Sports & Entertainment Marketing Chapter 6

The Marketing Plan 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 How tactics are implemented Based on the data you collect How do you interpret the data collected and explain it so people can understand it? Summary Charts Forms Graphs

Components of the Marketing Plan: I. Analysis A. Mission Statement B. Market Information C. Tactics II. Strategy A. Prod/Service B. Distribution C. Pricing D. Promotional Strategy II. Strategy con’t E. Financing F. Risk Management III. Implementation A. Timeline B. Assignment of Responsibilities C. Internal Comm D. Selling E. Review & Evaluation

I. Analysis A. Mission Statement 1. Short description of purpose of business B. Market Info 1. Potential customers (TM) and their needs, wants, and motivation to buy; how to get them and keep them 2. Direct vs. Indirect competition 3. Gather information, analyze, and interpret C. Tactics 1. How the prod/srvc is different from the competition Marketing Plan I.Analysis II.Strategy III.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. Marketing Plan I.Analysis A.Mission Stmt B.Mkt Info C.Tactics II.Strategy III.Implementation

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.”

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 I.Analysis A.Mission Statement B.Market Info. C.C. Tactics II.Strategy III.Implementation

C. Tactics How will we make our event different (and better) than our competition? Marketing Plan I.Analysis A.Mission Statement B.Market Info. C.Tactics II.Strategy III.Implementation 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 1. Gathering info to see what would get students to come. 2. Gathering info about planning event from previous event planners. 3. Gathering info about why people participate & how they hear about them. 4. 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

II. Strategy A. Product/Service 1. Based on marketing info & tactics B. Distribution 1. How will prod/srvc get to customer C. Pricing 1. Best price? Cost to organization? Customer willing to pay? Number of customers willing to pay? Lower price = higher sales? 2. Cover costs and maximize profits Marketing Plan I.Analysis II.Strategy III.Implementation D. Promotional Strategy 1. Advertising, Publicity, personal selling, position in customer minds 2. What is the best media? E. Financing 1. Cost vs. revenue F. Risk Management 1. Legal Liability? 2. Possible Risks and potential solutions

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 I.Analysis II.Strategy A.Prod/Srvc B.Distribution C.Pricing D.Promo Strategy E.Financing F.Risk Mgmt III.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 I.Analysis II.Strategy A.Prod/Srvc B.Distribution C.Pricing D.Promo Strategy E.Financing F.Risk Mgmt III.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 I.Analysis II.Strategy A.Prod/Srvc B.Distribution C.Pricing D.Promo Strategy E.Financing F.Risk Mgmt III.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 I.Analysis II.Strategy A.Prod/Srvc B.Distribution C.Pricing D.Promo Strategy E.Financing F.Risk Mgmt III.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 I.Analysis II.Strategy A.Prod/Srvc B.Distribution C.Pricing D.Promo Strategy E.Financing F.Risk Mgmt III.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 I.Analysis II.Strategy A.Prod/Srvc B.Distribution C.Pricing D.Promo Strategy E.Financing F.Risk Mgmt III.Implementation

A. Timeline 1. Start with date of completion and work backwards B. Assignment of Responsibilities 1. Delegate tasks C. Internal Communication System 1. Communication between group members D. Selling 1. Direct Sales E. Review & Evaluation 1. Measure progress at specific time posts Marketing Plan I.Analysis II.Strategy III.Implementation

A. Timeline Start with the end Plan backwards from the end to the beginning What needs to be done by what dates? Marketing Plan I.Analysis II.Strategy III.Implementation A.Timeline B.Responsibilities C.Communication D.Selling E.Review & Evaluation