unit 5 – the marketing plan copyright © 2010 by sports career consulting, llc
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Unit 5 – The Marketing Plan
Copyright © 2010 by Sports Career Consulting, LLC
The Marketing Plan
UNIT 5 OBJECTIVESUNIT 5 OBJECTIVES
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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The Marketing Plan
UNIT 5 OBJECTIVESUNIT 5 OBJECTIVES
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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?
UNIT 5
The Marketing Plan
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What is a marketing plan and why are they important to sports and/or entertainment organizations?
Discussion Topic
UNIT 5
The Marketing Plan
What is the Marketing Plan?
Marketing Plan:
A written document that provides direction for the marketing activities for a specific period of time
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It is a critical planning tool for any business, regardless of industry
UNIT 5
The Marketing Plan
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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
Marketing Plan
What is the Marketing Plan?
UNIT 5
The Marketing Plan
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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
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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What is the Marketing Plan?
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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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What is the Marketing Plan?
UNIT 5
The Marketing Plan
Understanding the Market
The product
The consumer
The economy
Target markets
Existing market distribution channels
Buying trends
Competitor performance
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What is the Marketing Plan?
UNIT 5
The Marketing Plan
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Competition refers to a rivalry between two or more businesses selling products or services to the same customers or markets
What is the Marketing Plan?
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The Marketing Plan
What is the Marketing Plan?
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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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The Marketing Plan
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A monopoly occurs when there is no competition in the marketplace
What is the Marketing Plan?
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The Marketing Plan
What is the Marketing Plan?
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Google has digitized millions of out-of-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.
UNIT 5
The Marketing Plan
What is the Marketing Plan?
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UNIT 5
The Marketing Plan
What is the Marketing Plan?
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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
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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)
Types of Competition
What is the Marketing Plan?
UNIT 5
The Marketing Plan
What is the Marketing Plan?
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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.
UNIT 5
The Marketing Plan
What is the Marketing Plan?
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It is possible for some products and services to compete directly at times and indirectly at others
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The Marketing Plan
What is the Marketing Plan?
Substitute Products:
products (or services) that consumers may choose to use rather than a particular company’s product
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Watching games in HD on television rather than attending the game in person
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Lesson 5.2 - Components of an Effective Marketing Plan
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The Marketing Plan
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 ControlCopyright © 2010 by Sports Career Consulting, LLC
UNIT 5
The Marketing Plan
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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UNIT 5
The Marketing Plan
The majority of marketing strategies are founded on the basis of the mission statement content
The Mission Statement
Mission Statement:
A written statement that captures an organization’s purpose, customer orientation and business philosophy
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The Marketing Plan
The executive summary highlights key information within the document
The Executive Summary
Executive Summary:
Provides an overview of the complete plan
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UNIT 5
The Marketing Plan
SS
WW
OO
TT
Strengths
Weaknesses
Opportunities
Threats
The Situation (S.W.O.T.) Analysis
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UNIT 5
The Marketing Plan
Marketing Goals & Objectives
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
Why are goals and objectives important?
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The Marketing Plan
Marketing Goals & Objectives
Effective objectives follow the S.M.A.R.T criteria
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Specific
Measurable
Action-oriented
Realistic
Time bound
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The Marketing Plan
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
The Marketing Plan
Implementation
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Implementation refers to the process of putting the marketing plan into action
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The Marketing Plan
Evaluation and Control
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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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The Marketing Plan
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?
The Mission Statement
The mission statement should address the following questions:
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The Marketing Plan
Be shared with and supported by company employees
Explain why the organization exists and what it hopes to achieve
The Mission Statement
To be effective, the mission statement should also:
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The Marketing Plan
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“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.”
Mission Statement:
International Olympic Committee
marketing commission
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The Marketing Plan
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“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,
Mission Statement:
Mission statement of the International Skateboarding Federation
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The Marketing Plan
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* 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”
Mission Statement:
Mission statement of the International Skateboarding Federation
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The Marketing Plan
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“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.”
Mission Statement:
Lance Armstrong FoundationLance Armstrong Foundation
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Lesson 5.4 – The
Situation Analysis (SWOT)
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The Marketing Plan
The Situation (S.W.O.T.) Analysis
SS
WW
OO
TT
StrengthsResources and capabilities that can be used as a basis for developing a competitive advantage
WeaknessesQualities that give a business a competitive disadvantage
OpportunitiesEvents that could facilitate company profit and growth
ThreatsEvents that could have a negative impact on the company
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The Marketing Plan
Situational (S.W.O.T.) Analysis
WeaknessesStrengths
ThreatsOpportunities
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The Marketing Plan
SSStrengthsResources 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
The Situational (S.W.O.T.) Analysis
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The Marketing Plan
WW WeaknessesQualities 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
The Situational (S.W.O.T.) Analysis
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The Marketing Plan
The Situational (S.W.O.T.) Analysis
OO OpportunitiesEvents 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
TT ThreatsEvents 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 Situational (S.W.O.T.) Analysis
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The Marketing Plan
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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
The Situational (S.W.O.T.) Analysis
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SSStrengthsResources 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)
The Situational (S.W.O.T.) Analysis
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The Marketing Plan
WW WeaknessesQualities that give a business a competitive disadvantage
Weaknesses might include:
The Situational (S.W.O.T.) Analysis
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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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The Marketing Plan
The Situational (S.W.O.T.) Analysis
OO OpportunitiesEvents that could facilitate company profit and growth
Opportunities might include:
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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
The Situational (S.W.O.T.) Analysis
OO OpportunitiesEvents that could facilitate company profit and growth
Opportunities might include:
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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
TT ThreatsEvents that could have a negative impact on the company
Threats might include:
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The Situational (S.W.O.T.) Analysis
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
The forecast predicts the costs and expenses as well as anticipated revenue
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UNIT 4
Marketing Applications
Financing
The budget details the financial impact of each part of the marketing plan
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UNIT 4
Marketing Applications
Financing
The balance sheet indicates the current value of the company
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UNIT 4
Marketing Applications
Financing
The income statement is a record of profit and loss that identifies all revenues and expenses
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UNIT 4
Marketing Applications
Financing
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The Marketing Plan
Financing Example
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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
The University of Richmond football team’s operating budget for 2008 was $450,000
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Primary revenues included:
1) Corporate sponsorship
2) NCAA revenue distribution
3) Ticket sales
4) “Guarantee games”
Financing
University of Richmond Football Revenues
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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
Financing
Spiders Football Travel Expenses
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The Marketing Plan
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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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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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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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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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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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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
Key Information in the Plan
Product Planning
Marketing-Information Management
Distribution System
Pricing
Promotional Strategies
Companies must be thorough and detailed when including key information in their marketing plans
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The Marketing Plan
Key Information in the Plan
Financing
Risk Management
Sales / Selling
Execution Strategy
The Future
Companies must also consider numerous additional factors when creating their marketing plans
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The Marketing Plan
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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
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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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The Marketing Plan
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Distribution Strategy
How will the company’s product get to the consumer?
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The Marketing Plan
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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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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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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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Risk Management
What legal liability could the company face?
What laws could affect marketing strategies?
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Sales
What sales strategy will be employed?
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The Marketing Plan
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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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The Marketing Plan
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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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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 Future
Where is the business going?
What is the future for company competitors?
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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
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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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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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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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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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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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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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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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Sales
What sales strategy will help Gatorade to maximize the sales volume of the sports drinks?
Personal selling?
Online sales?
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The Marketing Plan
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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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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
Blank Slide Available
for Teacher Edits
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The Marketing Plan
UNIT 5 REVIEW (ANSWERS)UNIT 5 REVIEW (ANSWERS)
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.
Copyright © 2010 by Sports Career Consulting, LLC
The Marketing Plan
UNIT 5 REVIEW (ANSWERS)UNIT 5 REVIEW (ANSWERS)
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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The Marketing Plan
UNIT 5 REVIEW (ANSWERS)UNIT 5 REVIEW (ANSWERS)
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?Copyright © 2010 by Sports Career Consulting, LLC
The Marketing Plan
UNIT 5 REVIEW (ANSWERS)UNIT 5 REVIEW (ANSWERS)
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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The Marketing Plan
UNIT 5 REVIEW (ANSWERS)UNIT 5 REVIEW (ANSWERS)
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5) Identify the four elements of a situation analysis
1- Strengths
2- Weaknesses
3- Opportunities
4- Threats
The Marketing Plan
UNIT 5 REVIEW (ANSWERS)UNIT 5 REVIEW (ANSWERS)
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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.
The Marketing Plan
UNIT 5 REVIEW (ANSWERS)UNIT 5 REVIEW (ANSWERS)
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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.
End Unit 5
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