High Velocity Sports Final Paper (MKTG 425)

High Velocity Sports Final Paper (MKTG 425) - High Velocity...

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High Velocity Sports 46245 Michigan Avenue, Canton, MI 48188 (734) HV-SPORT http://www.hvsports.com December 7, 2011 Executive Summary High Velocity Sports (HVS) is an indoor sports complex located in Canton, Michigan. In business since 2001, this facility has become the premier indoor sports complex for this area. The facility is 110,000 square feet and consists of various courts and fields for sports activities. They offer eight different participation sports, as well as clinics, camps, and special events. High Velocity has high brand equity among those who know about it, but they need to advertise more so that more people know about it. They also have little direct competition in their geographic area but as they look to increase their customer base, they must work harder to create interest in their new customers and retain the interest of their current customers. This marketing plan has been created to add on to High Velocity’s current strategies and put brand new programs into use. These new programs intend to increase HVS’s revenue, market share, and brand equity. The company can use a mix of advertising, public relations, sponsorship, and direct response marketing to achieve these goals by penetrating new markets and developing more products. We also think that the use of new promotional programs like a VIP program and “Veteran” pricing, will create long
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term relationships with current customers. Also new sports offerings and a High Velocity “Pays Your Gas” program will entice new customers to try out the facility. Table of Contents Situation Analysis 4 SWOT Analysis 6 Opportunity Analysis 7 Objectives 8 Marketing Strategy 9 Action Programs 10 Timeline 11 Pro Forma Income Statement 12 Control Mechanisms 12 Situational Analysis Current/Recent Performance High Velocity Sports (HVS) is a private company, so their financial information - specifically their annual report and their 10-k report - are not made public. Therefore, this section will then deal with ranged estimations because of the lack of “real” data in the form of an approximate low and high budget strategy. HVS’s current total revenue for the fiscal year of 2012 for the firm is estimated between $631k and $652k. Contribution to revenue is broken down into the following
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categories: membership/subscription, participation sports, dynamic, variable, and charitable. All of HVS’s charitable revenue is currently donated on the behalf of the Detroit and Canton Police Departments, towards the police department’s charity choice. The estimated number of total members for 2012 is 7,400 to 9,500 active members and contributes $74k to $95k in total revenue. Membership revenue is divided between two tiers; individual and family, with an estimated average of four members per family. HVS offers eight participation sports which provide approximately $81k in total
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High Velocity Sports Final Paper (MKTG 425) - High Velocity...

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