Sports Marketing Chapter 12

What is a hashtag and how can marketers use them?

A word or phrase prefixed with a number sign - Marketers can interact with consumers by following hashtagged comment

Nonprice competition

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

Project matrix

A chart displaying the tasks, responsibilities, and timelines of a plan

Positioning statement

A description of how the product is unique and how it will satisfy the target market

Mission statement

A description of the nature of the business and the reason that the company exists

Marketing plan

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

Executive summary

A short, concise restatement of the marketing plans contents

Product portfolio

All of the products a company has available for customers at any one time

Interpretation

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

Marketing strategy

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

Situational Analysis

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

Indirect competition

Competition with other companies that offer products in a different product category but that satisfy similar customer needs

Direct competition

Competition with the same or similar types of products or services offered by another business

Marketing intelligence

Information gathered about competition

Applied research

Research focused on solving a specific question

SMART objectives

Specific, measurable, attainable, relevant, and timely

Tactics

The actions taken to implement the strategy

Strategic thinking

The process of finding unique, innovative ways to reach an objective.

Implementation plan

The process of putting a plan into action by carrying out strategies, assigning responsibilities, establishing timelines

The major components of a marketing plan can be divided into

The situational analysis, marketing strategy, and implementation

Positioning statement

The specific description of the unique qualities of a products marketing mix

The implementation section of the marketing plan will contain

Timelines, assignments of responsibility, and task to be completed

What are the three major segments of the main body of the marketing plan?

Where they are, where they need to be, how to get there

SWOT analysis

strengths, weaknesses, opportunities, threats