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SLS 1 4500-001 Final Marketing Plan Assignment and Guide DUE: DECEMBER 8, 2008 at the beginning of class NO LATE PAPERS WILL BE ACCEPTED Marketing plans serve several critical roles within sport organizations. Marketing plans allow everyone to see how their actions fit in with the actions of other employees. Marketing plans also: provide a road map for corporate development, assist in the management and implementation of strategy, communicate role specificity to new employees, coordinate the assignment of responsibilities and tasks, assist in obtaining resources for development, promote efficient use of resources (people, facilities, and finances), point out problems, opportunities, and threats. Your assignment is to develop a marketing plan for a company which sells a sportrelated product or service. The guide below will help you piece together the various components of the plan. Keep in mind that there will be other material presented in class and in the textbook that will also help you to complete your plan. Requirements: 1. This assignment should be double-spaced, 12 point font, with one-inch margins on all sides. 2. All references must comply with APA Style. 3. Include each of the components listed below. 4. You can work alone or in pairs for this assignment. If you work in pairs, both people will receive the same grade. 5. Marketing plan must be turned in at the beginning of class on July 11, 2008. Absolutely no late papers will be accepted. No exceptions. Criteria for Evaluation: 1. Evaluation of the components of your marketing plan (50 points) a. Do they contain the appropriate information? b. Are they well thought out? c. Are they written well? d. Do they contain an appropriate level of detail? e. Creativity? 2. Quality of research (10 points) 3. Coordination of all components of your marketing plan (10 points) 4. Proper use of APA Style (10 points) 5. Attention to detail (10 points) 6. Oral Presentation given during the final exam time (10 points) *** Reminder: If you need help with spelling, grammar, organization, or any other aspect of writing or the writing process, please utilize the English Learning Center (225 Patterson Hall, 678-2059, open Monday through Thursday from 8am-7pm and Friday from 8am-2pm). 2 Components of the Marketing Plan Executive Summary Introduction Situational Analysis Target Markets Marketing Objectives Marketing Strategies and Tactics Implementation and Control Summary Executive Summary The Executive Summary is the last part of the plan that is written, but the first one encountered by the reader. It provides the reader with a concise review of the entire plan. This allows potential investors to quickly assess if the enterprise is worthy of consideration. It also allows the CEO to quickly examine the focus of the entire marketing plan. The challenge lies in producing a section that is both compelling and succinct. At a minimum, items which should be covered in your executive summary are: an accurate and specific description of your product or service. a description of the advantages of your product or service. an overview of the target market & strategies involved. Introduction The introduction typically begins with the organization s mission statement. A mission statement represents a statement of purpose for the organization. In general terms, the statement should reflect the essence of your business by answering the question What business are you in? You may, however want to discuss some of the unique characteristics of your product/service regarding its fit in the marketplace. Situational Analysis This section of the marketing plan is intended to provide an analysis of the environment in which the organization must operate (environmental scanning). In general, the factors which shape the situational analysis include a review of the following; the economic climate, population demographics, product demand trends, and technological trends, Competitor Analysis (SWOT) Here you should examine all of the likely competitors and the various aspects of their organization and products/services offered. Provide information on their strengths, weakness, opportunities and threats. Customer Analysis (Target Markets) The customer analysis segment of the marketing plan provides for a description of the consumer base. This entails a detailed analysis of the customers who are most likely to buy your product. Typically, this analysis consists of information related to the purchasing habits of the customers as well as data on the characteristics of consumers such as age, gender, lifestyle, and income. These consumer characteristics will be used to divide, or segment the market, allowing for more direct access and further analysis. 3 Company Analysis a) Marketing Objectives All organizations need to have clearly established objectives to guide their actions. Most marketing experts suggest that you should include statements related to your projected market share, sales volume, profit margins and product/service positioning. b) Product and Service Analysis This section of the marketing plan must provide an accurate and specific description of your product or service. It should also explain the advantages of your product or service in the market compared to your competitors. Provide information on your company s strengths, weakness, opportunities and threats. c) Marketing Strategies and Tactics Some marketing experts separate marketing strategies from marketing tactics. Marketing strategies normally refer to what you are going to do in you marketing activities, whereas marketing tactics relate to how you will accomplish those tasks. However, in most organizations the two components are often tied together in marketing discussions. The Marketing Mix includes the traditional ingredients of marketing, (price, product, place, promotion). Marketing mix variables are also tactical because they are actions taken to accomplish the strategy you develop. Through the manipulation of these elements, several variations of strategy can arise. These can be categorized into market actions known as penetration, diversification, new product development, marketing share expansion and niche development, among others. Implementation & Control Implementation and control refer to start-up and operational costs, public relations, cost analyses methods and general budget parameters. In this matter, criteria and processes must be established for monitoring progress. As with all organizations, periodic measure must be made in relation to organizational performance. 4 Product and Services Worksheets The worksheets provide a guide for you in developing various sections of your marketing plan. The following sheets cover the areas of product and service analysis, and determining the primary business sector in which you plan to conduct business. Complete these worksheets as a preliminary step in the creation of your marketing plan. Specify possible products or services to be marketed ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ Describe projected core products ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ Project possible product extensions ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ Determine the primary business sector in which you will operate ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ 5 Climate Analysis Worksheets The following sheets cover situation analysis including; economic climate demographic factors, demand trends, technological trends, competitor analysis, and a SWOT analysis. Complete these worksheets as a preparatory step in the creation of your marketing plan. Analyze the current economic climate in your region. ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ List specific demographic factors pertinent to marketing your product/service. ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ Investigate the demand trends which apply to your industry segment. ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ Site the technological trends which will impact your marketing plan. ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ 6 Competitor Analyses Complete competitor analyses for the most immediate competitors in your market. Competitor #1 Product Characteristics Strengths Weaknesses Opportunities Threats Current Market Share Current Actions in the Market Probable response to your actions Competitor #2 Product Characteristics Strengths Weaknesses Opportunities Threats Current Market Share Current Actions in the Market Probable response to your actions 7 Customer Analysis Worksheets The following sheets cover target marketing including; marketing information systems, available primary and secondary data, market segmentation, target markets, benefit segmentation, buyer readiness, and consumer lifestyles. Complete these worksheets as a preparatory step in the creation of your marketing plan Describe the marketing information systems which will be most valuable in gathering data for detecting your customers. ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ Investigate and list available sources and methods for gathering data ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ Determine ___________________________________________________________________ which factors will be critical for segmentation for your market ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ Identify specific target segments within your markets with a rationale for their selection. ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ 8 Detail specific product benefits which you will use to segment your consumers. ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ Assess the current state of buyer readiness for your target market. ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ Stipulate consumer lifestyles which will be included in your target market. ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ 9 Company Analysis Worksheets Marketing Objectives The following sheets cover marketing objectives including; responsibilities for their accomplishment setting the proposed time frame for completion, creating an evaluation system and assigning the required human and financial resources. Complete these worksheets as a preparatory step in the creation of your marketing plan Specify 5-6 marketing objectives for your fitness entity. ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ Assign specific responsibilities for the accomplishment of each objective. ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ Develop a time frame for the accomplishment of your marketing objectives. ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ 10 Marketing Strategy The following sheets cover marketing strategies including; market penetration, market share development, product development, diversification and their impact on resources. Complete these worksheets as a preparatory step in the creation of your marketing plan Select and articulate all that are appropriate market strategies which you intend to include in your marketing plan. Market Penetration ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ Market Expansion ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ Product Development ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ Diversification ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ 11 Marketing Mix The following sheets cover the marketing mix including; product, price, place, promotion, marketing mix interactions, control and evaluation, and organizational structure & responsibilities specific to your marketing plan. Complete these worksheets as a preparatory step in the creation of your marketing plan. Detailed description of the products/services covered by the marketing plan. ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ Calculate the price(s) that you will establish for your product(s) and service(s). ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ Delineate the place and distribution channels for your products and services. ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ Describe the promotional activities which will be implemented in your marketing plan. ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ 12 Implementation, Control and Evaluation Worksheets The worksheets provide a guide for you in developing various sections of your marketing plan. The following sheets cover implementation, evaluation and control mechanisms for your marketing plan. Complete these worksheets as a the final preparatory step in the creation of your marketing plan Develop an implementation calendar listing all of the tasks needed for implementation of your marketing plan. ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ Present a detailed description of resources allocated for the implementation phases of your marketing plan ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ Specify the evaluation criteria and scheduled dates for formal evaluation for of your marketing plan s success. ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________

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