The Marketing Plan Sports & Entertainment Marketing Chapter 6
The Marketing Plan How tactics are implemented • Written document describing the tactics and strategies used to market the prod/srvc, how they will be implemented, and any future changes that may be necessary. How you make your prod/srvc different than your competition Based on the data you collect • Summary • Charts • Forms • Graphs How do you interpret the data collected and explain it so people can understand it?
Components of the Marketing Plan: • Analysis • Mission Statement • Market Information • Tactics • Strategy • Prod/Service • Distribution • Pricing • Promotional Strategy • Strategy con’t • Financing • Risk Management • Implementation • Timeline • Assignment of Responsibilities • Internal Comm • Selling • Review & Evaluation
Marketing Plan Analysis Strategy Implementation I. Analysis • Mission Statement • Short description of purpose of business • Market Info • Potential customers (TM) and their needs, wants, and motivation to buy; how to get them and keep them • Direct vs. Indirect competition • Gather information, analyze, and interpret • Tactics • How the prod/srvc is different from the competition
Marketing Plan • Analysis • Mission Stmt • Mkt Info • Tactics • Strategy • Implementation A. Mission Statement • Short description of the purpose of business • EX: • To bring inspiration and innovation to every athlete* in the world. • *If you have a body, you are an athlete. • To positively impact the lives of musicians, industry members, and our society at large. • seeks to be the leading brand of quality lifestyle accessories offering classic, modern American styling.
Our Mission Statement? • To raise money for and awareness about March of Dimes in our community. “To help moms have full-term pregnancies and research the problems that threaten the health of babies.”
Marketing Plan • Analysis • Mission Statement • Market Info. • C. Tactics • Strategy • Implementation B. Market Information • Who is our target market? • What are their needs, wants, & motivations to buy/support our cause? • After we get them to commit, how will we keep them committed? • Who is our direct and indirect competition? • Gather information about the TM, analyze the info, and interpret it. • Explain in different forms (summary, charts, graphs)
Marketing Plan • Analysis • Mission Statement • Market Info. • Tactics • Strategy • Implementation C. Tactics • How will we make our event different (and better) than our competition? Any other even students and staff can go to after school on the day of our event.
Marketing Concept: • Keeping the focus on satisfying customer needs What info do we need to do this? • What price do we charge? • How do we get our prod/srvc to the customer? • Prod/srvc management & improvement? • Best way to promote our prod/srvc?
Research current conditions • Observe competition • Interview competitor customers • Check the internet • Survey potential customers • Visit trade shows
Surveys Created • Gathering info to see what would get students to come. • Gathering info about planning event from previous event planners. • Gathering info about why people participate & how they hear about them. • Gathering info to see what would get students to come.
Surveys Edited • Review the purpose of your survey • Edit your survey according to my edits and any other edits you see necessary • Print a final copy of your survey to be handed in • Use a Post-It note to write whose G:drive the survey is on and attach to printed copy of survey
Marketing Plan Analysis Strategy Implementation II. Strategy • Product/Service • Based on marketing info & tactics • Distribution • How will prod/srvc get to customer • Pricing • Best price? Cost to organization? Customer willing to pay? Number of customers willing to pay? Lower price = higher sales? • Cover costs and maximize profits • Promotional Strategy • Advertising, Publicity, personal selling, position in customer minds • What is the best media? • Financing • Cost vs. revenue • Risk Management • Legal Liability? • Possible Risks and potential solutions
Marketing Plan • Analysis • Strategy • Prod/Srvc • Distribution • Pricing • Promo Strategy • Financing • Risk Mgmt • Implementation A. Product/Service • What should our MoD run/walk have to ensure student and staff attendance? • Music • Food • Extra Credit • Mandatory by coaches • Date/Time
Marketing Plan • Analysis • Strategy • Prod/Srvc • Distribution • Pricing • Promo Strategy • Financing • Risk Mgmt • Implementation B. Distribution • How will we make the run/walk available to students and staff? • After school • Weekend • No athletic games or other events scheduled
Marketing Plan • Analysis • Strategy • Prod/Srvc • Distribution • Pricing • Promo Strategy • Financing • Risk Mgmt • Implementation C. Pricing • What is the best price to charge to participate? Purchase a wrist band? T-shirt? • What will the event, wrist bands, and t-shirts cost us? • How much are students and staff willing to pay? • If we charged a lower price would more people participate?
Marketing Plan • Analysis • Strategy • Prod/Srvc • Distribution • Pricing • Promo Strategy • Financing • Risk Mgmt • Implementation D. Promotional Strategy • How will we get the word out? • Advertising and publicity • What methods/media will we use to get the word out there? • Announcements • Screens • Posters • Flyers
Marketing Plan • Analysis • Strategy • Prod/Srvc • Distribution • Pricing • Promo Strategy • Financing • Risk Mgmt • Implementation E. Financing • How much will the event cost us? • Band • Food • Wrist bands • T-shirts • Sponsors • How much can we expect to raise? • Donation from people planning to walk • Corporate donations • Board of Education
Marketing Plan • Analysis • Strategy • Prod/Srvc • Distribution • Pricing • Promo Strategy • Financing • Risk Mgmt • Implementation F. Risk Management • What legal liabilities do we have? • Paperwork through school • Food and beverage sales limited • What are possible risks involved in planning such an event? • Rain out • Another event on same day • Solutions to risks?
Marketing Plan Analysis Strategy Implementation III. Implementation • Timeline • Start with date of completion and work backwards • Assignment of Responsibilities • Delegate tasks • Internal Communication System • Communication between group members • Selling • Direct Sales • Review & Evaluation • Measure progress at specific time posts
Marketing Plan • Analysis • Strategy • Implementation • Timeline • Responsibilities • Communication • Selling • Review & Evaluation A. Timeline • Start with the end • Plan backwards from the end to the beginning • What needs to be done by what dates?