Sports & Entertainment Marketing Marketing Plan Sports & Entertainment Marketing

Discussion Topic What is a marketing plan and why are they important to sports and/or entertainment organizations?

What is the Marketing Plan? A written document that provides direction for the marketing activities for a specific period of time It is a critical planning tool for any business, regardless of industry Defines goals and strategies Serves as the “game plan” Communicates the goals, objectives, and strategies of a company to its employees

Marketing Plan Examples LPGA needs to boost sponsorships Movie theater needs to increase matinee ticket sales NHL needs to manage negative publicity due to lockout/labor dispute

Key components of an effective marketing plan: Mission Statement Executive Summary Situation or S.W.O.T. Analysis Marketing Goals / Objectives Market Research / Marketing Strategies Implementation Evaluation and Control

The Mission Statement A written statement that captures an organization’s purpose, customer orientation and business philosophy The majority of marketing strategies are founded on the basis of the mission statement content

International Olympic Committee marketing commission “Olympic marketing helps perpetuate the work of the Olympic Movement, by providing resources, programs and financial support. All programs and actions of a partner should be designed to enhance and protect the Olympic image and Olympic values.”

Lance Armstrong Foundation “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.”

The Situation (S.W.O.T.) Analysis Strengths W Weaknesses O Opportunities T Threats

Strengths S Strengths Patents Strong brand names Positive reputation among customers S Strengths Resources and capabilities that can be used as a basis for developing a competitive advantage

Weaknesses W Weaknesses Lack of patent protection Weak brand name Poor reputation among customers Lack of resources Inadequate distribution channels W Weaknesses Qualities that give a business a competitive disadvantage

Opportunities O Opportunities An unfulfilled customer need Arrival of new technologies A niche that has not yet been exploited Mergers Entry into new markets O Opportunities Events that could facilitate company profit and growth

Threats T Threats Shifts in consumer tastes away from company products Emergence of new substitute products Government regulation T Threats Events that could have a negative impact on the company

Hypothetical SWOT Example An apparel and footwear company competing with companies like Nike, Adidas and Under Armour for market share

Strengths 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)

Weaknesses 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)

Opportunities 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) 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)

Threats 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)

Project Time Work Individually Create a Personal Mission Statement Create a Personal SWOT analysis Strengths Weaknesses Opportunities Threats Strengths Weaknesses Opportunities Threats