Transcript Marketing Plan

Marketing Plan
Sports & Entertainment Marketing
Discussion Topic
•
What is a marketing plan and why are they
important to sports and/or entertainment
organizations?
What is the Marketing
Plan?
• A written document that provides direction for the
marketing activities for a specific period of time
• It is a critical planning tool for any business, regardless of
industry
•
Defines goals and strategies
• Serves as the “game plan”
• Communicates the goals, objectives, and strategies of a
company to its employees
Marketing Plan
Examples
•
LPGA needs to boost sponsorships
•
Movie theater needs to increase matinee
o ticket sales
•
NHL needs to manage negative publicity due to
lockout/labor dispute
Key components of an effective
marketing plan:
1.
Mission Statement
2.
Executive Summary
3.
Situation or S.W.O.T. Analysis
4.
Marketing Goals / Objectives
5.
Market Research / Marketing Strategies
6.
Implementation
7.
Evaluation and Control
The Mission Statement
• A written statement that captures an organization’s
purpose, customer orientation and business
philosophy
• The majority of marketing strategies are founded on
the basis of the mission statement content
International Olympic Committee
marketing commission
• “Olympic marketing helps perpetuate the work of
the Olympic Movement, by providing resources,
programs and financial support. All programs and
actions of a partner should be designed to
enhance and protect the Olympic image and
Olympic values.”
Lance Armstrong
Foundation
• “The Lance Armstrong Foundation (LAF) inspires and
empowers people affected by cancer. We help
people with cancer focus on living; we believe that
unity is strength, knowledge is power and attitude is
everything. From the moment of diagnosis, the LAF
provides the practical information and tools people
with cancer need to live life on their own terms.”
The Situation (S.W.O.T.)
Analysis
S
Strengths
W
Weaknesses
O
Opportunities
T
Threats
Strengths
S
Strengths
Resources and capabilities that can be used
as a basis for developing a competitive advantage
• Patents
• Strong brand names
• Positive reputation among customers
Weaknesses
W
Weaknesses
Qualities that give a business a competitive disadvantage
• Lack of patent protection
• Weak brand name
• Poor reputation among customers
• Lack of resources
• Inadequate distribution channels
Opportunities
O
Opportunities
Events that could facilitate company profit and growth
• An unfulfilled customer need
• Arrival of new technologies
• A niche that has not yet been exploited
• Mergers
• Entry into new markets
Threats
T
Threats
Events that could have a negative impact on the company
• Shifts in consumer tastes away from company
products
• Emergence of new substitute products
• Government regulation
Hypothetical SWOT
Example
• An apparel and footwear company competing
with companies like Nike, Adidas and Under Armour
for market share
Strengths
• Steady and consistent growth in profits
• Innovative new technology (lightweight,
stretchable fabric) that increases consumer
performance
• Products tied to effective endorsement campaign
(Serena Williams wears your new technology during
games)
Weaknesses
• Too much reliance on sales of products online and
not enough in retail environments (your products
are not available at Dick’s or Foot Locker)
• Low brand awareness (not enough consumers are
familiar with your brand)
• Dependency on sales of apparel products with a
track record of limited growth in footwear (75% of
total sales come from the apparel category)
Opportunities
• Well defined objectives with company-wide support
(everyone in the company is behind the goal of
increasing footwear sales in the next fiscal year)
• Positive industry outlook (forecasts call for
substantial growth in the footwear and apparel
markets for the next three to five years)
•
Positive association with endorsers (Serena Williams’
popularity is extremely high and he uses your
product and will be featured in an upcoming
campaign promoting the brand)
Threats
• Competitors launching new, similar product (Puma
is launching a similar lightweight, stretchable fabric
apparel line in the upcoming year)
• Rising raw material prices (the cost of producing
products will rise)
• Poor economic conditions (consumers are
spending less)
Project Time
• Work Individually
Strengths
Weaknesses
• Create a Personal
Mission Statement
• Create a Personal
SWOT analysis
o
o
o
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Strengths
Weaknesses
Opportunities
Threats
Opportunities
Threats