Marketing Plan Sports & Entertainment Marketing. Discussion Topic What is a marketing plan and...

Marketing Marketing PlanPlan

Sports & Entertainment Marketing

Discussion TopicDiscussion Topic• What is a marketing plan and why are they

important to sports and/or entertainment organizations?

What is the What is the Marketing Plan?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 Marketing Plan ExamplesExamples

• LPGA needs to boost sponsorships

• Movie theater needs to increase matineeo ticket sales

• NHL needs to manage negative publicity due to lockout/labor dispute

Key components of an Key components of an

effective effective

marketing plan: 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 The Mission StatementStatement

• 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 International Olympic

Committee Committee

marketing commission 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 Lance Armstrong FoundationFoundation

• “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.”

SS

WW

OO

TT

Strengths

Weaknesses

Opportunities

Threats

The Situation The Situation (S.W.O.T.) Analysis(S.W.O.T.) Analysis

SSStrengthsResources and capabilities that can be used as a basis for developing a competitive advantage

StrengthsStrengths

• Patents

• Strong brand names

• Positive reputation among customers

WW WeaknessesQualities that give a business a competitive disadvantage

WeaknessesWeaknesses

• Lack of patent protection

• Weak brand name

• Poor reputation among customers

• Lack of resources

• Inadequate distribution channels

OO OpportunitiesEvents that could facilitate company profit and growth

OpportunitiesOpportunities

• An unfulfilled customer need

• Arrival of new technologies

• A niche that has not yet been exploited

• Mergers

• Entry into new markets

TT ThreatsEvents that could have a negative impact on the company

ThreatsThreats

• Shifts in consumer tastes away from company products

• Emergence of new substitute products

• Government regulation

Hypothetical SWOT Hypothetical SWOT ExampleExample

• An apparel and footwear company competing with companies like Nike, Adidas and Under Armour for market share

StrengthsStrengths• 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)

WeaknessesWeaknesses• 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)

OpportunitiesOpportunities• 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)

ThreatsThreats• 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)

WeaknessesStrengths

ThreatsOpportunities

Project TimeProject Time• Work Individually

• Create a Personal Mission Statement

• Create a Personal SWOT analysiso Strengthso Weaknesseso Opportunitieso Threats