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Transcript

  • 1. Chapter 7 The Product is Sports and Entertainment
  • 2. The Product Mix
    • How are the elements of the product mix used to create an effective marketing campaign?
    • Compare and contrast the different elements of the product mix and the role they play in producing a good product.
    • How are product enhancements used to satisfy additional customer needs?
  • 3. The Product
    • Every product contains both tangible and intangible parts.
      • Tangible – physical features that can be seen and felt.
      • Intangible – nonphysical service features.
  • 4. Product
    • Product Mix
      • A new product’s final form including
        • Brand name
        • Various products offered under the brand
        • Packaging
  • 5. Product Extension
      • Items added to a product to make it more attractive to the target market.
        • Examples:
          • Guarantees
          • Warranties/Extended Warranties
          • Instructional Information/CD’s
          • Easy Instructions
          • 1-800 Numbers
          • Testimonials
  • 6. Product Enhancements
    • Features added to the basic product that satisfy additional needs and wants with the same purchase.
      • Examples: (Car)
        • Dual comfort controls
        • Higher quality interior fabrics
        • Air Conditioning
        • Cruise control
        • Power convertible roof
        • Stereo system
  • 7. Product Mix
    • Product Line
      • A group of similar products with slight variations to satisfy the different needs of consumers.
        • Goal: Achieve the greatest amount of sales possible by satisfying the needs of a diverse target market.
        • Example: Soft Drinks
  • 8. Product Mix Con’t
    • Packaging
      • Packaging is important and must be convenient for consumers to handle.
    • Brand Development
      • The name, symbol, word, design, or combination of these elements that identifies a product, service, or company.
      • Represents the company’s reputation of quality, reliability, and status in the marketplace.
  • 9. Brand
    • Trademark
      • The legal protection of words and symbols used by a company.
      • Makes it illegal for other companies to use a brand name.
    • Licensed Brand
      • A well-know name and/or symbol established by one company and sold for use by another company to promote its products.
      • Example:
        • Walt Disney Company
        • College and professional teams license names and mascots.
  • 10. Brand Recognition
    • Non-recognition
      • Consumers are unable to identify brands.
    • Rejection
      • When a customer will not purchase a product due to the brand.
    • Recognition
      • Consumers know the brand but the brand has little influence on their purchases.
  • 11. Brand Recognition
    • Preference
      • Consumers view brands as valuable
    • Insistence
      • Occurs when consumers value a brand to the extent that they reject other brands when the preferred brand is not readily available.
  • 12. Chapter Review
    • Which of the following is not a stage of brand recognitions?
      • Preference
      • Introduction
      • Recognition
      • Rejection
  • 13. Chapter Review
    • Product extensions include
      • Warranties
      • Testimonials from satisfied customers
      • Instructional CDs
      • All of the above
  • 14. Product Marketing Strategies
    • Compare and contrast the elements of a product life cycle and identify the importance knowing where your product falls on this timeline.
    • Compare and contrast the different types of pricing strategies and what step in the product life cycle they are used within.
    • Compare and contrast different types of strategies that are used within the decline stage and identify when they would be appropriate.
  • 15. Product Life Cycle
    • Introduction
      • The product somewhat of a novelty in the marketplace and only one brand of the new product is available.
      • Skimming Price Strategy
        • Introduces new products at a very high price.
      • Penetration Price Strategy
        • Uses low pricing to help capture a large market share early.
  • 16. Product Life Cycle
    • Growth
      • Sales of a product and profits increase.
      • Target market knows about and regularly purchases the product.
    • Maturity
      • Sales level off or slow down.
      • Most of the target market has already purchased the product.
    • Decline
    • Sales decrease and may not generate enough revenue to justify continued marketing of this product.
  • 17. Other Marketing Ideas
    • Drop a Product
      • To cut losses, marketers may choose to drop a product entirely.
    • Sell/License
      • Choose to minimize losses during the decline stage by selling or licensing the product to another company.
    • Discount
      • The reduction of prices during the decline stage to sell merchandise faster.
  • 18. More Marketing Ideas
    • Regionalize
      • Only sell a product in the region where it is the most popular and profitable.
    • Modernize/Alter
      • Alter or modernize a product to re-ignite interest within a product.
    • Recommit
      • The product’s “duty” is recommitted after different purposes are found for the product.
  • 19. Positioning
    • Use by companies to differentiate its products or services from its competitors products or services.

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