Introduction
Marketing remains a central function in any organization that intends to remain successful in its sector and achieve every outlined goal. The presented case study explains how the New York Yankees have merged professional sports with appropriate business practices in an attempt to remain successful in the sports industry. This practice has become an evidence-based model for corporations and institutions that want to achieve their objectives much faster.
The discussion presented below identifies effective marketing as a useful tool for attracting more clients and ensuring that their demands are fulfilled. The strategy creates room for improving the image of a specific brand and making it competitive. The purpose of this paper is to offer my personal views and opinions about this case study. It goes further to present powerful recommendations that can guide sports franchises to succeed through effective marketing and professional practices.
Brief Summary
The New York Yankees is an organization in the global sports arena that has enjoyed unrivaled success due to its powerful branding model. It is currently in the process of expanding its operations and products in order to meet the demands of the global customer. George Steinbrenner implemented his sense of marketing in an attempt to make this institution successful (Marber, Wellen & Posluszny 2005). He blended the major concepts of the Product, Promotion, Price, and Place (4P) marketing mix in an attempt to develop a powerful program. In terms of product, the Yankees have remained a successful team that delivers the best experience to its fans and stakeholders.
By spending money, the leaders of this organization identify competent players who can support the creation of a strong or reputable brand image. The established brand loyalty is characterized by authenticity and the ability to entertain. This organization uses tier ticket pricing system whereby prices remain flexible depending on the nature of the game and the position of the selected seat (Marber, Wellen & Posluszny 2005). The use of discounts has continued to work well for this institution when playing against uninteresting or weaker opponents.
Promotion is another useful attribute of the 4P marketing mix that supports the performance of this company. This sports organization has established networks and alliances with different teams across the globe. Such mergers and partnerships have made it possible for the organization to broadcast games on cable televisions. It has also partnered with other organizations to share emerging information in the market, sell merchandise, and predict emerging trends. For example, its deal with Manchester United in 2001 improved its reputation and acceptability in England (Marber, Wellen & Posluszny 2005).
When it comes to the aspect of place, the leaders of this institution have managed to develop both a local and international brand that resonates with the emerging demands of different fans and stakeholders. The deals it establishes with existing organizations have made it recognizable in different parts of the world. These approaches have supported the establishment of a reputable and valuable global brand.
Personal Opinions
The presented case study is worth reading since it discusses the concept of marketing from the perspective of sports organizations. Using the example of the Yankees, the authors describe how organizational leaders can formulate sustainable approaches for transforming the experiences of different stakeholders and fans. They should use their competencies to establish the best brands and symbols that can differentiate their entities from competition. The enhancement or development of brand equity through the use of various strategies will eventually make a given organization successful and profitable. The discussion supports the importance of intertwining sports marketing and global branding (Marber, Wellen & Posluszny 2005).
Several organizations have pursued this kind of strategy to emerge successful in their respective segments, such as Nike, Manchester United, Adidas, and Reebok. This is a clear indication that organizations operating in this industry should be aware of the major marketing practices employed in the world of business to emerge successful. The practices, initiatives, and procedures pursued by the Yankees have delivered sustainable or desirable results. The organization’s owner remained optimistic and applied his innate sense or knowledge of marketing in an attempt to add value to every activity. The use of free agents in the 1970s became a first in the industry. He went a step further to use cable TV shows to entertain viewers in different parts of the United States.
After going through the presented case, it is agreeable that there are unique attributes and best practices that are appropriate for organizations that want to emerge successful as sports enterprises. Such attributes are informed by various theories, such as marketing, change, and organizational behavior. The first practice or concept that is identifiable from the discussion is the power of the 4P marketing mix.
The authors have applied this model to the Yankees to describe how companies should pursue it to realize their potential. They begin by explaining how the leaders of this sports enterprise have developed the best product by identifying and recruiting competent players, streamlining ticketing practices, and selecting the best stadiums that meet the demands of the targeted fans. The second one is that of price. The tier ticket pricing strategy makes it possible for different individuals to make the best decisions when selecting the most appropriate game to attend. It partners with emerging technological companies to promote the power of emerging approaches to streamline the process.
Promotional practices are characterized by partnerships with organizations that have a global presence. It forms alliances with companies that manufacture and market sporting merchandise. The final outcome is that the enterprise has managed to improve its brand equity. When it comes to the issue of place, the Yankees have pursued an international strategy whereby the greatest number of potential fans is informed about upcoming games and activities (Marber, Wellen & Posluszny 2005). This means that these four concepts of the marketing mix can make a significant difference in different organizations. The most important thing is for such enterprises to identify or employ individuals who possess adequate competencies and skills.
The idea of establishing partnerships emerges from the studied case as a powerful strategy for pursuing the intended marketing objectives. The leaders of this organization have been keen to identify different agencies and sports organizations whose models resonate with the outlined aims. Due to the complexities and concerns many stakeholders raise, corporations can decide to form alliances with other partners to deliver a symbiotic relationship.
For instance, the Yankees have been keen to collaborate with international sports enterprises in order to emerge successful. The best example is the idea of collaborating with Manchester United in 2001 (Marber, Wellen & Posluszny 2005). This process made it possible for the enterprise to increase its fan base in the United Kingdom. Similarly, the England-based football club managed to win the hearts of more people in the United States. This process can become a powerful model for organizations that want to improve the strength of their respective brands. It is, therefore, appropriate for organizations to consider specific partners whose expectations and goals appear to merge.
The established synergy will attract more supporters or potential clients and eventually result in immediate success. This model can also guide companies to form partnerships with other organizations in different fields or sectors. This practice is essential since it creates room for expanding global presence, understanding the dynamics recorded in other markets, and improving performance.
After reading the case study, it is agreeable that George Steinbrenner has been keen to transform operations and introduce new changes. This means that the concept of continuous improvement is essential for any sports enterprise or business that wants to remain relevant, increase its fan base, and maximize income. The authors reveal that the leader has been keen to introduce new practices and initiatives that resonate with the emerging expectations of different stakeholders.
For instance, he considered the importance of partnering with other organizations to acquire additional resources for broadcasting live matches. He also identified different entities in the global sports industry to increase its global presence (Marber, Wellen & Posluszny 2005). The managers have been keen to identify and develop talent. This achievement has been essential towards ensuring that the level of entertainment remains high. The organization has been keen to consider emerging developments and institutions that can support its current business model. This process or approach has made it possible for the Yankees to become successful and profitable.
Another issue or attribute that stands out from this case report is the ability to manage and develop organizations in the global sports industry from a business perspective. The success of the Yankees is attributable to the concepts of global branding and marketing. This practice is essential since it makes it possible for such agencies to develop superior products or offerings that are capable of empowering different stakeholders.
Just like business-oriented companies, firms in the sports sector should develop powerful initiatives for sensitizing more people about the existing activities and games. They can consider the most appropriate pricing and promotional strategies that will encourage them to support the intended aims. Marber, Wellen and Posluszny (2005) apply this kind of knowledge to explain why managers should be ready to improve their brand equities through the adoption of implementation of appropriate marketing efforts. This strategy will ensure that the greatest number of individuals is informed about the targeted sporting activities and products.
Those involved should go further to focus on the concept of market standardization to identify areas with potential customers and sponsors. Through effective promotional efforts, every institution will be able to partner with different stakeholders and deliver the right message to the greatest number of individual. Such leaders will also present evidence-based procedures for merging games with the needs of the identified clients. They will go further to consider emerging technologies and identify appropriate strategies to add value to different stakeholders. Such an approach will eventually deliver desirable and sustainable outcomes.
Finally, this organization has been on the frontline to meet the needs and expectations of its players. According to Marber, Wellen and Posluszny (2005), the Yankees offer salaries amounting to over 200 million US dollars. This has been possible since the adopted marketing strategy has made it possible for the organization to collect additional revenues from merchandises, attendances, media sales, and concessions. This practice explains why companies should always be ready to reward their employees in order to improve the nature and effectiveness of various marketing processes. As a sports brand, contented players will be willing to be part of the organization’s agenda and continue to win matches.
This kind of practice explains why the Yankees have continued ‘to set attendance records both at home and on the road’ (p. 169). When combined with the most appropriate global marketing strategies, such employee empowerment efforts can make a significant difference and make it possible for organizations to achieve their potential. The attendees believe that the team will always deliver the best performance on every field. Consequently, such fans have continued to support this organization’s business model and aims.
I have appreciated the studied case since it has managed to outline various practices and procedures for improving performance, combining the 4Ps of marketing, and focusing on the changing demands of different stakeholders. The idea of leadership has also emerged as a critical attribute for driving performance, addressing emerging problems, and ensuring that various activities are informed by the demands of the targeted clients. Business organizations and sports enterprises that consider most of these approaches or attribute will, therefore, have increased chances of emerging successful (Marber, Wellen & Posluszny 2005).
The leaders should also monitor emerging trends, expectations, and changes in the industry in order to transform their marketing procedures. These initiatives will eventually improve performance and ensure that the diverse needs of different clients are met in a timely manner.
Gaps and Recommendations
The above efforts and practices explain why the Yankees have remained successful as an international brand. This is a clear indication that the studied case can become a powerful model for guiding different organizations in the global sports industry to engage in successful marketing and meet the changing demands of the targeted customers. Unfortunately, the authors of this case have missed or ignored specific issues or attributes that have the potential to make a significant difference for the organization.
The first one is the importance of emerging technologies and how they can reshape the future performance of enterprises in this sector. The authors do not describe how the leaders of this institution could have embraced modern innovations to improve their marketing and promotional practices (Marber, Wellen & Posluszny 2005).
For example, the use of the organization’s website can make a significant difference by attracting additional customers. Social media networks have also become powerful tools for improving marketing procedures for different companies in the sports industry. The most important approach is to identify the right customers and make evidence-based decisions depending on their likes and expectations.
The second issue is the involvement in corporate social responsibility (CSR) initiatives or activities. Within the past two decades, CSR has become critical since many companies are focusing on the most appropriate strategies to support the integrity of the natural environment, solve emerging challenges, and monitor the problem of global warming. Although the Yankees operate in the sports industry, its leaders can implement evidence-based procedures for engaging in activities that amount to CSR. Some of them include planting trees, cleaning surrounding environments, and presenting donations for environmental projects.
This kind of practice will improve the organization’s attractiveness and make it a preferable international brand. With this kind of practice, it will be possible to sensitize more people about such activities and encourage them to continue supporting the implemented business model. Marber, Wellen and Posluszny (2005) indicate that many sports organizations have succeeded after marking CSR an integral attribute or element of their marketing models.
Conclusion
The above discussion has presented my personal opinions on the issue of marketing management in the sports industry. The example of the Yankees is a clear indication that global marketing programs characterized by partnerships with likeminded organizations can deliver positive results. The case has explained why there is a need for organizations to begin by fulfilling the needs of their employees or players before pursuing their aims. The adoption and implementation of a customized 4P marketing mix stands out as a powerful strategy for attracting customers and providing superior value continuously.
The top management should be keen to manage the entire process, address emerging concerns, identify appropriate partners, and consider the idea of continuous improvement. The outlined gaps should inform additional procedures that have the potential to drive marketing and deliver positive outcomes, such as the use of emerging innovations and technologies. In conclusion, the presented case study is relevant since it describes how organization can meld the concept of the 4Ps to a creative, sensible, and sustainable marketing program. Such a practice will deliver timely results and increase a company’s competitiveness in its sector or industry.
Reference List
Marber, A, Wellen, P & Posluszny, S 2005, ‘The merging of marketing and sports: a case study,’ Marketing Management Journal, vol. 15, no. 1, pp. 162-171.