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Defining the Product Offering

Defining the Product Offering. MKT 3865 Dr. Don Roy. What is a product?. How Does a Business Grow?. New. Market Development. Diversification. Markets. Market Penetration. Product Development. Existing. Existing. New. Products. The Sports Product. Tangible Product.

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Defining the Product Offering

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  1. Defining the Product Offering MKT 3865 Dr. Don Roy

  2. What is a product?

  3. How Does a Business Grow? New Market Development Diversification Markets Market Penetration Product Development Existing Existing New Products

  4. The Sports Product Tangible Product Intangible Service Product Portfolio Live Experience Digital Experience Personalities

  5. What are the 3 levels of a product?

  6. Levels of a Product Actual Product Characteristics or Attributes Core Product Benefits Provided Augmented Product Value Added Features Source: Based on Gary Armstrong and Philip Kotler (2011), Marketing: An Introduction, 10th edition, Upper Saddle River, NJ: Prentice Hall.

  7. Which of the 3 levels of a product has the greatest potential to be used to differentiate a sports product from its competition? Why?

  8. Augmented Product Adds Value for College Football Game Attendees

  9. XFL: Dissecting the Product Actual Product • Mix of NFL/non-NFL markets • “Scramble” replaced coin toss • No PAT kicks • “No fair catch” rule • Game winning bonus for players

  10. XFL: Dissecting the Product Augmented Product • On-field cameras • Coaches and locker rooms “miked” • “He Hate Me” • Racy cheerleaders

  11. What are 4 influences on the adoption of an innovation by consumers?

  12. Influences on Innovation Adoption • Relative advantage Point of difference compared to status quo • Compatibility Congruent with consumers’ desires and behaviors • Complexity Ease of learning • Trialability Do incentives exist for sampling or first use?

  13. XFL Post Mortem • Debut season – 2001 • Last season – 2001 • Why did the XFL fail?

  14. Using New Products to Drive Growth • Expand existing customer relationships • Attract new customers in existing markets • Enter new markets

  15. Growth-by-Product Examples Leverage Existing Relationships New Customers / Existing Markets Enter New Markets

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