Product Strategy

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  • Point of Difference = unique product characteristic of benefit that separates the product apart from competition.
  • Product Strategy

    1. 1. Marketing Mix Sports Marketing
    2. 2. Marketing Mix <ul><li>Consists of 5 Strategies: </li></ul><ul><li>Product Strategy </li></ul><ul><li>Price Strategy </li></ul><ul><li>People Strategy </li></ul><ul><li>Promotion Strategy </li></ul><ul><li>Place Strategy </li></ul><ul><li>Each strategy can be changed to improve success </li></ul>
    3. 3. Product Strategy <ul><li>Changes made to the product or service </li></ul><ul><li>Point of Difference </li></ul><ul><li>Product Development </li></ul><ul><li>Product Life Cycle </li></ul><ul><li>Product Positioning </li></ul><ul><li>Product Width </li></ul><ul><li>Product Dept </li></ul>
    4. 4. Product Development <ul><li>Generating ideas </li></ul><ul><li>Screening ideas </li></ul><ul><li>Developing a business proposal </li></ul><ul><ul><li>SWOT Analysis </li></ul></ul><ul><li>Develop product (prototype) </li></ul><ul><li>Test the product </li></ul><ul><li>Introduce the product (Marketing) </li></ul><ul><li>Evaluate customer acceptance </li></ul>
    5. 5. Product Life Cycle <ul><li>Product Life Cycle </li></ul><ul><ul><li>Introduction </li></ul></ul><ul><ul><li>Growth </li></ul></ul><ul><ul><li>Maturity </li></ul></ul><ul><ul><li>Decline </li></ul></ul>
    6. 6. Introduction Stage <ul><li>Characteristics Include: </li></ul><ul><li>High costs </li></ul><ul><li>Low profits </li></ul><ul><li>Promotions focused on informing </li></ul>
    7. 7. Growth Stage <ul><li>Characteristics </li></ul><ul><li>Cost are decreasing </li></ul><ul><li>Profit are rapidly increasing </li></ul><ul><li>Promotions include informing & persuading </li></ul><ul><li>Branding starts </li></ul>
    8. 8. Maturity Stage <ul><li>Cost are low </li></ul><ul><li>Profits level off </li></ul><ul><li>Promotions shift from persuade to remind </li></ul>
    9. 9. Decline Stage <ul><li>Characteristics </li></ul><ul><li>Profits decrease </li></ul><ul><li>Promotion target reminding </li></ul><ul><li>Decisions need to be made </li></ul>
    10. 10. Decline Options <ul><li>Change product </li></ul><ul><li>Change market </li></ul><ul><li>Discontinue </li></ul><ul><li>What do professional teams do? </li></ul>

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