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Chapter 7 The Product is Sports and Entertainment
The Product Mix <ul><li>How are the elements of the product mix used to create an effective marketing campaign? </li></ul>...
The Product <ul><li>Every product contains both tangible and intangible parts. </li></ul><ul><ul><li>Tangible – physical f...
Product <ul><li>Product Mix  </li></ul><ul><ul><li>A new product’s final form including </li></ul></ul><ul><ul><ul><li>Bra...
Product Extension <ul><ul><li>Items added to a product to make it more attractive to the target market. </li></ul></ul><ul...
Product Enhancements <ul><li>Features added to the basic product that satisfy additional needs and wants with the same pur...
Product Mix <ul><li>Product Line </li></ul><ul><ul><li>A group of similar products with slight variations to satisfy the d...
Product Mix Con’t <ul><li>Packaging </li></ul><ul><ul><li>Packaging is important and must be convenient for consumers to h...
Brand <ul><li>Trademark </li></ul><ul><ul><li>The legal protection of words and symbols used by a company.  </li></ul></ul...
Brand Recognition <ul><li>Non-recognition </li></ul><ul><ul><li>Consumers are unable to identify brands. </li></ul></ul><u...
Brand Recognition <ul><li>Preference </li></ul><ul><ul><li>Consumers view brands as valuable  </li></ul></ul><ul><li>Insis...
Chapter Review <ul><li>Which of the following is not a stage of brand recognitions? </li></ul><ul><ul><li>Preference </li>...
Chapter Review <ul><li>Product extensions include </li></ul><ul><ul><li>Warranties </li></ul></ul><ul><ul><li>Testimonials...
Product Marketing Strategies <ul><li>Compare and contrast the elements of a product life cycle and identify the importance...
Product Life Cycle <ul><li>Introduction  </li></ul><ul><ul><li>The product somewhat of a novelty in the marketplace and on...
Product Life Cycle  <ul><li>Growth </li></ul><ul><ul><li>Sales of a product and profits increase. </li></ul></ul><ul><ul><...
Other Marketing Ideas <ul><li>Drop a Product </li></ul><ul><ul><li>To cut losses, marketers may choose to drop a product e...
More Marketing Ideas <ul><li>Regionalize </li></ul><ul><ul><li>Only sell a product in the region where it is the most popu...
Positioning <ul><li>Use by companies to differentiate its products or services from its competitors products or services. ...
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Unit 7

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Unit 7

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

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