defining the product offering mkt 3865 dr. don roy

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Product Concepts

Defining the Product OfferingMKT 3865Dr. Don RoyWhat is a product?

How Does a Business Grow?ProductsMarketsNewNewExistingExistingMarketDevelopmentMarketPenetrationDiversificationProductDevelopment

The Sports ProductTangible ProductIntangible ServiceLive ExperienceDigital ExperiencePersonalitiesProductPortfolio What are the 3 levels of a product?

Levels of a ProductCore ProductBenefits ProvidedActual ProductCharacteristicsor AttributesAugmented ProductValue AddedFeaturesSource: Based on Gary Armstrong and Philip Kotler (2011), Marketing: An Introduction, 10th edition, Upper Saddle River, NJ: Prentice Hall.Which of the 3 levels of a product has the greatest potential to be used to differentiate a sports product from its competition?Why?Augmented Product Adds Value for College Football Game AttendeesActual Product ElementAugmented Product ElementValue AddedParking LotReserved lots; Trolley service; Tailgating areasConvenience, socializationSeating AreaSuites, club seats, chair-back seatsExclusivity, comfortConcessionsRestaurantsQuality, varietyScoreboardHD video scoreboardsEntertainment, aestheticsHalftimeHalftime contestsEntertainment, involvementHome TeamPre-game team walkExcitement, accessXFL: Dissecting the ProductActual ProductMix of NFL/non-NFL marketsScramble replaced coin tossNo PAT kicksNo fair catch ruleGame winning bonus for players

Augmented ProductOn-field camerasCoaches and locker rooms miked He Hate MeRacy cheerleaders

XFL: Dissecting the Product

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

Influences on Innovation AdoptionRelative advantage Point of difference compared to status quo

CompatibilityCongruent with consumers desires and behaviors

ComplexityEase of learning

TrialabilityDo incentives exist for sampling or first use?XFL Post MortemDebut season 2001

Last season 2001

Why did the XFL fail?

Using New Products to Drive GrowthExpand existing customer relationships

Attract new customers in existing markets

Enter new marketsGrowth-by-Product Examples

LeverageExisting RelationshipsNew Customers /Existing MarketsEnter New Markets15