defining the product offering mkt 3865 dr. don roy
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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