Study Guide Exam 3 Intro to Sport Management 1 Study Guide Exam 3 Intro to Sport Management By Gregoire Narcisse Chapter 12 Sport Marketing Learning Objectives 1 Recognize how a marketing plan is linked to a sport organization s mission statement and core values Having a well developed marketing plan is essential to marketing plan product price place and promotion Four primary elements to the marketing plan also called the marketing mix Product Price Place Promotion 10 step process for developing a sport marketing plan steps are manipulated depending on the mission of the organization Purpose Product Projecting the market Position Players Package Price Promotion Place Promise Step 1 purpose clarifies the purpose of the sport marketing plan and links the plan to the organization s mission and core values The marketing plan is linked to the mission statement and core values of an organization because the best way to provide a direction for the marketing plan is to use the mission statement An organizational mission statement is important because it creates in people s hearts and minds a frame of reference a set of criteria or guidelines by which they will govern themselves The mission statement guides the marketing planning process leaving the sport marketers needing only to have clearly defined and measurable goals and objectives When the goals and objectives are achieved and are aligned with the mission of the sport organization the marketing plan is deemed a success 2 Assess the present and future market climate for a sport or event by conducting a SWOT analysis Assessing the sport climate requires an examination of internal and external factors An assessment of the internal strengths and weaknesses of a sport organization or sporting event and Forecasting the future market climate requires reexamination of the organization s mission the external opportunities and threats faced by the organization or event is called a SWOT analysis SWOT analysis has four elements Strengths internal factors that are advantageous to the sport organization s ability to achieve its Weaknesses internal factors that are disadvantageous and may prevent a sport organization from marketing goals and objectives achieving its marketing goals and objectives Opportunities external factors or conditions in the environment that may enhance a sport organization s ability to achieve its marketing goals and objectives Threats the unfavorable external factors or conditions in an environment that could interfere with a sport organization s ability to achieve its marketing goals and objectives Marketing plans should be designed to maximize the strengths and opportunities and minimize the weaknesses and threats identified in the SWOT analysis Key to marketing success is for a sport organization s strengths and opportunities to outweigh its weaknesses and threats 3 Analyze the dimensions of a sport product Study Guide Exam 3 Intro to Sport Management 2 Sport product is three dimensional Composed of Tangible Goods i e clothing and equipment Support Services activities or programs ancillary to sport but necessary for its operation e g game officials athletics trainers sport psychologists The game or event itself composed of two dimensions a The core product the actual competition Composed of the following tangible elements i Type of sport ii Participants iii Team b Product extensions and cheerleaders i Ancillary items such as the mascot music halftime entertainment concessions bands 4 Describe the process of positioning a product to appeal to specific groups of consumers Object of positioning is to differentiate the sport product from competing products by creating a distinctive image of the product Can be done through verbal and non verbal forms of communication Distinctive images are created in the consumers minds based on The types of consumers who buy the product The design of the products as well as the benefits offered by the product The price of the product The place where the product is available or where the event occurs Effective communication practices consist of four key elements Open and honest communication with the public Images and messages that are socially responsible Cooperation with the public and response to their interests Good faith relationships with the public Understanding the competitive environment includes analysis of other companies in the same Competition business or companies that compete for the same consumers The objective is to know what your competitors are doing and what impact that may have on the sport organization Three types a Direct competition same product b Substitute products similar product c Indirect competitors satisfy same needs wants Positioning of a sport product using verbal and nonverbal communication that creates a distinctive and social responsible image of a sport product is branding Branding has four elements Brand awareness recognition and recollection of brand name Brand image perceptions about a brand which shapes consumers attitudes Brand equity the values that the brand contributes to the marketplace Brand loyalty repeat purchase of one brand over the others 5 Define market segmentation and identify viable target audiences Market segmentation the process of grouping consumers based on common needs wants Selecting consumers picking the players Involves grouping consumers according to common characteristics wants and needs Study Guide Exam 3 Intro to Sport Management 3 Consumers are segmented into four areas demographics psychographics media preferences and purchasing behavior Market segmentation allows the sport marketer to identify smaller clusters of sport consumers who may exhibit similar wants needs and interests regarding sport Market segmentation assists marketers in zeroing in on specific consumers who are most likely to find the product appealing Criteria for selecting the viable target markets include The size of the target group The amount of resources available to the target group Is the target group accessible to the organization Examples of viable target audiences targeted more frequently Female consumers Ethnic minorities Generation X people born from 1964 through 1978 Generation Y people born from 1979 through 1990 6 Discuss how sports are distributed to consumers Place refers to the location of the sport product stadium arena it is the point of origin for distributing the product the geographic location of the target markets and other