Sports Chapter 12

situational analysis

an in-depth look at the current conditions of the business, the competition, and the target customer

timeline dates

dates for the tasks are established to ensure that they are started and completed on time

Distribution

describes how the product or service will be made available to customers

target customers

describes potential and current customers, their needs and wants, what motivates them to buy, and how to acquire and retain their loyalty

the competition

if competitors are known for low prices, trying to compete with them on price may only result in lower revenues

anthology series

which is a TV series that has a different cast, setting, and story line each season

internal communication system

it is desirable that all areas of the organization buy into the plan

selling the marketing plan

must outline how direct sales, such as ticket and related merchandise sales, will be handled

sw(O)t

opportunities are external factors that a business could use to its advantage, such as changing demographics in the region

marketing intelligence

referred to as information gathered about competitors

interpretation

the explanation of research data in a way that makes it meaningful and informative

tactics

the actions taken to implement the strategy

implementation

the implementation section describes how the marketing plan will be put into action

mission statement

the mission statement is the nature of the business and the reason that the company exists

sm(A)rt

(Attainable) Objectives are stated as outcomes that can realistically be achieved. Increasing attendance by 10 percent may be realistic, while adding 100 million new fans is not.

s(M)art

(Measurable) objectives include a quantifiable way to measure whether they have been accomplished. For example, attendance numbers can be compared to previous seasons

sma(R)t

(Relevant) Objectives pertain to the mission of the business, which is generally to make a profit. Increasing attendance by 10 percent will increase revenues proportionately through ticket sales, concession sales, and merchandise sales.

(S)mart

(Specific) objectives are specific and answer :What?" "Why?" and "How?" An objective to increases attendance by 10 percent is more specific than an objective to simply "improve attendance"

smar(T)

(Timely) Objectives have a start date and completion date. Objectives should be reviewed at least every three months to evaluate their progress.

(S)wot

Strengths are the characteristics of a business or product that give it an advantage over others, such as a superstar player

marketing plan

a written document that describes a company's situational analysis, marketing strategy, and implementation plan for meeting company objectives

product portfolio

all of the products a company has available for customers at any one time make up the company's portfolio

SWOT Analysis

an examination of the business's strengths, weaknesses, opportunities, and threats

marketing strategy

an idea for achieving marketing objectives that can be put into action

Analysis

contains information obtained from the SWOT analysis, including data about direct and indirect competitors

financing

expected costs and expected revenues must be fully disclosed in the marketing plan

applied research

focuses on solving a specific problem. in marketing it often is used to aid in the development of new or improved products

SMART objectives

marketing objectives, as with all objectives, should be written in a way that makes them, which are specific, measureable, attainable, relevant, and timely

executive summary

placed at the front of the marketing plan to present a short, concise restatement of its contents

review and evaluation

the marketing plan should include mileposts at which point the organization can measure progress to ensure the plan is on track

assignments of responsibility

the plan must specify who is responsible for carrying out each task

price

the price must be set where revenues will be maximized to cover all costs and provide a profit

implementation plan

the process of putting plans into action by carrying out strategies, assigning responsibilities, and establishing timelines

product/service

the product or service is planned and designed based on the needs of the target market and the opportunities that are identified in the situational analysis

main body of the marketing plan

the situational analysis, marketing strategy, and implementation

positioning statement

the specific description of the unique qualities of a product's marketing mix

positioning statement

the specifics of how the product is unique and will satisfy the target market are clearly stated in this section

tasks

the tasks must be completed to implement the marketing plan are detailed in this section

Risk Management

there are risks, such as potential legal liabilities, involved with marketing any new product

promotion

this part of the plan describes how the organization will use advertising, publicity, personal selling, and sales promotion to position the product or service in the minds of customers

swo(T)

threats are external factors that could cause trouble for the business or product, such as a weak economy

s(W)ot

weaknesses are the characteristics of a business or product that place it at a disadvantage relative to others, such as a poor location

nonprice competition

when a business decides to emphasize other factors in the marketing mix besides price

strategic thinking

which is the process of finding unique, innovative ways to reach an objective