National Basketball Association-Marketing Plan - Free Essay Example

National Basketball Association (NBA) is one of the topmost basketball leagues in North America. It has a total of thirty teams. The largest percentage of its audience is made of the youthful population. For instance, 45% of its fans who regularly watch games are aged below 35 years. In addition, males make up the large percentage of NBA fans. Indeed, only 30% percent of the fans are women. Research also shows that 62% of the fans are aged between eighteen and fifty-four years old. According to the available demographics, there are two potential markets segments that are yet to be tapped. These segments include; the population below the age of eighteen years and individuals who are aged above 55 years (Pritchard, 2013). Objectives of National Basket Ball Association (NBA) National Basketball Association will increase the total number of fans by 20 % in the next twelve months. NBA will increase the percentage of its fans aged above 55 years from 25% to 75% in the next one year. The fans aged below 18 years of age will make 25% of the overall percentage of NBA fans in the next 12 months. National Basketball Association Target markets NBA will majorly target the population aged 51 years to 67 years of age. NBA will also target the population below 18 years. These two segments are viable target markets where the organization can grow. For instance, according to demographics, in a group of four NBA fans, only I fan is above 55 years old. This implies that the fans aged 55 years and above many only 25% of the overall audience. As a matter of fact, this is a viable target market. The segment is actually much profitable since it consists of a relatively large population. The number of individuals in this particular age bracket, the so-called Baby Boomers is approximated to be 74.9 million. The association has spent less than 5% on advertising that is geared towards this particular segment. The population has huge amounts to spend. The spending by Baby Boomers is also expected to significantly increase. To add on, Baby Boomers control approximately 70% of the total disposable incomes in the United States. NBA will, ther efore, tap this attractive resourceful segment. National Basketball Association will also target the population under the age of 18 years. The segment consists of individuals who are in their junior schools as well as in high school. These are individuals who have a low buying power since they are not earning. They depend on their parents. These population extensively make use and invest their time on various social media platforms. In addition, they want to be associated or affiliated with celebs and other distinctive role models. According to research, a large percentage of parents in North America steer their children away from some sporting activities such as hockey as well as football. Indeed, basketball is actually more preferred since is presumed to be inexpensive and basketball courts are readily accessible. Due to this social influence, the NBA can actually win the loyalty of consumers below the age of 18 years. Positioning National Basketball Association is competitively positioned in the minds of its consumers. Basketball leagues and games are the major brands of this organization. The brands are recognized all over the globe. National Basketball Association offers competitive games that allow customers to have the firsthand experience. Individuals find leisure and enjoy themselves while watching various basketball games. Individuals who watch NBA games are the firsthand individuals to witness greatness. For instance, an individual is able to witness clutch moments as well as biggest plays regarding their team. Sporting fans feel the actual energies of their fellow fanatics. To add on, NBA consumers watching the live game stimulate the fan in the game to other persons. NBA will adopt distinctive point-of-difference. Firstly, it hosts professional leagues. 3 referees supervise the games thus making them to be fair as well as competitive. Its annual awards meant to recognize team players motivates them to work hard to show their smartness. NBA has innovated unsurpassed model that builds on its brand equity thus making strong performances beyond the borders of the States. National basketball association always offers its teams a weighted opportunity in their games. For instance, in the year 1992, it offered its 27 teams an equal opportunity to relay their choosing in representing their association in Portland. This is a core point-of-parity. Marketing Strategies National basket association will always value the demands of its esteemed customers. Firstly, the national association will offer its professional leagues as well as games as live matches. It will sell tickets to its customers. NBA games will also be shown on various Television stations thus earning from the outstanding television rights. NBA will extensively make use of the media as a distribution channel. The media reaches a wide audience at ago. Customers have a better experiences when they view various games at the comfort of their homes. For instance, NBA should always be par with the technological advancements. NBA did sign a deal in 2014, paying $ 24 billion from the year 2015 to the year 2024. The various NBA games are broadcasted in numerous stations including ABC, ESPN, and NBAtv thus increasing the accessibility of the product. All consumers in the US were able to access the product. The price of a single game will be $ 12.00 and $ 70.00 for customers who prefer watching games produced with aid of virtual reality. Customers will, therefore, be in a position to watch the games from anywhere provided they have an internet access. Competitors may offer lower prices however, NBA will always emphasize on the quality of services offered. Direct sales of services give customers an opportunity to make trials as well as tests in a friendlier environment. Customers get firsthand experience. Customers who watch a live game become firsthand eyewitnesses of the best moments as well as clutch plays (Ryan, 2017). Internet marketing is a fundamental component element in the digital era. For instance, internet marketing enables individuals to conveniently offer various products to customers who are widely spread offer the globe. For example, NBA fans are able to subscribe to various games and watch them online from their comfort of their homeless. NBA can also sell its tickets online. To add on, internet marketing helps overcome distance barriers. An organization can market its products in a cost-effective way reach a wide customer base. An organization can use internet market to personalize it, customers. This is done through the creation of customer profiles. Customer histories, as well as preferences, are therefore easily traced. Customers can use company websites to raise their grievances. The inclusion of social media in internet marketing results has resulted to viable opportunities which make can use to fully exploit its target markets. The organization should greatly make use of interne t marketing to offer its products to their potential as well as prospective customers (Juon, Greiling, Buerkle, 2015). National basketball association will greatly make use internet marketing to communicate to its customers. For instance, it will advertise its games on various social media platforms including; Twitter, Linked In, YouTube and Facebook. Customers will also be able to get information from the NBA website about the leagues to be played and their outcomes. NBA will develop mobile apps that will be used to alert customers to sporting news and other updates. Tactics to support the 4P strategies in 12 months Strategy Evaluation The performance of each strategy will be measured after 3 months. This will help whether the implemented strategy is viable as well as feasible. In-case the strategy is found not to work out, another strategy should be implemented. The various strategies should align to actually align and be compatible with each other. Examining customer tastes and preferences. Customers want to get value for their money. A market research should be done to get knowledge of consumer tastes, knowledge and preferences. The product should therefore very designed to satisfy the needs of customers. Market Research Needs Marketing research helps marketers to identify and have a better understanding of their target markets. For instance, through marketing research, marketers are able to scrutinize and find viable markets and demographics that align with the product being offered. Efforts focused on right segments will give faster results and improve the efficiency levels. These efforts will also lead the various marketing campaigns to yield much fruit and high performance. Secondly, marketing research enables a marketer to have a better understanding of their competitors. For instance, marketing research enables marketers to learn about competitor activities and strategies being used.