine, etc., or just be minor promotional/brochure material, for example).
- If possible, find out the budget. One way is to see if they have done similar jobs before. See if they are looking at other photographers and if possible, who they are.
- What is the media usage? (Print, web, merchandise?) If print, what type (book, magazine, billboard, etc.) and circulation?
- What is the intended size and format of the work (i.e., half page, tiff).
- What other rights/media usage are the clients looking for, how many times, and for how long?
- Find out how long the assignment is expected to take, when is it supposed to occur, what the deadline is, and if there are any potential challenges, if possible.
Never use the term _____, and why?
Day rate implies a fixed rate, and makes people compare it to their own hourly/daily wages. Photography pricing factors are complicated and affected by many different components, including media usage, type of market, overhead, individual shoot expenses and challenge/risk factors, and photographer skill/creativity, experience, and equipment.
List 5 expenses in addition to your Creative Fee that would be line items in your estimate.
Additional expenses along with the Creative Fee could include crew, talent, props, craft services, and equipment rental.
Name two of the three business software programs we discussed ?
We discussed Cradoc Software Fotoquote 7 (or 6), and FotoBizX.
Name 3 advantages of using Social Media to market yourself.
Social media can provide exposure, networking, and keep people informed of what your work and what you are doing.
How do you calculate your Annual Overhead?
Calculate your annual overhead by adding up the fixed and variable costs that it takes to operate a successful business for one year, (including taxes, salary, as well as profit, i.e., 10%). Divide that total by the number of assignment days to get your daily overhead.
In a magazine, what is the section called that list the different departments?
The section of the magazine that lists the different departments is called the masthead. Some of the important titles to look at include photo editor, creative director, and art director.
Define Royalty-free photos.
Royalty-free photos are photos for which there is a flat fee for an unlimited use of the photograph within the agreed upon terms (i.e., that particular size, etc. ) . The photographer does not make any additional royalties or residual income outside of the flat fee and/or what they receive from the stock agency that sells them.
