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Product Planning - PowerPoint PPT Presentation


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Product Planning. Sports and Entertainment Marketing. 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

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product planning

Product Planning

Sports and Entertainment Marketing

product vs service
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
product planning1
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
what to consider
What to consider
  • Features or changes to make to a product
  • How to promote the product
  • How to sell the product
where to start
Where to start
  • Product planning begins with market research
    • Marketing Information Management
  • Market research is needed to determine consumer wants and needs
market research
Market Research
  • Why would Dominos want to talk to consumers about their products?
  • Other ways to collect market research
      • Surveys
      • Observations
what kind of data
What kind of data?
  • Consumer options
  • Consumer insight or suggestions
  • Demographic information
    • Age
    • Gender
    • Ethnicity
  • Psychographic information
    • Lifestyle
    • Buying patterns
using market research
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.)
why should businesses care about trends
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
uncontrollable factors
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?
activity
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!!