Upload
liliana-long
View
217
Download
0
Embed Size (px)
Citation preview
S E R M # 5 0
PRODUCT DEVELOPMENT
PRODUCTS
TangibleGood
Baseball
IntangibleService
Watching a professional baseball game
Consumer goodPurchased and used by consumer for personal use
Business goodPurchased by organization for their use
PRODUCT LINE & ITEM
• Product line• All Nike shoes
• Product item• Specific model• Size of a product
CORE V. ANCILLARY
• Core Product:• Main product• i.e. Sports event, Movie, Stage Show, Book
• Ancillary Product:• A product related to or created from the core product• i.e. Movie-based Roller Coaster, Movie on DVD
PRIMARY FUNCTIONS OF MARKETING
• Sports Products
• Entertainment Products
SPORTS PRODUCTS
• the goods and services designed to provide benefits to a sports spectator, participant or sponsor
THE SPORTS PRODUCT
• Licensed merchandise
• Participation
• Entertainment
• Equipment and apparel
• Promotional items
• Sports facilities
• Marketing research
• Management services
THE SPORTS PRODUCT
ENTERTAINMENT PRODUCT
• The entertainment industry’s top revenue producing products and services
THE ENTERTAINMENT PRODUCT
• Film & Cinema
• Television
• Music & Concerts
• Radio
• Video Games
• Theme Parks
• Publications • Newspapers• Books• Magazines
PRODUCT DEVELOPMENT
• Step 1: SWOT Analysis• Strength, Weaknesses, Opportunities, Threats• Helps develop a product to match company objectives
• Step 2: Idea Generation• Generating new product ideas• Consumers, employees, research and development submit ideas
• Study the competition• i.e. Nike studies New Balance youth baseball cleats and creates their
own Nike version of the cleat
• Step 3: Screening and Evaluation• Product idea is evaluated:• Is the necessary technology is available?• Does it meet the objectives of the company?
• Focus Group – group of 6-10 consumers who discuss the product
PRODUCT DEVELOPMENT
• Step 4: Business Analysis• Financial aspects are reviewed• What is needed to take this product to the market?• What legal factors need to be analyzed?
• Copyright, patented products
• Step 5: Development• Prototype – first model of product• Test product capabilities to determine production cost• Technical problems, quality, and safety addressed
PRODUCT DEVELOPMENT
• Step 6: Test Marketing• Product tested in marketplace• Offer product for sale in small geographic area
• Test all aspects of Marketing Mix• Product, Place, Price, Promotion
• Not all products go through this step because of cost
• Step 7: Commercialization• Commercialization – process that involves producing and
marketing a new product• Offered for sale in marketplace to final consumer• Full-scale production launches • Product Life Cycle begins
CONCLUSION• Tangible vs. Intangible
• Product line vs. Product item
• Core Product vs. Ancillary Product
• 7 steps of Product Development:• SWOT Analysis• Idea Generation• Screening & Evaluation• Business Analysis• Development• Test Marketing• Commercialization
VIDEO EXAMPLE
• http://blog.ted.com/2013/11/21/a-littlebit-rock-n-roll-reggie-watts-rocks-the-newly-launched-synthkit-and-electronic-music-goes-mini-modular/
• http://www.ted.com/talks/ayah_bdeir_building_blocks_that_blink_beep_and_teach#t-305134
CLASS ACTIVITY•With a partner, design a new product for a SER industry: • Take the product through EACH stage of product
development. • 7 steps of Product Development:
• SWOT Analysis• Idea Generation• Screening & Evaluation• Business Analysis• Development• Test Marketing• Commercialization
• Explain why the company would want to introduce your new product.
• Be specific in your explanation. • You must include a prototype of your product.