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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 o Strengths Weaknesses Opportunities Threats Opportunities Threats