How much is spikeball worth

Marketing Course Shark Tank Activity Write one page Please watch this video (Shark Tank Season 6, Episode 29: "Spikeball") in this link below https://www.youtube.com/watch?v=1p-vSbr5APY if you want to more what Spikeball you can watch this video (https://www.youtube.com/watch?v=jdRKqguEbas) After watching the video: Please brainstorm a NEW Spikeball event to attract new consumers (BOTH participants and spectators) -- the following should be addressed to support your idea for this new event. 1. Create a mission statement & value proposition for Spikeball event Mission statement: describes in general terms the company’s major business thrusts, customer orientation, or business philosophy Value proposition: the customer’s reason to buy your product rather than the competitor’s product (i.e., relative value of your product)…the value proposition creates differentiation of your company vs. the competition 2. Perform a “Market Structure Analysis” for Spikeball event, analyzing all 4 of the levels of competition (product form, product category, generic, and budget) Product form competition: only products of the same product type…this is a very narrow definition of only the closest competitors Product category competition: products that have similar features and provide the same basic function… brands that look like your company’s brand are considered either product form competition or product category competition Generic competition: products that the customer views as fulfilling the same need…many products compete generically because they satisfy the same need Budget competition: products that are discretionary items purchased from the same budget 3. How will event build brand equity and/or define its brand personality and/or positioning? Dimensions of brand equity: (1) brand loyalty, (2) brand awareness, (3) perceived quality, (4) brand associations, (5) other brand assets (e.g., patents & trademarks). • • • Brand equity then becomes a product characteristic all on its own that creates consumer perceptions Don’t confuse awareness alone or tangible/”hard” assets alone with brand equity…that is, these components of brand equity are necessary but not sufficient by themselves for high brand equity Building strong brands involves creating a brand identity, being consistent in that identity over time, tracking your company’s equity dimensions over time relative to the competition, assigning (more than) someone responsibility for brand development activities, and investing in your brand’s equity dimensions. Brand personality and brand-person relationships: brands can position themselves among consumers as having distinct personality traits and as being relationship-worthy to those very consumers. Product Positioning: The term “positioning” in this sense refers to where your company’s product resides in the minds of consumers relative to its competitors. Product positioning involves determining the company’s exact location in consumers’ minds. • • Attribute-based methods ask consumers to rate your company’s brand and its competitors on different dimensions of the product category…you can then create a joint space diagram to visually represent all competing brands and the hypothetical “ideal brand” in a product category…you can also create this joint space using multidimensional scaling (MDS) techniques that use consumer judgments of brand similarity You can use joint space diagrams (aka perceptual maps) to determine if your company’s value proposition (as related to the attributes measured in the joint space diagram) has been well implemented…you can also use it to assess the need for repositioning your company’s brand in the product category 4. Price the event Please see the file named (Pricing) I attached Pricing Setting a price is a delicate balance of considering product costs vs. customer value (what a product is worth to the customer). You want the price of your product to not just recover its costs but to also capture the perceived value of the product the mind of your customers. The major factors affecting price are: (1) your marketing strategy, (2) customer perceived value, (3) competition, and (4) your costs. I. The role of marketing strategy in pricing Strategy decisions give general guidelines for whether a price should be low or high. Price discrimination: charging different prices to segments according to their price elasticity or sensitivity • The targeted segment of a marketing strategy will determine what price you can charge • Prices can vary over segments if the products vary in quality—such variations within a product category are called price bands or tiers (the chapter on page 248 gives a few explanations for why such price variations exist within product categories and even within the same tier) II. Perceived value The customer’s perceived value is the measure of how much a customer is willing to pay for a product (aka reservation price—the most you are willing to pay)…this concept is unique to each individual customer, but the term “perceived value” refers to an average or typical value for a particular market segment.