Posted: May 25th, 2022

Billions in worldwide sponsorship rights

Octagon Sports Management

Octagon Sports “manages/influences billions in worldwide sponsorship rights fees and activation, works with hundreds of blue-chip corporate clients, more than 800 athletes & personality clients, and manage more than 13,400 events per year” (Octagon.com. About Us. 2012. PP. 1). Since its founding in the early 1980’s the company has “pioneered an industry and built an agency that remains dedicated to meeting and exceeding our clients’ needs by maximizing their earning potential and providing the highest level of personal service in the industry” (Octagon.com. Home Page. 2012. PP. 1).

Mission Statement

“Passion. Engagement. Results” (Octagon.com. Home Page. 2012. PP. 1). Octagon’s mission statement provides the foundation which marks the company as “the recognized, global thought leader in passion-based, sports & entertainment marketing” (Octagon.com. Home Page. 2012. PP. 1).

Mission Statement Evaluation

Octagon’s message is straightforward and encapsulates the proper mix of dynamism and pragmatic strategy to produce favorable outcomes. The statement exudes energy and drive, cornerstones of athletic activity; points which have for 25 years propelled Octagon to “the world’s largest sponsorship consulting practice and a pioneer and leader in athlete & personality representation & management” (Octagon.com. Home Page. 2012. PP. 1).

Opinion of Mission Statement

A mission statement should “at is most basic, describe the overall purpose of the organization” (McNamara, C. 2008. PP. 1). Octagon’s statement articulates the essential elements of an organization pursuing excellence in sport’s management: heart, desire, and attitude. As Octagon “is now involved in every aspect of the sports and entertainment industry: athletes and personalities, event management, consulting, property representation, talent procurement, and marketing solutions” (Hunter, J. September 1, 2010. PP. 1); their expertise must match their vigor. “Passion. Engagement. Results.” (Octagon.com. Home Page. 2012. PP. 1) provides this necessary concatenation of effort and performance.

Modifications to Mission Statement

A mission statement should not attempt to explain a company in microcosm, but rather should strike a macro view of the organization at its core elements. The statement does this but lacks the company’s core competencies in sports and entertainment; a simple addition of these themes would improve the statement: “Sports, Entertainment. Passion. Engagement. Results” (Octagon.com. Home Page. 2012. PP. 1).

Five Forces Analysis

Octagon occupies an “extremely competitive marketplace” (Hunter, J. September 1, 2010. PP. 1), and fundamentally management’s job is to “understand and cope with competition” (Porter, M. January 2008. PP. 1). Yet, “competition goes beyond established industry rivals to include four other competitive forces: customers, suppliers, potential entrants, and substitute products” (Porter, M. January 2008. PP. 1). There are a vast number of direct rivals to Octagon including most notably IMG. That said, new entrants can always enter the marketplace as niche players. Octagon, IMG, and other large players have “global resources which provide a huge advantage in terms of access” (Hunter, J. September 1, 2010. PP. 2). The industry is one of service, consulting, and information. Substitutes are available however, the product is so specialized and dependent on buyer’s needs that there is considerable differentiation. Further these substitutes come from within not outside the industry.

Rivalry between competitors is vigorous however, the variances in service offerings allow for growth of market share through performance attributes and not strictly cost. The industry is not unusual in that buyers seek an individual level of service and knowledge in managing their particular issue, however, the considerable range of activities offered by Octagon provide a plethora of buyers across multiple platforms. As an example, Octagon recently entered the surfing market, which presents specific challenges and narrow targeted prospects. Counter that with the broad Octagon project of expansion into new locales: Brazil, Mexico, and China. Two diverse opportunities with strategically variant operating frameworks (Hunter, J. September 1, 2010. PP. 2).

BCG Matrix

This matrix developed by the Boston Consulting Group discusses a company’s product portfolio based on its market share and business growth rate. The matrix has high and low growth rates and likewise market share positions. Octagon’s core competencies in marketing, management, events, and branding can produce the four markers: stars, cows, question marks, and dogs. No firm wants to have dogs however, often products or services do not meet customer needs. ” the basic idea behind it is that the bigger the market share that a product has or the faster the product’s market grows the better it is for the company” (Value-Based Management.net. N.D. PP. 1). Octagon’s tailoring of customer centric solutions in sports and entertainment profiles allows them to pursue high margin stars while simultaneously developing consistent cash cows in event management and representation. The entre into surfing and extreme sports may prove to be: a question mark, dog, star, or cow however, the diversification of a product or service portfolio is instrumental to the longevity of the organization.

Outlook and Conclusion

” Leading stakeholders in the sports and entertainment world continue to look to Octagon to provide leadership in understanding fans’ passions and how these insights can build more effective, efficient and measureable marketing programs” (Octagon.com. About Us. 2012.PP. 1 ). The sports management and consulting industry is one of developing strategies, efficient processes, and growth platforms for clients. Octagon has excelled in providing customizable solutions through its proprietary information and expertise. Its growth in market share to its current position as global leader across multiple channels and services is dependent on “a 360-degree approach to harnessing the emotive power of sports and entertainment content to measurably increase a sponsor’s brand awareness, consideration, sales and loyalty” (Octagon.com. Home Page. 2012. PP. 1).

The growth across sports and entertainment services will provide opportunities for Octagon and other competitors to develop their portfolios and lines of business in both higher and lower profit opportunities. Octagon’s development will continue to depend on delivering excellence in alignment with their desire to fulfill the mission statement: “Passion. Engagement. Results” (Octagon.com. Home Page. 2012. PP. 1). This dedication to core principles and customers follows logically to CEO Rick Dudley’s conclusion: “We continue to measure our success by their success” (Octagon.com. Home Page. 2012. PP. 1).

References

Hunter, J. (September 1, 2010). 10 Questions with Octagon Sports Management’s

Director of Action Sports. TransWorld Business. Net. PP. 1-3. Retrieved May 10, 2012 from http://business.transworld.net/46099/features/10-questions-with-octagon-sports-managements-director-of-action-sports/

McNamara, C. (2008). Basics for Developing Mission, Vision, and Values Statements.

Free Management Library. PP. 1. Retrieved May 10, 2012 from.

http://managementhelp.org/plan_dec/str_plan/stmnts.htm

Octagon.com. (2012). About Us. Octagon.com. PP. 1. Retrieved May 10, 2012 from http://www.octagon.com/AboutUs/42

Octagon.com. (2012). Home Page. Octagon.com. PP. 1. Retrieved May 10, 2012

from http://www.octagon.com/Default.aspx

Porter, M. (January 2008). The Five Competitive Forces That Shape Strategy. Harvard Business Review.org. PP. 1-2. Retrieved May 10, 2012 from http://hbr.org/2008/01/the-five-competitive-forces-that-shape-strategy/ar/1

Value-Based Management.net. (N.D.). BCG Matrix. Value-Based Management.net. PP.

Retrieved May 11, 2012 from http://www.valuebasedmanagement.net/methods_bcgmatrix.html

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