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Unit 7
 
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    Unit 7 Unit 7 Presentation Transcript

    • Chapter 7 The Product is Sports and Entertainment
    • 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?
    • The Product
      • Every product contains both tangible and intangible parts.
        • Tangible – physical features that can be seen and felt.
        • Intangible – nonphysical service features.
    • Product
      • Product Mix
        • A new product’s final form including
          • Brand name
          • Various products offered under the brand
          • Packaging
    • 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
    • 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
    • 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
    • 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.
    • 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.
    • 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.
    • 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.
    • Chapter Review
      • Which of the following is not a stage of brand recognitions?
        • Preference
        • Introduction
        • Recognition
        • Rejection
    • Chapter Review
      • Product extensions include
        • Warranties
        • Testimonials from satisfied customers
        • Instructional CDs
        • All of the above
    • 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.
    • 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.
    • 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.
    • 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.
    • 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.
    • Positioning
      • Use by companies to differentiate its products or services from its competitors products or services.