Transcript Chapter 6 - Strategy

Reaching New Heights . . .
Developing the Strategy
Chapter VI
Integrating Marketing in the Leisure Industry
Marketing Strategy
Marketing strategy is an investigated, educated, well
thought out plan used to determine agency marketing
objectives and determine the most effective path for
leisure service agencies to achieve their overall
agency objectives.
Marketing Strategy Role
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What is the historical development of my agency?
Where is my agency currently regarding financial status,
organizational structure, and general practices?
Where is my agency headed in the future?
What is occurring in the industry and global environment?
Who are my competitors, what do they provide and how do I
compare to them?
Who is the desired market area made up of?
What potential targeted markets are available to me?
What target markets make the best sense to pursue?
What are our agency’s strengths/weaknesses?
How are we going to differentiate ourselves from the
competition?
Marketing Strategy Development
• Situational assessment:
- Company
- Consumers
- Competition
• Strengths, weaknesses, opportunities and threats
(SWOT)
• Target markets identified
• SWOT per target market
• Positioning per target market
• Marketing objectives per target market
Agency Assessment
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Agency history
Agency philosophy including mission, values and
beliefs
Agency inventory: products, services programs,
facilities and policies and procedures
Operational issues and structure
Various stakeholders
Strategic objectives/master plans
Financial status and financial goals
Market share analysis
Historical marketing efforts
Image as viewed by those inside and outside of the
agency
Value of Agency Assessment
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Ensures all those in the agency agree to the historical,
current and future direction of the agency.
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Provides a means to communicate with staff, board
members/owners and other stakeholders.
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Provides various internal information in one source,
which can be used for various functions, including
training and funding opportunities.
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Assists in determining agency strengths and
weaknesses.
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Identifies potential communication messages to be
used in a communication plan.
Global Assessment
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Political issues
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Technological advancements
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Legal issues
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Economic issues
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Societal trends
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Health Issues
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Environmental Concerns
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Educational Issues
Industry Assessment
• Future product, service, program or facility
development
• Potential markets
• Answers to current or future challenges
• Suppliers and technological advancements
Marketing Assessment
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Current consumers served
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Market area demographics
Population and socio-demographic characteristics
Cultural characteristics
Various types and sizes of agencies
Needs and wants in specific leisure offerings
Socio-economical background of the population
Consumer behaviors
Competitive Assessment
• What do they charge?
• What products, services, programs or facilities do they
offer?
• When are they open?
• Whom do they serve?
• How to get the information?
• Direct participation in their programs
• telephone and email competitors
• Review Internet websites and all marketing/promotional
materials
• Read local newspapers, trade journals
Value of a Competitive Analysis
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Allows you to strategically plan
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Provides insight for target market selection
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Provides a means for establishing your
competitive advantage/differentiates you from
the competition
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Provides CRITICAL information for pricing
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Helps sell your ideas to others
Competitors
• Direct competitors
- similar leisure activity the agency provides
• Indirect competitors
- other leisure agencies whose offerings are not
identical to those provided by the agency
Strengths, Weaknesses,
Opportunities and Threats (SWOT
Analysis)
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The purpose of a SWOT analysis is to review the
agency’s current potential, as well as evaluate its
future potential.
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Designed to formally understand the agency’s
competitive advantages and develop a strategy for
achieving organizational objectives.
SWOT Analysis
What are our . . .
Questions to then ask . . .
Strengths
How are we going to maintain these?
Weaknesses
What are we going to do to improve on these?
Opportunities
What are we going to do to capitalize on these?
Threats
What are we going to do to minimize these?
Strengths
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Products, programs, facilities, and services that the
agency provides?
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They way in that we provide these (e.g. quality
service)?
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Why do consumers select us over others?
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How are we uniquely different from our competitors?
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How are we financially performing compared to
others?
Weaknesses
1. What would stakeholders change about us if they could?
2. Why and how do competitors operate more
successfully?
3. What internally have we identified as areas to improve
upon?
4. Do competitors have specific market segments
conquered?
Opportunities
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What market opportunities exist (e.g. those not
focused on by others?)
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What are the trends not yet captured in the market?
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Internally, how will the agency be changing in the
future and what can be done to capitalize on these
changes?
Threats
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What is the competition doing that could impact our
agency development?
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Are there changes in demand that will require our
agency to act differently?
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Are there changes in technology, the economy, or
politics and regulations that will impact our agency?
Value of SWOT Assessments
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A tool to analyze the variety of data collected
from the various assessments
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An opportunity to identify the agency’s
competitive advantages
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A focus for the agency, an idea of the steps to
take to improve
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Justification for the marketing plan’s
activities/efforts