Unit 5 – The Marketing Plan

Unit 5 – The Marketing Plan
Copyright © 2010 by Sports Career Consulting, LLC

2)Identify the key components of the marketing plan
UNIT 5 OBJECTIVES The Marketing Plan 1)Understand what the marketing plan and why it is an important tool for sports and entertainment marketers 2)Identify the key components of the marketing plan 3)Successfully compose a mission statement 4)Explain the purpose of a situation or SWOT analysis Copyright © 2010 by Sports Career Consulting, LLC

5) Identify the four elements of a situation analysis
UNIT 5 OBJECTIVES 5) Identify the four elements of a situation analysis 6) Recognize the importance of understanding the financials within the marketing plan 7) Determine which information is important to address within the marketing plan The Marketing Plan Copyright © 2010 by Sports Career Consulting, LLC

What is the Marketing Plan?
Lesson 5.1 – What is the Marketing Plan? Copyright © 2010 by Sports Career Consulting, LLC

UNIT 5 The Marketing Plan What is the Marketing Plan? 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 Copyright © 2010 by Sports Career Consulting, LLC

UNIT 5 The Marketing Plan What is the Marketing Plan? Marketing Plan Provides direction for the organization by defining goals and strategies Sports organizations consider this process the creation of a business “game plan” It communicates the goals, objectives, and strategies of a company to its employees Copyright © 2010 by Sports Career Consulting, LLC

The Marketing Plan The Marketing Plan
UNIT 5 The Marketing Plan The Marketing Plan Some marketing plans are prepared to be included as part of a complete business plan with the goal of obtaining financing from outside investors or bank for a new venture Copyright © 2010 by Sports Career Consulting, LLC

UNIT 5 The Marketing Plan What is the Marketing Plan? Complexity and Time Frame The complexity of the plan is determined by the size and type of the organization The plan is also influenced by the organization’s goals and objectives Copyright © 2010 by Sports Career Consulting, LLC

UNIT 5 The Marketing Plan What is the Marketing Plan? Complexity and Time Frame The time period covered by the plan also varies with organization size and type A minor league sports franchise will probably create a short term plan while a major league team will create a long term plan Copyright © 2010 by Sports Career Consulting, LLC

UNIT 5 The Marketing Plan What is the Marketing Plan? Understanding the Market Existing market distribution channels Buying trends Competitor performance The product The consumer The economy Target markets Copyright © 2010 by Sports Career Consulting, LLC

UNIT 5 The Marketing Plan What is the Marketing Plan? Competition refers to a rivalry between two or more businesses selling products or services to the same customers or markets Copyright © 2010 by Sports Career Consulting, LLC

UNIT 5 The Marketing Plan What is the Marketing Plan? When two or more businesses sell the same goods or service, they are competing for the same consumers. Competition impacts price points, product features and marketing strategies because businesses are fighting for an edge that will persuade consumers to choose their products or services over those of competitors. Copyright © 2010 by Sports Career Consulting, LLC

UNIT 5 The Marketing Plan What is the Marketing Plan? Google has digitized millions of out-of-print books and has reproduced them online for consumers to read. However, because there is a lack of competition because nobody else has access to many particular titles, the book service raises monopoly and privacy concerns and is being reportedly reviewed by the U.S. Department of Justice. Copyright © 2010 by Sports Career Consulting, LLC

UNIT 5 The Marketing Plan What is the Marketing Plan? In 2010, FCC regulators voted to close a loophole in federal law that gave Cox Communications exclusive rights to San Diego Padres broadcasts, opening the door for rivals such as AT&T and DirecTV to eventually include Padres games in their channel lineups. Said Mark Kersey, a cable industry analyst, “The FCC clearly looked at this data and concluded the lack of Padres games has impeded competition.” Copyright © 2010 by Sports Career Consulting, LLC

UNIT 5 The Marketing Plan What is the Marketing Plan? Types of Competition Direct competition occurs between sellers of similar products and services Indirect competition occurs between sellers that compete for the same share of consumers’ discretionary income (competition for the entertainment dollar) Copyright © 2010 by Sports Career Consulting, LLC

UNIT 5 The Marketing Plan What is the Marketing Plan? Li Ning, an upstart Chinese footwear and apparel brand is a direct competitor of Nike, Adidas, Puma and Under Armour, has already displaced Adidas as the number two brand in China based on sales of footwear, apparel and accessories. The company is positioning itself to surpass Nike as the top footwear and apparel brand in China. Li Ning’s goal is to be number one by 2013. Copyright © 2010 by Sports Career Consulting, LLC

UNIT 5 The Marketing Plan What is the Marketing Plan? It is possible for some products and services to compete directly at times and indirectly at others Copyright © 2010 by Sports Career Consulting, LLC

UNIT 5 The Marketing Plan What is the Marketing Plan? Watching games in HD on television rather than attending the game in person Substitute Products: products (or services) that consumers may choose to use rather than a particular company’s product Copyright © 2010 by Sports Career Consulting, LLC

Lesson 5.2 - Components of an Effective Marketing Plan

Key components of an effective
UNIT 5 The Marketing Plan 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 Copyright © 2010 by Sports Career Consulting, LLC

Key components of an effective marketing plan (could also include):
UNIT 5 The Marketing Plan Key components of an effective marketing plan (could also include): Table of contents Problem identification statement Communication and/or publicity plan Copyright © 2010 by Sports Career Consulting, LLC

The Mission Statement The Marketing Plan Mission Statement:
UNIT 5 The Marketing Plan The Mission Statement The majority of marketing strategies are founded on the basis of the mission statement content Mission Statement: A written statement that captures an organization’s purpose, customer orientation and business philosophy Copyright © 2010 by Sports Career Consulting, LLC

The Executive Summary The Marketing Plan
UNIT 5 The Marketing Plan The Executive Summary The executive summary highlights key information within the document Executive Summary: Provides an overview of the complete plan Copyright © 2010 by Sports Career Consulting, LLC

S W O T The Situation (S.W.O.T.) Analysis Strengths Weaknesses
UNIT 5 The Marketing Plan The Situation (S.W.O.T.) Analysis S Strengths W Weaknesses O Opportunities T Threats Copyright © 2010 by Sports Career Consulting, LLC

Marketing Goals & Objectives
UNIT 5 The Marketing Plan Marketing Goals & Objectives Why are goals and objectives important? Goals and objectives identify what the company hopes to achieve with the marketing plan and a timeline for which the plan is to be carried out Copyright © 2010 by Sports Career Consulting, LLC

Specific Measurable Action-oriented Realistic Time bound
UNIT 5 The Marketing Plan Marketing Goals & Objectives Effective objectives follow the S.M.A.R.T criteria Specific Measurable Action-oriented Realistic Time bound Copyright © 2010 by Sports Career Consulting, LLC

Market research / Marketing strategies
UNIT 5 The Marketing Plan Market research / Marketing strategies 1) Defining a specific marketing approach intending to create segmentation and positioning objectives with the goal of influencing consumer purchase decisions 2) Plan should include any relevant market research to help support strategy and implementation 3) Developing a strategy includes the process of designing an initial marketing strategy for a new product based on the product concept Copyright © 2010 by Sports Career Consulting, LLC

Evaluation and Control
UNIT 5 The Marketing Plan Evaluation and Control The evaluation phase determines whether the plan achieved the desired results The controlling process refers to the adjustments required to achieve desired results where initial efforts did not already succeed Copyright © 2010 by Sports Career Consulting, LLC

Lesson 5.3 – The Mission Statement

The mission statement should address the following questions:
UNIT 5 The Marketing Plan The Mission Statement The mission statement should address the following questions: What business are we currently in? Who are our current customers? What is the scope of our market? How do we currently meet the needs of our customers? Copyright © 2010 by Sports Career Consulting, LLC

To be effective, the mission statement should also:
UNIT 5 The Marketing Plan The Mission Statement To be effective, the mission statement should also: Be shared with and supported by company employees Explain why the organization exists and what it hopes to achieve Copyright © 2010 by Sports Career Consulting, LLC

UNIT 5 The Marketing Plan Mission Statement: International Olympic Committee marketing commission “Olympic marketing helps perpetuate the work of the Olympic Movement, by providing resources, programmes and financial support. All programmes and actions of a partner should be designed to enhance and protect the Olympic image and Olympic values.” Copyright © 2010 by Sports Career Consulting, LLC

UNIT 5 The Marketing Plan Mission Statement: Mission statement of the International Skateboarding Federation “The International Skateboarding Federation (ISF) is formally organized and incorporated as Skateboarding’s International Federation and World Governing Body. The ISF has been established to provide direction and governance for the sport of skateboarding worldwide; The ISF’s goals include but are not limited to: * To make skateboarding available to everyone in the world who wishes to participate, Copyright © 2010 by Sports Career Consulting, LLC

UNIT 5 The Marketing Plan Mission Statement: Mission statement of the International Skateboarding Federation * To guarantee skateboarding continues to provide the freedom of self-expression and creativity, * To promote and support the sport of skateboarding in order to guarantee its future, * To continue to maintain the integrity and authenticity of skateboarding as a sport, a passion and a lifestyle, * and to apply these rules of governance in a fair and equitable way, and to do so through the leadership and expertise of the skateboarding family world-wide” Copyright © 2010 by Sports Career Consulting, LLC

Mission Statement: Lance Armstrong Foundation
UNIT 5 The Marketing Plan Mission Statement: 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.” Copyright © 2010 by Sports Career Consulting, LLC

Situation Analysis (SWOT)
Lesson 5.4 – The Situation Analysis (SWOT) Copyright © 2010 by Sports Career Consulting, LLC

S W O T The Situation (S.W.O.T.) Analysis Strengths Weaknesses
UNIT 5 The Marketing Plan The Situation (S.W.O.T.) Analysis S Strengths Resources and capabilities that can be used as a basis for developing a competitive advantage W Weaknesses Qualities that give a business a competitive disadvantage O Opportunities Events that could facilitate company profit and growth T Threats Events that could have a negative impact on the company Copyright © 2010 by Sports Career Consulting, LLC

Situational (S.W.O.T.) Analysis
UNIT 5 The Marketing Plan Situational (S.W.O.T.) Analysis Strengths Weaknesses Opportunities Threats Copyright © 2010 by Sports Career Consulting, LLC

Examples of strengths include:
UNIT 5 The Marketing Plan The Situational (S.W.O.T.) Analysis S Strengths Resources and capabilities that can be used as a basis for developing a competitive advantage Examples of strengths include: Patents Strong brand names Positive reputation among customers Copyright © 2010 by Sports Career Consulting, LLC

Examples of weaknesses could include:
UNIT 5 The Marketing Plan The Situational (S.W.O.T.) Analysis W Weaknesses Qualities that give a business a competitive disadvantage Examples of weaknesses could include: Lack of patent protection Weak brand name Poor reputation among customers Lack of resources Inadequate distribution channels Copyright © 2010 by Sports Career Consulting, LLC

Examples of opportunities could include:
The Marketing Plan The Situational (S.W.O.T.) Analysis O Opportunities Events that could facilitate company profit and growth Examples of opportunities could include: An unfulfilled customer need Arrival of new technologies A niche that has not yet been exploited Mergers Entry into new markets Copyright © 2010 by Sports Career Consulting, LLC

Examples of threats could include:
UNIT 5 The Marketing Plan The Situational (S.W.O.T.) Analysis T Threats Events that could have a negative impact on the company Examples of threats could include: Shifts in consumer tastes away from company products Emergence of new substitute products Government regulation Copyright © 2010 by Sports Career Consulting, LLC

The Situational (S.W.O.T.) Analysis
UNIT 5 The Marketing Plan The Situational (S.W.O.T.) Analysis As a hypothetical example, let’s say you were conducting a SWOT analysis for an apparel and footwear company competing with companies like Nike, Adidas and Under Armour for market share Copyright © 2010 by Sports Career Consulting, LLC

Strengths might include:
UNIT 5 The Marketing Plan The Situational (S.W.O.T.) Analysis S Strengths Resources and capabilities that can be used as a basis for developing a competitive advantage Strengths might include: 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) Copyright © 2010 by Sports Career Consulting, LLC

Weaknesses might include:
UNIT 5 The Marketing Plan The Situational (S.W.O.T.) Analysis W Weaknesses Qualities that give a business a competitive disadvantage Weaknesses might include: 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) Copyright © 2010 by Sports Career Consulting, LLC

Opportunities might include:
The Marketing Plan The Situational (S.W.O.T.) Analysis O Opportunities Events that could facilitate company profit and growth Opportunities might include: 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) Copyright © 2010 by Sports Career Consulting, LLC

Opportunities might include:
The Marketing Plan The Situational (S.W.O.T.) Analysis O Opportunities Events that could facilitate company profit and growth Opportunities might include: 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) Copyright © 2010 by Sports Career Consulting, LLC

Threats might include:
UNIT 5 The Marketing Plan The Situational (S.W.O.T.) Analysis T Threats Events that could have a negative impact on the company Threats might include: 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) Copyright © 2010 by Sports Career Consulting, LLC

The balance sheet indicates the current value of the company
UNIT 4 Marketing Applications Financing The balance sheet indicates the current value of the company Copyright © 2010 by Sports Career Consulting, LLC

Financing Example The Marketing Plan
UNIT 5 The Marketing Plan Financing Example The University of Richmond football team’s operating budget for 2008 was $450,000 One of the key challenges facing the athletic department from a financial perspective was the fact that away football games placed a severe strain on the budget Copyright © 2010 by Sports Career Consulting, LLC

Financing University of Richmond Football Revenues
UNIT 5 The Marketing Plan Financing University of Richmond Football Revenues Primary revenues included: 1) Corporate sponsorship 2) NCAA revenue distribution 3) Ticket sales 4) “Guarantee games” Copyright © 2010 by Sports Career Consulting, LLC

Financing Spiders Football Travel Expenses
UNIT 5 The Marketing Plan Financing Spiders Football Travel Expenses 1) The football team’s travel to the Virginia Military Institute in 2008 cost about $16,000 2) Costs were lower when the team played University of Virginia because it did not spend the night, instead opting to return home late that night Copyright © 2010 by Sports Career Consulting, LLC

Financing Spiders Football Travel Expenses
UNIT 5 The Marketing Plan Financing Spiders Football Travel Expenses Travel becomes much more expensive when the team is required to fly rather than drive, as evidenced by the $65,000 expense incurred when Richmond traveled to play UMass 1) Air travel was $48,000 2) Food was $7,000 3) Lodging was $6,000 4) Bus transportation was $4,600 Copyright © 2010 by Sports Career Consulting, LLC

Financing Spiders Football Budget Outcome
UNIT 5 The Marketing Plan Financing Spiders Football Budget Outcome In the future, athletics will look for ways to minimize travel expenses to stay as close to budgeted travel costs as possible 1) Richmond has some control over the schedule, so each road trip is evaluated on whether it fits the budget, ease of reaching the destination, game times and availability of commercial flights Copyright © 2010 by Sports Career Consulting, LLC

Financing Spiders Football Budget Outcome
UNIT 5 The Marketing Plan Financing Spiders Football Budget Outcome In the future, athletics will look for ways to minimize travel expenses to stay as close to budgeted travel costs as possible 2) The program also looks to alliances with partners such as Nike and different hotel chains as a means for minimizing expenses through discounts to try to remain within the budget Copyright © 2010 by Sports Career Consulting, LLC

Financial Obligations of Athletics
UNIT 5 The Marketing Plan Financing Financial Obligations of Athletics State-run Universities in the state of Oregon are required by law operate profitably In 2009, both Oregon State University and the University of Oregon ran a deficit, and the state legislature demanded they come up with a plan to bring their budgets to reflect positive cash flow Copyright © 2010 by Sports Career Consulting, LLC

Primary sources of sport-generated revenues for these schools
UNIT 5 The Marketing Plan Financing Primary sources of sport-generated revenues for these schools Gate receipts Television and radio payments Contributions (alumni, foundations, other) Student fees Sponsors and other advertising Copyright © 2010 by Sports Career Consulting, LLC

Financial Obligations of Athletics
UNIT 5 The Marketing Plan Financing Financial Obligations of Athletics The most fickle element of the revenue picture is the economy’s impact on donations from alumni and other sources. In a recession, this group tends to cut back heavily on contributions, consequentially have an adverse impact on the University athletic programs. Copyright © 2010 by Sports Career Consulting, LLC

Lesson 5.6 – Key Information
in the Marketing Plan Copyright © 2010 by Sports Career Consulting, LLC

Key Information in the Plan
UNIT 5 The Marketing Plan Key Information in the Plan Companies must be thorough and detailed when including key information in their marketing plans Product Planning Marketing-Information Management Distribution System Pricing Promotional Strategies Copyright © 2010 by Sports Career Consulting, LLC

Key Information in the Plan
UNIT 5 The Marketing Plan Key Information in the Plan Companies must also consider numerous additional factors when creating their marketing plans Financing Risk Management Sales / Selling Execution Strategy The Future Copyright © 2010 by Sports Career Consulting, LLC

UNIT 5 The Marketing Plan Product Planning What event, product, or service will be researched, developed, marketed and ultimately sold via a pre-determined distribution channel? Copyright © 2010 by Sports Career Consulting, LLC

Marketing-information Management
UNIT 5 The Marketing Plan Marketing-information Management Who are the company’s competitors? Who are potential customers? What characteristics define the target market? What motivates consumers to buy? How do we insure repeat purchases? Copyright © 2010 by Sports Career Consulting, LLC

How will the company’s product get to the consumer?
UNIT 5 The Marketing Plan Distribution Strategy How will the company’s product get to the consumer? Copyright © 2010 by Sports Career Consulting, LLC

Pricing The Marketing Plan
UNIT 5 The Marketing Plan Pricing How much does the product cost the company to produce? What is the optimal price for the product? What is the estimated demand? Copyright © 2010 by Sports Career Consulting, LLC

Promotional Strategies
UNIT 5 The Marketing Plan Promotional Strategies How will the company integrate an effective promotional mix into the plan? What forms of advertising will they use? Will those decisions be cost-effective? Copyright © 2010 by Sports Career Consulting, LLC

Financing The Marketing Plan What is the projected overall revenue?
UNIT 5 The Marketing Plan Financing What is the projected overall revenue? What costs are involved? What economic conditions will influence marketing efforts? What other factors should be integrated within the budget? What is the time frame that should be considered? Copyright © 2010 by Sports Career Consulting, LLC

What legal liability could the company face?
UNIT 5 The Marketing Plan Risk Management What legal liability could the company face? What laws could affect marketing strategies? Copyright © 2010 by Sports Career Consulting, LLC

UNIT 5 The Marketing Plan Execution strategy How will the plan be carried out in a manner that will allow for the organization to accomplish its goals and objectives? Copyright © 2010 by Sports Career Consulting, LLC

UNIT 5 The Marketing Plan Execution Strategy Sampling of Vancouver Organizing Committee for the 2010 Olympic Games implementation strategy 1) Create awareness and excitement, across Canada, of the Olympic and Paralympic movements and the 2010 Games 2) Make the Games relevant to the entire country fostering the spirit of Canada’s Games 3) Generate interest and excitement in the corporate community Copyright © 2010 by Sports Career Consulting, LLC

UNIT 5 The Marketing Plan Execution Strategy Sampling of Vancouver Organizing Committee for the 2010 Olympic Games implementation strategy 4) Target companies and industries that are profitable and can afford the required investment levels 5) Create opportunities for sponsors to activate their sponsorships and maximize their return on investment throughout the entire term of the sponsorship agreements 6) Create a positive image and build a solid reputation of fiscal responsibility Copyright © 2010 by Sports Career Consulting, LLC

Plan Information Example
UNIT 5 The Marketing Plan Plan Information Example Let’s assume you are an executive working for sports drink maker Gatorade Example of key information addressed in a marketing plan (hypothetical) Copyright © 2010 by Sports Career Consulting, LLC

Product Planning The Marketing Plan
UNIT 5 The Marketing Plan Product Planning Before Gatorade makes the decision to introduce any new products to the market, they must first develop a marketing strategy to help maximize beverage sales. They must also consider how to market existing products. Copyright © 2010 by Sports Career Consulting, LLC

Marketing-information Management
UNIT 5 The Marketing Plan Marketing-information Management Gatorade must evaluate each of their competitors (VitaminWater, Powerade etc.) Identify the target consumers Understand how those make purchase decisions Copyright © 2010 by Sports Career Consulting, LLC

Distribution Strategy
UNIT 5 The Marketing Plan Distribution Strategy Will Gatorade utilize a mail order strategy through EastBay? Will they create an online shopping portal to sell online? Provide product at retail stores? Which combination of distribution channels best fits their overall sales strategies? Copyright © 2010 by Sports Career Consulting, LLC

Pricing The Marketing Plan What beverage production costs be?
UNIT 5 The Marketing Plan Pricing What beverage production costs be? What range of potential price points makes sense for the product(s)? Will any discounting strategies be implemented? What type of demand can be expected for the new sports drink products at each of the price variations? Copyright © 2010 by Sports Career Consulting, LLC

Promotional Strategies
UNIT 5 The Marketing Plan Promotional Strategies What will Gatorade’s promotional campaign include? What type of media will be utilized to communicate information about the shoe to consumers? Social media? Advertising? Endorsements? What will the budget be? Which promotional mediums will provide the best bang for the buck? Copyright © 2010 by Sports Career Consulting, LLC

Financing The Marketing Plan
UNIT 5 The Marketing Plan Financing How much beverage (volume) will Gatorade expect to sell? What is the forecast for gross income? What costs will Gatorade incur? Manufacturing? Packaging? Distribution? Inventory? Marketing? What is the projected net profit? Copyright © 2010 by Sports Career Consulting, LLC

Risk Management The Marketing Plan
UNIT 5 The Marketing Plan Risk Management Are there potential legal ramifications for Gatorade’s planned marketing strategy? Does the product pose any physical risk to consumers? Is there a risk of consumers getting sick from drinking the beverages? Copyright © 2010 by Sports Career Consulting, LLC

Sales The Marketing Plan
UNIT 5 The Marketing Plan Sales What sales strategy will help Gatorade to maximize the sales volume of the sports drinks? Personal selling? Online sales? Copyright © 2010 by Sports Career Consulting, LLC

Execution Strategy The Marketing Plan
UNIT 5 The Marketing Plan Execution Strategy How will the plan be carried out in a manner that will allow for Gatorade to accomplish its goals and objectives? Copyright © 2010 by Sports Career Consulting, LLC

The Future The Marketing Plan
UNIT 5 The Marketing Plan The Future What are the short term and long term goals for Gatorade? What does the future hold for companies like VitaminWater and Powerade? Are other beverage companies a potential threat in Gatorade’s product category? Why or why not? Copyright © 2010 by Sports Career Consulting, LLC

UNIT 5 REVIEW (ANSWERS) The Marketing Plan Understand what the marketing plan and why it is an important tool for sports and entertainment marketers The marketing plan is a written document that provides direction for the marketing activities for a specific period of time. The plan is a critical planning tool as it provides direction for the organization by defining goals and strategies. Copyright © 2010 by Sports Career Consulting, LLC

2) Identify the key components of the marketing plan
UNIT 5 REVIEW (ANSWERS) The Marketing Plan 2) Identify the key components of the marketing plan 1- Mission Statement 2- Executive Summary 3- Situation or S.W.O.T. Analysis 4- Marketing Goals / Objectives 5- Marketing Strategies 6- Implementation 7- Evaluation and Control (Could also include a Table of Contents, Problem ID statement or communications/publicity plan) Copyright © 2010 by Sports Career Consulting, LLC

3)Successfully compose a mission statement
UNIT 5 REVIEW (ANSWERS) The Marketing Plan 3)Successfully compose a mission statement The mission statement should address the following questions: What business are we currently in? Who are our current customers? What is the scope of our market? How do we currently meet the needs of our customers? Copyright © 2010 by Sports Career Consulting, LLC

4) Explain the purpose of a situation analysis
UNIT 5 REVIEW (ANSWERS) The Marketing Plan 4) Explain the purpose of a situation analysis The situation analysis provides information that is helpful in matching an organization's resources and capabilities to the competitive environment in which it operates by reviewing four key factors pertaining to the company’s current market situation (strengths, weaknesses, opportunities and threats). Copyright © 2010 by Sports Career Consulting, LLC

1- Strengths 2- Weaknesses 3- Opportunities 4- Threats
UNIT 5 REVIEW (ANSWERS) The Marketing Plan 5) Identify the four elements of a situation analysis 1- Strengths 2- Weaknesses 3- Opportunities 4- Threats Copyright © 2010 by Sports Career Consulting, LLC

UNIT 5 REVIEW (ANSWERS) The Marketing Plan 6) Recognize the importance of understanding the financials within the marketing plan The key financials included in a marketing plan are the forecast, budget, balance sheet and income statement. Organizations use that financial information to make important marketing decisions. Copyright © 2010 by Sports Career Consulting, LLC

UNIT 5 REVIEW (ANSWERS) The Marketing Plan 7) Determine which information is important to address within the marketing plan Product planning, marketing-information management, distribution system, pricing, promotional strategies, financing, risk management, sales/selling and forecasts for the organization’s future are all integral components of the marketing plan. Copyright © 2010 by Sports Career Consulting, LLC

Unit 5 – The Marketing Plan

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