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Dynamic Product Planning Strategies for Market Success

Learn the essentials of product planning in the dynamic market landscape, including market research, consumer insights, and adaptation strategies. Discover how to utilize market research to stay competitive, leverage trends, and navigate uncontrollable factors affecting product planning.

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Dynamic Product Planning Strategies for Market Success

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  1. Product Planning Sports and Entertainment Marketing

  2. Product vs. Service Product • Tangible • A physical item that is made or grown to be sold or used • Examples: • Soccer ball • Tennis racket • Running shoes • Backpack Service • Intangible • The process of supplying a public need or accommodation • Examples: • Movie theater • Camp ground • Athletic training • Public parks

  3. Product Planning • One of the 7 Marketing Functions (product/service planning or management) • Making decisions about the features and services of a product or idea that will help sell the product to consumers

  4. What to consider • Features or changes to make to a product • How to promote the product • How to sell the product

  5. Where to start • Product planning begins with market research • Marketing Information Management • Market research is needed to determine consumer wants and needs

  6. Dominos Focus Group

  7. Market Research • Why would Dominos want to talk to consumers about their products? • Other ways to collect market research • Surveys • Observations

  8. What kind of data? • Consumer options • Consumer insight or suggestions • Demographic information • Age • Gender • Ethnicity • Psychographic information • Lifestyle • Buying patterns

  9. Using Market Research • How do companies use market research to stay competitive? • Learn what the market wants and adapt • Stay on top of current trends • Measure impact of promotional efforts • Determine better ways to reach the market • Social media • New mediums (blogs, website, etc.)

  10. Why should businesses care about trends? • To stay current and relevant • To keep their fingers on the pulse of their market • To offer the best possible products to consumers • To keep up with the competition

  11. Uncontrollable Factors • What uncontrollable factors affecting product planning? • Season on the year – is the product in season? • Weather – is the product affected by weather? • Politics – do politics or the economy affect the product? • Team record – is the team winning of losing?

  12. Activity • Choose a product you would like to adapt or change • Create a survey for your classmates (Google docs)- at least 10 questions • Survey the class • Make a Power Point illustrating the changes you want to make to the product • REMEMBER TO BE CREATIVE!!

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