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