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Product Planning

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

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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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