Transcript Marketing Plan

Unit 5 – The Marketing Plan
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© 2010 by Sports Career Consulting, LLC
UNIT 5 OBJECTIVES
The Marketing
Plan
1)Understand what the marketing plan and
why it is an important tool for sports and
entertainment marketers
2)Identify the key components of the
marketing plan
3)Successfully compose a mission statement
4)Explain the purpose of a situation or SWOT
analysis
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UNIT 5 OBJECTIVES
The Marketing
Plan
5) Identify the four elements of a situation
analysis
6) Recognize the importance of
understanding the financials within the
marketing plan
7) Determine which information is
important to address within the marketing
plan
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Lesson 5.1 –
What is the Marketing Plan?
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The Marketing Plan
UNIT 5
Discussion Topic
What is a marketing plan and why
are they important to sports and/or
entertainment organizations?
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The Marketing Plan
UNIT 5
What is the Marketing Plan?
It is a critical
planning tool for any
business, regardless
of industry
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Marketing Plan:
A written document that
provides direction for the
marketing activities for a
specific period of time
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The Marketing Plan
UNIT 5
What is the Marketing Plan?
Marketing Plan

Provides direction for the organization by
defining goals and strategies

Sports organizations consider this process
the creation of a business “game plan”

It communicates the goals, objectives, and
strategies of a company to its employees
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The Marketing Plan
UNIT 5
The Marketing Plan
Some marketing plans are prepared to be included as
part of a complete business plan with the goal of
obtaining financing from outside investors or bank for
a new venture
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The Marketing Plan
UNIT 5
What is the Marketing Plan?
Complexity and Time Frame

The complexity of the plan is
determined by the size and type of the
organization

The plan is also influenced by the
organization’s goals and objectives
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The Marketing Plan
UNIT 5
What is the Marketing Plan?
Complexity and Time Frame

The time period covered by the plan
also varies with organization size and type

A minor league sports franchise will
probably create a short term plan while a
major league team will create a long term
plan
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The Marketing Plan
UNIT 5
What is the Marketing Plan?
Understanding the Market
 The product
 Existing market distribution
channels
 The consumer
 Buying trends
 The economy
 Target markets
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 Competitor performance
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UNIT 5
What is the Marketing Plan?
Competition refers to a rivalry
between two or more businesses
selling products or services to the
same customers or markets
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The Marketing Plan
UNIT 5
What is the Marketing Plan?
When two or more businesses sell the same goods
or service, they are competing for the same
consumers. Competition impacts price points,
product features and marketing strategies
because businesses are fighting for an edge that
will persuade consumers to choose their products
or services over those of competitors.
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UNIT 5
What is the Marketing Plan?
A monopoly occurs when there is no
competition in the marketplace
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The Marketing Plan
UNIT 5
What is the Marketing Plan?
Google has digitized millions of outof-print books and has reproduced
them online for consumers to read.
However, because there is a lack of
competition because nobody else
has access to many particular titles,
the book service raises monopoly
and privacy concerns and is being
reportedly reviewed by the U.S.
Department of Justice.
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The Marketing Plan
UNIT 5
What is the Marketing Plan?
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The Marketing Plan
UNIT 5
What is the Marketing Plan?
In 2010, FCC regulators voted to close a loophole in
federal law that gave Cox Communications exclusive
rights to San Diego Padres broadcasts, opening the
door for rivals such as AT&T and DirecTV to eventually
include Padres games in their channel lineups. Said
Mark Kersey, a cable industry analyst, “The FCC
clearly looked at this data and concluded the lack of
Padres games has impeded competition.”
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The Marketing Plan
UNIT 5
What is the Marketing Plan?
Types of Competition

Direct competition occurs between sellers of
similar products and services

Indirect competition occurs between sellers
that compete for the same share of
consumers’ discretionary income
(competition for the entertainment dollar)
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The Marketing Plan
UNIT 5
What is the Marketing Plan?
Li Ning, an upstart Chinese footwear and apparel
brand is a direct competitor of Nike, Adidas, Puma
and Under Armour, has already displaced Adidas as
the number two brand in China based on sales of
footwear, apparel and accessories. The company is
positioning itself to surpass Nike as the top footwear
and apparel brand in China. Li Ning’s goal is to be
number one by 2013.
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The Marketing Plan
UNIT 5
What is the Marketing Plan?
It is possible for some products and
services to compete directly at times and
indirectly at others
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The Marketing Plan
UNIT 5
What is the Marketing Plan?
Watching games in HD
on television rather
than attending the
game in person
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Substitute Products:
products (or services)
that consumers may
choose to use rather
than a particular
company’s product
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Lesson 5.2 - Components
of an Effective Marketing Plan
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The Marketing Plan
UNIT 5
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
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UNIT 5
Key components of an effective
marketing plan (could also include):
1) Table of contents
2) Problem identification statement
3) Communication and/or publicity plan
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The Mission Statement
The majority of
marketing strategies are
founded on the basis of
the mission statement
content
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Mission Statement:
A written statement that
captures an
organization’s purpose,
customer orientation and
business philosophy
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The Executive Summary
The executive summary
highlights key
information within the
document
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Executive Summary:
Provides an overview of
the complete plan
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UNIT 5
The Situation (S.W.O.T.) Analysis
S
Strengths
W
Weaknesses
O
Opportunities
T
Threats
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The Marketing Plan
UNIT 5
Marketing Goals & Objectives
Why are goals and objectives important?
Goals and objectives identify what the
company hopes to achieve with the
marketing plan and a timeline for
which the plan is to be carried out
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UNIT 5
Marketing Goals & Objectives
Effective objectives follow the S.M.A.R.T criteria
Specific
Measurable
Action-oriented
Realistic
Time bound
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UNIT 5
Market research / Marketing strategies
1) Defining a specific marketing approach intending
to create segmentation and positioning objectives
with the goal of influencing consumer purchase
decisions
2) Plan should include any relevant market research
to help support strategy and implementation
decisions
3) Developing a strategy includes the process of
designing an initial marketing strategy for a new
product based on the product concept
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UNIT 5
Implementation
Implementation refers to the
process of putting the marketing plan
into action
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UNIT 5
Evaluation and Control
The evaluation phase determines
whether the plan achieved the desired
results
The controlling process refers to the
adjustments required to achieve desired
results where initial efforts did not
already succeed
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Lesson 5.3 –
The Mission Statement
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UNIT 5
The Mission Statement
The mission statement should address
the following questions:

What business are we currently in?

Who are our current customers?

What is the scope of our market?

How do we currently meet the needs of our
customers?
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UNIT 5
The Mission Statement
To be effective, the mission statement
should also:

Be shared with and supported by
company employees

Explain why the organization exists
and what it hopes to achieve
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UNIT 5
Mission Statement:
International Olympic Committee
marketing commission
“Olympic marketing helps perpetuate the
work of the Olympic Movement, by providing
resources, programmes and financial support.
All programmes and actions of a partner
should be designed to enhance and protect
the Olympic image and Olympic values.”
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UNIT 5
Mission Statement:
Mission statement of the International
Skateboarding Federation
“The International Skateboarding Federation (ISF)
is formally organized and incorporated as
Skateboarding’s International Federation and World
Governing Body. The ISF has been established to
provide direction and governance for the sport of
skateboarding worldwide; The ISF’s goals include
but are not limited to:
* To make skateboarding available to everyone in
the world who wishes to participate,
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Mission Statement:
Mission statement of the International
Skateboarding Federation
* To guarantee skateboarding continues to provide the
freedom of self-expression and creativity,
* To promote and support the sport of skateboarding
in order to guarantee its future,
* To continue to maintain the integrity and
authenticity of skateboarding as a sport, a passion and
a lifestyle,
* and to apply these rules of governance in a fair and
equitable way, and to do so through the leadership
and expertise of the skateboarding family world-wide”
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UNIT 5
Mission Statement:
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.”
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Lesson 5.4 – The
Situation Analysis (SWOT)
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UNIT 5
The Situation (S.W.O.T.) Analysis
S
Strengths
Resources and capabilities that can be used
as a basis for developing a competitive advantage
W
Weaknesses
O
Opportunities
T
Threats
Qualities that give a business a competitive disadvantage
Events that could facilitate company profit and growth
Events that could have a negative impact on the company
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The Marketing Plan
UNIT 5
Situational (S.W.O.T.) Analysis
Strengths
Opportunities
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Weaknesses
Threats
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UNIT 5
The Situational (S.W.O.T.) Analysis
S
Strengths
Resources and capabilities that can be used
as a basis for developing a competitive advantage
Examples of strengths include:
 Patents
 Strong brand names
 Positive reputation among customers
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UNIT 5
The Situational (S.W.O.T.) Analysis
W
Weaknesses
Qualities that give a business a competitive disadvantage
Examples of weaknesses could include:
 Lack of patent protection
 Weak brand name
 Poor reputation among customers
 Lack of resources
 Inadequate distribution channels
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UNIT 5
The Situational (S.W.O.T.) Analysis
O
Opportunities
Events that could facilitate company profit and growth
Examples of opportunities could include:
 An unfulfilled customer need
 Arrival of new technologies
 A niche that has not yet been exploited
 Mergers
 Entry into new markets
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The Marketing Plan
UNIT 5
The Situational (S.W.O.T.) Analysis
T
Threats
Events that could have a negative impact on the company
Examples of threats could include:
 Shifts in consumer tastes away from
company products
 Emergence of new substitute products
 Government regulation
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The Marketing Plan
UNIT 5
The Situational (S.W.O.T.) Analysis
As a hypothetical example, let’s say you were
conducting a SWOT analysis for an apparel
and footwear company competing with
companies like Nike, Adidas and Under
Armour for market share
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The Marketing Plan
UNIT 5
The Situational (S.W.O.T.) Analysis
S
Strengths
Resources and capabilities that can be used
as a basis for developing a competitive advantage
Strengths might include:
 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)
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The Situational (S.W.O.T.) Analysis
W
Weaknesses
Qualities that give a business a competitive disadvantage
Weaknesses might include:
 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)
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UNIT 5
The Situational (S.W.O.T.) Analysis
O
Opportunities
Events that could facilitate company profit and growth
Opportunities might include:
 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)
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The Marketing Plan
UNIT 5
The Situational (S.W.O.T.) Analysis
O
Opportunities
Events that could facilitate company profit and growth
Opportunities might include:
 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)
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The Marketing Plan
UNIT 5
The Situational (S.W.O.T.) Analysis
T
Threats
Events that could have a negative impact on the company
Threats might include:
 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)
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Lesson 5.5 - Financing
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Marketing Applications
UNIT 4
Financing
The forecast predicts the costs and
expenses as well as anticipated revenue
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Marketing Applications
UNIT 4
Financing
The budget details the financial impact
of each part of the marketing plan
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Marketing Applications
UNIT 4
Financing
The balance sheet indicates the
current value of the company
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Marketing Applications
UNIT 4
Financing
The income statement is a record of
profit and loss that identifies all
revenues and expenses
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The Marketing Plan
UNIT 5
Financing Example
One of the key
challenges facing the
athletic department
from a financial
perspective was the fact
that away football
games placed a severe
strain on the budget
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The University of
Richmond football team’s
operating budget for
2008 was $450,000
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The Marketing Plan
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Financing
University of Richmond Football Revenues
Primary revenues included:
1) Corporate sponsorship
2) NCAA revenue distribution
3) Ticket sales
4) “Guarantee games”
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The Marketing Plan
UNIT 5
Financing
Spiders Football Travel Expenses
1) The football team’s travel to the Virginia Military
Institute in 2008 cost about $16,000
2) Costs were lower when the team played
University of Virginia because it did not spend the
night, instead opting to return home late that
night
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The Marketing Plan
UNIT 5
Financing
Spiders Football Travel Expenses
Travel becomes much more expensive when the team
is required to fly rather than drive, as evidenced by the
$65,000 expense incurred when Richmond traveled to
play UMass
1) Air travel was $48,000
2) Food was $7,000
3) Lodging was $6,000
4) Bus transportation was $4,600
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The Marketing Plan
UNIT 5
Financing
Spiders Football Budget Outcome
In the future, athletics will look for ways to minimize
travel expenses to stay as close to budgeted travel
costs as possible
1) Richmond has some control over the schedule, so
each road trip is evaluated on whether it fits the
budget, ease of reaching the destination, game times
and availability of commercial flights
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The Marketing Plan
UNIT 5
Financing
Spiders Football Budget Outcome
In the future, athletics will look for ways to minimize
travel expenses to stay as close to budgeted travel
costs as possible
2) The program also looks to alliances with partners
such as Nike and different hotel chains as a means for
minimizing expenses through discounts to try to
remain within the budget
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UNIT 5
Financing
Financial Obligations of Athletics
State-run Universities in the state of Oregon are
required by law operate profitably
In 2009, both Oregon State University and the
University of Oregon ran a deficit, and the state
legislature demanded they come up with a plan to
bring their budgets to reflect positive cash flow
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UNIT 5
Financing
Primary sources of sport-generated
revenues for these schools
1. Gate receipts
2. Television and radio payments
3. Contributions (alumni, foundations, other)
4. Student fees
5. Sponsors and other advertising
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UNIT 5
Financing
Financial Obligations of Athletics
The most fickle element of the
revenue picture is the economy’s
impact on donations from alumni
and other sources. In a recession,
this group tends to cut back heavily
on contributions, consequentially
have an adverse impact on the
University athletic programs.
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Lesson 5.6 – Key Information
in the Marketing Plan
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The Marketing Plan
UNIT 5
Key Information in the Plan
Companies must be thorough and detailed when
including key information in their marketing plans
 Product Planning
 Marketing-Information Management
 Distribution System
 Pricing
 Promotional Strategies
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UNIT 5
Key Information in the Plan
Companies must also consider numerous additional
factors when creating their marketing plans
 Financing
 Risk Management
 Sales / Selling
 Execution Strategy
 The Future
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The Marketing Plan
UNIT 5
Product Planning
What event, product,
or service will be
researched, developed,
marketed and
ultimately sold via a
pre-determined
distribution channel?
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The Marketing Plan
UNIT 5
Marketing-information Management
Who are the company’s competitors?
Who are potential customers?
What characteristics define the target market?
What motivates consumers to buy?
How do we insure repeat purchases?
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UNIT 5
Distribution Strategy
How will the company’s product
get to the consumer?
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The Marketing Plan
UNIT 5
Pricing
How much does the product cost the company to
produce?
What is the optimal price for the product?
What is the estimated demand?
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The Marketing Plan
UNIT 5
Promotional Strategies
How will the company integrate an effective
promotional mix into the plan?
What forms of advertising will they use?
Will those decisions be cost-effective?
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UNIT 5
Financing
What is the projected overall revenue?
What costs are involved?
What economic conditions will influence marketing
efforts?
What other factors should be integrated within the
budget?
What is the time frame that should be considered?
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UNIT 5
Risk Management
What legal liability could the company face?
What laws could affect marketing strategies?
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UNIT 5
Sales
What sales strategy will be employed?
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UNIT 5
Execution strategy
How will the plan be carried out in a manner
that will allow for the organization to
accomplish its goals and objectives?
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UNIT 5
Execution Strategy
Sampling of Vancouver Organizing Committee for
the 2010 Olympic Games implementation strategy
1) Create awareness and excitement, across Canada,
of the Olympic and Paralympic movements and the
2010 Games
2) Make the Games relevant to the entire country
fostering the spirit of Canada’s Games
3) Generate interest and excitement in the corporate
community
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The Marketing Plan
UNIT 5
Execution Strategy
Sampling of Vancouver Organizing Committee for
the 2010 Olympic Games implementation strategy
4) Target companies and industries that are profitable
and can afford the required investment levels
5) Create opportunities for sponsors to activate their
sponsorships and maximize their return on
investment throughout the entire term of the
sponsorship agreements
6) Create a positive image and build a solid reputation
of fiscal responsibility
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The Marketing Plan
UNIT 5
The Future
Where is the business going?
What is the future for company competitors?
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The Marketing Plan
UNIT 5
Plan Information Example
Let’s assume you are an executive working for sports
drink maker Gatorade
Example of key information addressed in a marketing
plan (hypothetical)
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The Marketing Plan
UNIT 5
Product Planning
Before Gatorade makes the
decision to introduce any new
products to the market, they
must first develop a marketing
strategy to help maximize
beverage sales. They must
also consider how to market
existing products.
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UNIT 5
Marketing-information Management
Gatorade must evaluate each of
their competitors (VitaminWater,
Powerade etc.)
Identify the target consumers
Understand how those make
purchase decisions
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UNIT 5
Distribution Strategy
Will Gatorade utilize a mail order strategy through
EastBay?
Will they create an online shopping portal to sell
online?
Provide product at retail stores?
Which combination of distribution channels best fits
their overall sales strategies?
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UNIT 5
Pricing
What beverage production costs be?
What range of potential price points makes sense for
the product(s)?
Will any discounting strategies be implemented?
What type of demand can be expected for the new
sports drink products at each of the price variations?
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UNIT 5
Promotional Strategies
What will Gatorade’s promotional campaign include?
What type of media will be utilized to communicate
information about the shoe to consumers? Social
media? Advertising? Endorsements?
What will the budget be? Which promotional
mediums will provide the best bang for the buck?
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UNIT 5
Financing
How much beverage (volume) will Gatorade expect to
sell?
What is the forecast for gross income?
What costs will Gatorade incur? Manufacturing?
Packaging? Distribution? Inventory? Marketing?
What is the projected net profit?
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UNIT 5
Risk Management
Are there potential legal ramifications for Gatorade’s
planned marketing strategy?
Does the product pose any physical risk to
consumers?
Is there a risk of consumers getting sick from drinking
the beverages?
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UNIT 5
Sales
What sales strategy will help Gatorade to maximize
the sales volume of the sports drinks?
Personal selling?
Online sales?
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UNIT 5
Execution Strategy
How will the plan be carried out
in a manner that will allow for
Gatorade to accomplish its goals
and objectives?
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UNIT 5
The Future
What are the short term and long term
goals for Gatorade?
What does the future hold for companies
like VitaminWater and Powerade?
Are other beverage companies a potential
threat in Gatorade’s product category?
Why or why not?
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The Marketing Plan
UNIT 5
Blank Slide Available
for Teacher Edits
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UNIT 5 REVIEW (ANSWERS)
The Marketing
Plan
1)Understand what the marketing plan and
why it is an important tool for sports and
entertainment marketers
The marketing plan is a written document
that provides direction for the marketing
activities for a specific period of time. The
plan is a critical planning tool as it provides
direction for the organization by defining
goals and strategies.
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UNIT 5 REVIEW (ANSWERS)
The Marketing
Plan
2) Identify the key components of the
marketing plan
1- Mission Statement
2- Executive Summary
3- Situation or S.W.O.T. Analysis
4- Marketing Goals / Objectives
5- Marketing Strategies
6- Implementation
7- Evaluation and Control
(Could also include a Table of Contents, Problem ID
statement or communications/publicity plan)
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UNIT 5 REVIEW (ANSWERS)
The Marketing
Plan
3)Successfully compose a mission statement
The mission statement should address the
following questions:

What business are we currently in?

Who are our current customers?

What is the scope of our market?

How do we currently meet the needs of
our customers?
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UNIT 5 REVIEW (ANSWERS)
The Marketing
Plan
4) Explain the purpose of a situation analysis
The situation analysis provides information
that is helpful in matching an organization's
resources and capabilities to the
competitive environment in which it
operates by reviewing four key factors
pertaining to the company’s current market
situation (strengths, weaknesses,
opportunities and threats).
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UNIT 5 REVIEW (ANSWERS)
The Marketing
Plan
5) Identify the four elements of a situation
analysis
1- Strengths
2- Weaknesses
3- Opportunities
4- Threats
Copyright
© 2010 by Sports Career Consulting, LLC
UNIT 5 REVIEW (ANSWERS)
The Marketing
Plan
6) Recognize the importance of
understanding the financials within the
marketing plan
The key financials included in a marketing
plan are the forecast, budget, balance
sheet and income statement.
Organizations use that financial
information to make important marketing
decisions.
Copyright
© 2010 by Sports Career Consulting, LLC
UNIT 5 REVIEW (ANSWERS)
The Marketing
Plan
7) Determine which information is
important to address within the marketing
plan
Product planning, marketing-information
management, distribution system, pricing,
promotional strategies, financing, risk
management, sales/selling and forecasts
for the organization’s future are all integral
components of the marketing plan.
Copyright
© 2010 by Sports Career Consulting, LLC
End Unit 5
Copyright
© 2010 by Sports Career Consulting, LLC