Product Planning

Product PlanningSports and Entertainment MarketingProduct vs. ServiceProductTangibleA physical item that is made or grown to be sold or usedExamples:Soccer ballTennis racketRunning shoesBackpackServiceIntangibleThe process of supplying a public need or accommodation Examples:Movie theaterCamp groundAthletic trainingPublic parks

Product PlanningOne 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 considerFeatures or changes to make to a productHow to promote the productHow to sell the product

Where to startProduct planning begins with market researchMarketing Information ManagementMarket research is needed to determine consumer wants and needs5Dominos Focus Group

Market ResearchWhy would Dominos want to talk to consumers about their products?Other ways to collect market researchSurveysObservations

What kind of data?Consumer optionsConsumer insight or suggestionsDemographic information AgeGenderEthnicityPsychographic informationLifestyleBuying patterns

Using Market ResearchHow do companies use market research to stay competitive?Learn what the market wants and adaptStay on top of current trendsMeasure impact of promotional effortsDetermine better ways to reach the marketSocial mediaNew mediums (blogs, website, etc.)

Why should businesses care about trends?To stay current and relevantTo keep their fingers on the pulse of their marketTo offer the best possible products to consumersTo keep up with the competitionUncontrollable FactorsWhat 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?

ActivityChoose a product you would like to adapt or change Create a survey for your classmates (Google docs)- at least 10 questionsSurvey the classMake a Power Point illustrating the changes you want to make to the productREMEMBER TO BE CREATIVE!!