SWOT to channels and services such as

SWOT AND 5P’sProduct – The New York Yankees sell live entertainment in a form of baseball games. Many people pay to go see them play and some subscribe to channels and services such as MLB TV to watch from the luxury of their homes. Other products also include the players themselves since they bring the team attention and wins. Merchandise is another product including jerseys, clothing, hats, etc… Price – The prices for Yankee tickets vary depending on the location of the seat and whether it comes with special luxuries. Yankees have the 2nd highest average ticket price at $101.43, ticket prices at Yankee Stadium range from $15 to $500 and can be more expensive depending on the game and weather.Promotion – To keep existing Yankee fans and attract more the marketing department of the Yankees use social media such as (Facebook, Instagram) to promote the team and history of the brand. For loyal fans the Yankees offer discounts to food, tickets and passes. In the past Yankees have teamed up with the Jordan brand to promote their team and spread the word about former captain Derek Jeter’s last game. Place – There are many ways to experience and get to know about the Yankees game including television, broadcast media, paper media, and the Internet. The Yankees home field is the Yankee Stadium located in Bronx, New York. Yankees also own their own television station to broadcast their every game. Along with that Yankees offer game info and stats in different languages such as Spanish, Korean and Japanese so fans in different countries can also be informed.Public Relations – The Yankees maintain a good public image because of the numerous events they uphold and participate in. In 2017 alone they donated $42,500 to different foundations like A Moment of Magic and U.S Pain Foundations. This was a part of their annual HOPE week which they hold every year and donate to foundations. Yankees also celebrate Hispanic Heritage Month and support multiculturalism by holding an International Baseball Leagues Tournament in which over 400 kids between the ages of 10 and 16 from local and international teams come and participate in. Yankees have also received the President’s Volunteer Service Award. Strengths – Most successful team in MLB HistoryOne of the most valuable sports franchise in the world at 3.7 billion USDYankees have a very dedicated and loyal fanbaseHave had many famous players on the team (Babe Ruth, Derek Jeter, Alex Rodriguez)Strong TV networkFairly new stadiumWeaknesses – Yankees have a high player payroll which led to fans of other franchises to hate themVery hard for them to become a global franchise because there are a very few baseball fans outside of USAThey lack home grown playersMany of their players have problems with the lawLimited stadium parking Opportunities – Increase their marketing on social media platforms and on other popular sites such as Youtube and continue marketing even during off season.Sign top players to increase their chances on winning and popularitySet up baseball training camps/academies to promote the brand in other parts of the worldThreats -Direct local competition with the New York MetsAging/injuries that players faceDirect out of area competition with other MLB teamsFuture salary cap change destroying the Yankees revenue advantage of getting the top players.Vision, Position and Ideology – The New York Yankees vision is to use the brands remarkable history and build on to it by creating a stronger team and winning the world series while maximizing the profits along the way.The Yankees are in a very impressive position being the most valuable MLB team and have consistent numbers making them very successful as a sports franchise.The ideology behind the Yankees is to improve their way of marketing by keeping up with social media. They need to continue with their charities and helping organization because it keeps image good.Marketing Plan: Goals -Increase ticket salesIncrease merchandise sales (clothing, collectibles,etc..)Spread awareness and advertise the brand making it known to potential fansCreate ticket group plans for families Do special events for kids and studentsGet endorsement deals with more companies Marketing Plan: How to meet the goals – In order for the Yankees to maximize their profits and meet their goals they must create more attention for the brand and get people hooked on too baseball and the Yankee name. This can be done by increasing the amount of marketing done on social media because nearly everyone uses a form of social media, especially Instagram,Twitter and Snapchat. Promoting the brand on popular websites such as Youtube would have a huge impact because it will spread the word about the brand. While still sticking to traditional advertising on the newspaper and the radio. The Yankees also need specific ways to target each age group, for kids and students they should have a Kids Night where kids get a discount or a free bobblehead with a purchase of a ticket. This will get kids and teens wanting to come because they will feel included. The Yankees need to get endorsement deals with more global companies so they can create awareness outside of New York.