Marketing Planning for Sports Organisations Flashcards
What is marketing planning?
Process by which businesses:
- Analyse their (macro and micro) environments and their capabilities,
- Decide upon courses of marketing action and
- Implement those decisions
What are the key questions in a marketing plan?
• Where are we now?
Success achieved versus expectations
• How did we get here?
Analysis of significant events and decisions
• Where are we heading?
If we proceed as we have done in the past
• Where would we like to be?
Predictions versus aspirations
• How do we get there?
Think creatively, identify options and decide on courses of action (strategy)
• Are we on course?
Periodical checks which allow for necessary adaptations
What are the stages of marketing planning that relate to ‘Where are we now?’ and ‘How did we get here?’ ?
- Business mission
- Marketing audit
- SWOT analysis
What are the stages of marketing planning that relate to’ Where are we heading?’ ?
- Marketing Audit
* SWOT analysis
What are the stages of marketing planning that relate to ‘Where would we like to be?’?
Marketing Objectives
What are the stages of marketing planning that relate to ‘How do we get there?’?
- Core strategy
- Marketing Mix decisions
- Organisation
- Implementation
What are the stages of marketing planning that relate to are we on course?
• Control
What is a mission?
• A statement of the organisation’s purpose and what it wants to accomplish and should be market-oriented
What should a mission be?
- Realistic
- Specific
- Based on distinctive competencies
- Motivating and inspirational
What key questions are needed when writing a business mission?
- What is our business?
- Who is the customer?
- What is of value to customer?
•What will our business be?
->.»>Visions
•What should our business be?
What should a mission statement be?
- Vision next 10-20 years
- Share - managers, employees, customers
- Provides employees - shared purpose, direction & opportunity
- Redefine mission if
- Credibility lost or
- Not optimal course for growth
What are the other factors influencing the business mission?
- The background of the company and the personalities of its senior management
- The business vision, i.e. a coherent and powerful statement of what the business should aim to become (Wilson 1992)
- A company’s values
What is the marketing audit?
A systematic examination of a business’s marketing environment, objectives, strategies and activities, with a view to identifying key strategic issues, problem areas and opportunities” (Jobber 2010, p.42)
What are the internal and external analysis focusing on in the marketing audit?
- Internal»_space; focuses on those areas that are under the control of marketing management
- External»_space; concerned with those forces over which management has no control
What are the audit tool for examing the external environment?
• Macro: -Pestle • Micro- mainly done by Porter's 5 forces -Market analysis -Customer analysis -Competitor analysis -distribution analysis -supplier analysis
What is in the internal marketing audit checklist?
- Operating Results-Sales, Market share, Profit margins Costs
- Strategic Issues Analysis-objectives, segmentation
- Core competences- Positioning, Portfolio analysis
- Marketing Mix Effectiveness
- Marketing Structures-departmental, training, communication
- Marketing Systems-information,planning,control
What should the marketing audit be in practice?
• It should be an ongoing activity
-It is not a tool to save a failing business
• It can be annual or biannual
-Depending on how turbulent a company’s marketing environment is
•It may or may not involve external consultants
What is the SWOT analysis for in the marketing audit?
- Structured approach to evaluating the strategic position of a business
- A way of synthesizing the results of the marketing audit
What are conversion and matching strategies on a SWOT analysis?
- Conversion strategies-Weaknesses turned to strengths and threats turned to opportunities
- Matching strategies-turning strengths to opportunities
What are the steps in defining market objectives?
1•Strategic thrust
2•Strategic objectives
What is the strategic thrust in defining market objectives?
- These shape the direction of the plan by deciding which markets to target and products to sell
- Done through an Ansoff matrix
What are the components of the Ansoff matrix in the strategic thrust?
1•Market penetration/expansion-existing products in exisitng markets
2• Product development-new products in exisiting markets
3• Market development-existing products in new markets e.g.Prime showing PL games
4•Diversification- new products in new markets
Explain the strategic objectives for each product when deciding market objectives and how they are determined
- ‘Build’ sales and market share
- ‘Hold’ sales and market share
- ‘Harvest’ - sales and market share fall, but profit margins are maximised
- ‘Divest’ - product is dropped or sold
BCG growth-share model can help (portfolio planning tool)
Explain the stages of the BCG growth-share model
Product launched
1•Question marks (low market share, high growth rate)
2• Star (High market share, High growth rate)
3• Cash Cow (high market share, low growth)
4• Dog (low market share, low growth)
Product taken out of market
Note: typical way but may not follow this order
What is the core marketing strategy?
Focus on how marketing objectives can be accomplished.
What are the three elements o the core marketing strategy?
•Target Markets
-A target market is a market segment that has been selected as a focus for a campaign’s marketing mix.
•Competitive Advantage
- The achievement of superior performance through differentiation to provide superior customer value, or by managing to achieve lowest delivered cost.
•Competitor Targets
-The organizations against which a company chooses to compete directly.
What makes a good core strategy?
- Clearly defines target customers and their needs
- Creates a competitive advantage
- Incurs acceptable risk
- Resource and managerially supportable e.g. infrstructure
- Derived to achieve product-market objectives
- Internally consistent with the marketing plan
What are the marketing mix decisions in implementing the marketing plan?
- Should be consistent with the core strategy
- Should deliver superior (perceived) value to the customer
- Common mistake: keeping the same marketing mix when moving from one target segment to another
What are the organisations and implementation considerations in implementing the marketing mix?
- A firm must be able to transform the plan into action
- Organisational weaknesses may hinder full implementation of the marketing plan
- Resistance may occur due to internal conflicts and power struggles
What are the control systems when implementing the marketing plan?
• Help to evaluate the results of the marketing plan so that corrective actions may be taken if performance does not match objectives
• Can plot results against objectives on a weekly,
monthly, quarterly and/or annual basis
- Short-term measures include sales, profits and cash flow
- Long-term, strategic control systems help to critically assess whether marketing actions are in line with plans, capabilities and marketing environment
What are the benefits of a successful marketing plan?
• Generates consistency
-change of manager/employees can all follow plan
• Encourages the monitoring of change
• Encourages organisational adaptation
-should adapt to match environment. Inevitability of change
• Stimulates achievement
-motivation from working towards something
• Facilitates resource allocation
-which products should gain investment
• Promotes the search for sources of competitive advantage
What are the problems in making planning work?
•Planning is inherently political
-impacts allocation of funds, career opportunities
•Information such as market share, size and growth rates may be unavailable or purposefully withheld
- Reward systems may be linked to short-term results- cause managers to overlook long-term goals and concerns
- Personality clashes and arguments may surface
• Lack of adequate knowledge and skills
How can negatives of market planning be mitigated?
- Senior management support
- The reward system should be tied to long-term as well as short-term objectives
- Clear communication across the organisation
- Marketing staff should be trained to perform planning tasks adequately
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Authors for essay
. Taghian-planning=orientation
. Barney (1991)-SWOT mix
.Leppard and Malcolm-advantages
.Mcdonald- barriers
