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
