Essay Instructions: Instructions for Component
PLEASE HAVE THIS WRITTEN BY ?WRITERGRL101? IF ITS POSIBLE. THE WRITER ?WRITERGRL101? IS PRETTY COOL.
THIS IS A TEAM PROJECT. SO YOU HAVE TO DO ONLY ONE PART (fill out only your part and do write up some points at the end), SO PLEASE DO ONLY ONE PART WHICH IS ? STRENGTHS PART ?
(1) STRENGTHS, (2) ITS (ONE) COMPETITOR & (3) MOST IMPORTANT STRENGTHS POSSESS (at the end). For the first and second part, you just have to fill out in the boxes (you can write up and put label as well. What ever works for you. Just quick check, those resources (from works cited) are very useful sources. You might wanna check sports marketing quarterly. It has so many things to get ideas.
Purpose
The purpose of this assignment is for you to critically examine the strengths, weaknesses, opportunities and threats to your business.
Assignment Overview
After completing Component #1, you should now have a good understanding of your business, the market environment in which it functions, and the targets that it serves. In this assignment, you will continue to build on this foundation. Before you begin, re-read what you wrote for the last assignment so that the information that you compiled is fresh in your mind (component 1 is on the bottom so you can check it out what we have said). As you research, organize and write this assignment, think of it in the context of the final marketing plan you are creating, step-by-step. As you write, you should strive for internal consistency. What this means is that each of the sections should make sense and flow logically from those that precede it.
Although all of the assignments are important, thoughtful and thorough completion of this component is especially critical to the success of your final marketing plan. If done properly, the SWOT analysis and the conclusions you draw from your findings will serve as the basis for formulating the overall objective of your marketing plan (Component #3). The objective, in turn, will set the stage for identifying the marketing changes that will be necessary to meet the objective and the promotional tactics that will serve as the means for bringing about those changes (Component #4) (which I?ll let you to write as well if it?s possible for both 3 and 4).
To determine the internal strengths and weaknesses (i.e.; the S and W of the SWOT Analysis) you will need to look closely at, and analyze from a different perspective, all of the information that you have previously learned about the business itself. For Component #1, the primary focus was on description. Here, you should shift the focus to identifying those characteristics of the business that are currently either helping or hindering the realization of its stated mission.
When looking at the external opportunities and threats (i.e. the O and T of the SWOT Analysis) you will be attempting to identify all of the significant factors in the marketing environment that, again, make it either easier or more difficult for the business to serve its customers. One of the key environmental dimensions that you will need to identify and understand is the competition. It is important to remember that competition should be very broadly defined. You should include not only other businesses that may compete directly (i.e.; provide the same or a similar product or service) but also any entity or activity that could offer a substitute means for satisfying customer needs.
A concise and effective way to present the results or the SWOT analysis is by using a grid. Please use the same grid in the final marketing plan. A sample grid is contained in this assignment.
Your Task
To complete this assignment you will need to answer the following questions (using the grid) related to the development of a SWOT analysis. Remember SWOT stands for Strengths, Weaknesses, Opportunities, Threats)
Internal strengths and weaknesses
Strengths ? positive attributes of your business
Weaknesses ? detract from your ability to deliver the benefit
Dimensions to consider: (All may not apply)
o Human resources ? knowledge, expertise, credentials, savvy, etc.?
o Equipment/Technology - enough to get the job done?
o Financial resources ? available funds, loyalty of financial backers, etc.?
o Location/Facilities?
o Others? (This is not meant to be an exhaustive list.)
External opportunities and threats
Opportunities ? the potential that can be realized by a well-executed and well-timed strategy
Threats ? an unfavorable trend or development that will negatively impact your business?s revenue/ability to provide the intended benefit.
Dimensions to consider: (All may not apply)
o Regulatory environment ? new laws (pro or con) coming into being?
o Price increases from suppliers?
o Economic downturns (local, regional, national)?
o Bad PR currently or in the past?
o Market Trends
What factors (e.g. cultural, social, demographic, psychographic, behavioral, etc.) are changing and may have an impact on your business?s target markets? (You may want to check publications related to this particular type of product/business to watch for trends. Adapt what you find to your target market.)
o Market Growth
Is the overall market growing, static or shrinking for the type of product or service offered by your business? (Cite appropriate secondary sources of information to support your opinion.)
o Competitive Environment
Who are your business?s competitors? Make sure you go through each competitor in detail and examine the following issues:
What are their strengths and weaknesses ? size, market share, etc.?
How is your business perceived by its target markets relative to these competitors in terms of, for example, comparative quality, image, reputation, awareness, business structure, financial position, strategy, etc.?
What do your business?s target markets perceive as the value-added of competitor?s products/services? Why should they purchase products from your business in stead of one of its competitors?
Internal Analysis: Strengths & Weaknesses
FACTOR STRENGTHS WEAKNESSES
Sales & Marketing
Quality
Customer Service
Productivity
Human Resources
Facilities
Location
Other
External Analysis: Opportunities & Threats
FACTOR OPPORTUNITIES THREATS
Current Customers
Prospective Customers
Competition (see separate grid)
Technology
Economic Environment
Political/Cultural Environment
Market Growth
Other
Competitive Analysis
FACTOR COMPETITOR 1 COMPETITOR 2 COMPETITOR 3 COMPETITOR 4
Price
Quality
Product(s)
Service
Location
Advertising
Technology
Customer Base
Reputation
Financial Position
Business Strategy
The most important strengths we possess and the best opportunities we face are:
1.
2.
3.
4.
The most dangerous weaknesses and threats we face are:
1.
2.
3.
4.
______________________________________________________
COMPONENT 1 (FOR YOUR REFERENCE)
Cornell Sports Marketing was established three years ago, after its 5-year contract with Host Communications Inc.-Universal Sports America Inc., a leader in Collegiate Marketing and the NCAA, Association Management, Printing & Publishing, Radio and Television, expired. Cornell Sports Marketing has since tripled revenue, focusing on a grass roots campaign to recruit corporate sponsors.
Cornell Sports Marketing?s mission is to create an element of overall school pride and tradition, which results in a sense of institutional intimacy that can be displayed through Cornell?s athletic program.
Cornell University Athletics offer thirty-six varsity sports. These sports can be classified as typical ?revenue? sports such as Basketball, Ice hockey, Football and ?non revenue? sports that include Cross Country, Equestrian, Fencing, Field hockey, Gymnastics, Lacrosse, Polo, Rowing, Soccer, Softball, Squash, Swimming and Diving, Tennis, Track and Field (indoor and outdoor), Volleyball, Baseball, Golf, Sprint Football, and Wrestling. Research has been executed to assimilate motives that drive spectators to college sporting events. Motivation has included aesthetics, catharsis, drama, entertainment, escape, social interaction, and various achievements. Researchers James and Ross concluded from researching three ?non revenue? sports (Men?s baseball, women?s softball, and men?s wrestling) that interest ?was based on sports in general.? Consumers in this study ranked ?sports related motives (i.e., entertainment, skill, drama, and team effort) higher than the motives pertaining to self-definition (i.e., achievement, empathy, and team affiliation) and motives related to personal benefits (i.e., social interaction and family).
Currently Cornell Athletics has several target markets within the Cornell community. They include a faculty of 3,241, staff of 9,925, undergraduate student body of 13,655, graduate/professional student body in Ithaca of 5,965 and 221,791 living alumni. In fall of 2003 the undergraduate body was composed of 50 % male and female. Of those students 27 % were minorities. Undergraduate students receiving financial aid include 60 % of the student body of those 48 % received Cornell-administered financial aid. The graduate/professional student body on the Ithaca campus consisted of 58 % male and 42 % female. This group contains 15 % minority students. Cornell alumni live in diverse geographical areas including: 18 % Mid Atlantic, 9 % mid west, 12 % New England, 28 % New York State, 10 % South East, 6 % South west, 13 % far west, 5 % International and United States possessions. Current research suggests those attending college sports include ?fans? and ?spectators.? These two separate groups attend college sports for different reasons. The ?fans? hope to see the sports teams do well and partake with the success of a team. They are interested in meeting the team and coach. The ?spectator? attends a sporting event ?to see a quality game, appreciate the skill and aesthetic qualities of the game, and increase his or her knowledge.?
Cornell Sports Marketing has three major issues and a few minor problems it must address. The first issue it needs to address is how to segment and reach its target market. Currently, it operates under the assumption that the Cornell community consists of a homogenous student body, faculty, alumni, and building staff. However, within each market segment there is immense diversity. Focus on the diversity of the Cornell community would change and improve the methods that Cornell Sports Marketing utilizes in promoting Cornell?s intercollegiate sports. The second issue Cornell Sports Marketing must improve on is the ?sportscape? or the physical surroundings of the stadium that impact spectators' desire to stay at the stadium and ultimately return to the stadium. It includes improvements on stadium access, facility aesthetics, scoreboard quality, seating comfort, and layout accessibility. The third problem Cornell Sports Marketing must address is how it could increase attendance rates at sporting events. For example over the 2003-2004 school year there was an average of 6,018 spectators at Schoellkopf Field, which has a maximum capacity of 25,597 people.
A few minor issues that Cornell Sports Marketing needs to address is discount ticket packages, promotion of some obscure varsity sports, sale of merchandise at sporting events, and the public?s appetite for ?sports drama?. Rivalries with other colleges and players? special circumstances could be advertised, which would keep the spectators on the edge of their seats.
Multiple target markets exist within the Cornell community each with distinctive needs and wants. The main target markets include incoming undergraduate students, graduate students, faculty, and alumni. Over 3000, incoming freshmen students, enter Cornell with a sense of school pride and a need to belong. Seniors are a target market because it is their final year of college and each event at Cornell is their ?last chance? to attend. Faculty is a target market because they want to show support for their students and build better relationships with them outside of the classroom. Like the other markets, the faculty wants to be proud of where they teach. The alumni segment is the largest target market for Cornell. Alumni love to come back to their alma mater and they want to feel welcomed at and get excited for events on campus. Most of the faculty and alumni are part of two different generations. Many of the older alumni are part of the baby boomers. They are very receptive to things that make them feel younger. Coming back to college is a perfect event for them to feel this way. Some of the faculty and alumni are part of Generation X. Members of Generation X are well educated. They are not prone to extravagance and thus, a college sport is a prefect event for a member of this generation.
The goal of Cornell Sports Marketing is to attract more fans at games. These markets consist of many individuals not attending sporting events. However, if the concept is presented to these markets and they are exposed to event promotion, they will be likely to get involved in Cornell athletics. Cornell Sports Marketing should benchmark Harvard?s sports marketing and target its energies on people that have an affiliation and allegiances with Cornell. A common thread among the different market groups is the desire for Cornell pride. By implementing an extensive sports promotion campaign, these different groups can fill this need by attending games and feeling part of something larger than themselves.
According to the fall 2002 Undergraduate Enrollment Trends, Cornell has had an undergraduate enrollment target of 13,000. However, Cornell has missed its undergraduate enrollment target by 655 students. Therefore, if everything else remains constant then this target market is expected to decrease due to limitations in teaching and infrastructure resources. The graduate target market has been steadily increasing in the past 4 years. Graduate, professional, and medical enrollment went from 6,512 in fall 2002 to 6,67313 in fall 2003, which is approximately a 2% increase. Exhibit 1 shows the trend for graduate, professional, and medical enrollment. The non-academia and academia workforce has shown fluctuations in the past 4 years, but there are no signs of a significant increase in the workforce (Exhibit 2).
Works Cited
Academic Work-Force. 25, Sept. 2004
.
Cornell Athletics. 15 Apr. 2004. 25 Sept. 2004
< http://cornellbigred.collegesports.com/school-bio/corn-victorious-campaign.html>.
Cornell University. (2004) Official Website. 25 Sept. 2004
< http://www.cornell.edu/about/facts/stats.cfm>.
Covel, Dan. ?The Role of Corporate Sponsorships in Intercollegiate Athletics.? Sports
Marketing Quarterly Vol.10 (2004): 11.
Facilities: Schoellkopf Field. 25, Sept. 2004
< http://cornellbigred.collegesports.com/facilities/schoellkopf.html>.
Graduate School Enrollment. 25 Sept. 2004
< http://dpb.cornell.edu/irp/pdf/FactBook/Enrollment/Graduate/gr_total.pdf>.
Hall, Jeff. ?Business Information Section.? Cornell University, Ithaca, NY. 6 Sept. 2004.
James, Jeffery, and Stephen Ross. ?Comparing Sport Consumer Motivations Across Multiple
Sports.? Sport Marketing Quarterly Vol. 13 (2004): 13-25.
Kerin, Roger, et al. Marketing. United States: McGraw-Hill Companies, Inc., 2004.
Marketing At Wharton. ?In the Sports Business, the Biggest Battles Are Fought Off the Field.?
14 July, 2004. 25 Sept. 2004
< http://knowledge.wharton.upenn.edu/index.cfm?fa=viewArticle&id=1008>.
Non-academic Work-Force. 25, Sept. 2004
.
Shank, Matthew D. Sports Marketing: A Strategic Perspective. New Jersey: Prentice Hall, 1999. TheFreeDictionary.com. 25 Sept. 2004
< http://encyclopedia.thefreedictionary.com/Cornell%20University>.
Trail, Galen, et al. ?Motives and Points of attachment: Fans Versus Spectators in Intercollegiate Athletics.? Sport Marketing Quarterly Vol. 12 (2003): 217-227.
Undergraduate Enrollment Trends Fall 2002. 1 Nov. 2002. 25 Sept. 2004 .
2002-2003 Ticketed Event Attendance. 25, Sept. 2004 http://www.blackboard.cornell.edu/webapps/portal/frameset.jsp?tab=courses&url=/bin/common/course.pl?course_id=_9374.
