Transcript Chapter 6
Chapter
6
The Marketing Game Plan
6.1 The Game Plan 6.2 Entertainment and Sports Strategies 6.3 Mapping the Plan
Sports and Entertainment Marketing
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Winning Strategies
AEG
Anschutz Entertainment Group (AEG) is a key player in movie exhibition AEG dominates specific markets second largest promoter of live events in the U.S.
AEG sells more than $500 million in tickets annually Chapter 6 Slide 2
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Lesson 6.1
The Game Plan Goals
Explain the difference between marketing tactics and strategies.
Discuss the importance of planning to stay ahead of the competition.
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Terms
tactic strategies marketing intelligence trade shows Chapter 6 Slide 4
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MARKETING TACTICS
Nike wants to be number one in their market.
Nike needs to __________________ from Adidas, the market leader.
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Tactics First
tactic
__________________________________ __________________________________ __________________________________ __________________________________ __________________________________ the most effective tactics are developed by salespeople tactics can work their way from salespeople to upper management Chapter 6 Slide 6
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Strategies
strategies
__________________________________ __________________________________ Chapter 6 Slide 7
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What is the difference between a tactic and a strategy?
________________________________ ________________________________ ________________________________ Chapter 6 Slide 8
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BEATING THE COMPETITION
“Winning the game” in business means gaining market share over competitors and making a profit.
__________________________________________ __________________________________________ Chapter 6 Slide 9
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What Information is Needed?
marketing intelligence
__________________________________ __________________________________ Chapter 6 Slide 10
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Pricing pricing is very important to customers __________________________________ __________________________________ __________________________________ Chapter 6 Slide 11
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Distribution __________________________________ __________________________________ __________________________________ Chapter 6 Slide 12
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Product/Service Management knowing the product and service offerings of competitors can __________________________________ __________________________________ Chapter 6 Slide 13
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Promotional Efforts promotional competitive analysis reveals: the product characteristics emphasized by competitors ___________________________ ___________________________ Chapter 6 Slide 14
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Finding the Information
_______________________________ _______________________________ _______________________________ _______________________________ Chapter 6 Slide 15
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internet efficient searching leads to effective results ____________________ ____________________ Chapter 6 Slide 16
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observations combining the insights of a variety of salespeople can provide ___________________________________ Chapter 6 Slide 17
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trade shows
major events where people in a related industry meet to show their products exchange ideas learn about the latest trends ___________________________________ ___________________________________ Chapter 6 Slide 18
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customers ___________________________________ ___________________________________ ___________________________________ can provide competitive information Chapter 6 Slide 19
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Give three examples of marketing intelligence information that might be collected by a movie theater.
__________________ __________________ __________________ Chapter 6 Slide 20
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Lesson 6.2
Entertainment and Sports Strategies Goals
Explain the importance of learning from customers.
Discuss sports marketing strategies.
Discuss entertainment marketing strategies.
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Terms
marketing plan interpretation applied research touchpoints Chapter 6 Slide 22
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DATA-DRIVEN DECISIONS
_______________________
a document that describes the tactics and strategies that will be used to market the product or service Chapter 6 Slide 23
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raw data the facts and recorded measures that have been gathered Chapter 6 Slide 24
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Interpretation
interpretation
__________________________________ __________________________________ __________________________________ drawing conclusions that relate to the defined marketing research problem Chapter 6 Slide 25
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Applied Research
applied research
_______________________________________ _
touchpoints
the points at which the business makes contact with the customers web site visits e-mails phone calls advertisements one-on-one sales pitches Chapter 6 Slide 26
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Explain what Peter Drucker’s definition of marketing means. ________________________________ ________________________________ ________________________________ Chapter 6 Slide 27
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SPORTS MARKETING STRATEGIES
_______________________________ _______________________________ _______________________________ Using research to form the right tactics to attract fans is a challenge for teams.
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Fans Rule
____________________________________ Adidas and Nike have different tactics and strategies to compete for soccer fans.
Adidas provides soccer balls for the World Cup and promotes customizable soccer cleats.
Nike is filling a niche for street-ready soccer merchandise and is sponsoring a number of major international soccer teams.
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What drives professional sports teams’ marketing plans? Explain why.
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ENTERTAINMENT MARKETING STRATEGIES
The movie and music industries use many of the same strategies used in sports marketing to attract customers.
Determining the new tactic first and then figuring the strategies that will drive sales is the key.
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Capitalizing on Controversy
Sony carefully developed a tactic and a strategy for promoting
The DaVinci Code.
provided a website for religious dialogue avoided overexposure prior to the movie’s release Chapter 6 Slide 32
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Concert Pricing Strategies
Indoor concerts are more economical to produce than outdoor concerts.
A smaller indoor concert may be more profitable than a larger outdoor concert.
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Industry consolidation has lead to decreased competition.
Declining profits are prompting concert promoters to re-evaluate pricing strategies.
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A Little Music with Your Coffee?
Starbuck’s Entertainment connects Starbuck’s brand with entertainment By 2005, Starbucks sold 3.5 million CDs.
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Why would a coffee shop add entertainment items to its menu?
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Lesson 6.3
Mapping the Plan Goals
Explain how marketers determine direction and focus for a marketing plan.
List and describe the components of a marketing plan. Chapter 6 Slide 37
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Terms
mission statement mass market product portfolio test marketing Chapter 6 Slide 38
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KNOW WHERE YOU ARE HEADED
mission statement
identifies the nature of the business and the reason it exists All tactics and strategies should be built around the mission statement.
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A Sense of Direction
mass market
a broad group of customers Chapter 6 Slide 40
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product portfolio
all the products a company has available at any one time
test marketing
where the sales potential for a new product is tried in a small market prior to its final release Chapter 6 Slide 41
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Explain the importance of a company’s mission statement to the marketing plan.
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THE PLAN
The marketing plan is a detailed document that further provides a detailed description of how the tactics and strategies will be implemented.
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Components of a Marketing Plan
A marketing plan should be guided by the current and future needs of customers.
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Analysis The Mission Statement The marketing plan must be in agreement with the mission statement.
Marketing Information Information is gathered, analyzed, interpreted and used to make business decisions.
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The Tactic describes product or service differentiation should pinpoint a gap that is not be filled by another product or service Chapter 6 Slide 46
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Strategy describes the marketing mix Product/Service the identified need is the basis for the development of the product or service Chapter 6 Slide 47
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The Distribution System describes how the product or service will be made available to customers Chapter 6 Slide 48
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Pricing The price must be set where revenues will be maximized to cover all costs and provide a profit. Chapter 6 Slide 49
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Promotional Strategies how the product will be positioned in the minds of customers advertising publicity sales promotion personal selling Chapter 6 Slide 50
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Financing disclosure of all expected costs and revenues might indicate need for additional funding Risk Management outlines possible risks and strategies for minimizing the risks Chapter 6 Slide 51
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Implementation Assignments of Responsibility specify who is responsible for each component of the plan Timeline start with completion date and plan backwards specify event sequencing Internal Communication System define how all key organizational members will be kept informed of the plan provide a feedback mechanism Chapter 6 Slide 52
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Selling defines how direct sales will be handled Review and Evaluation define mileposts for progress checks of the plan Chapter 6 Slide 53
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Look to the Future
Organizations should have future products planned while current products are still experiencing strong sales.
Marketing plans require periodic revisions.
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Why must the marketing plan include intervals for review and evaluation?
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PERFORMANCE INDICATORS EVALUATED
Develop a written business plan for a start up business.
Identify the customer base and demographics for the target market.
Demonstrate knowledge and understanding of entrepreneurship.
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Communicate research in a clear and concise manner both orally and in writing. Demonstrate effective persuasive and informative communication and presentation skills.
Identify customer relations and promotion related to successful businesses.
Analyze financial data and determine appropriate pricing strategies.
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THINK CRITICALLY
1.
2.
Why is a detailed business plan so important when starting a business that offers a new product or service?
Why is the Executive Summary the most important part of the business plan?
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Why is it important to look at the competition when preparing a business plan?
What is the value of surveying the target market when preparing a business plan?
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