Marketing Activities

1. Marketing Activities BMI3C

2. Marketing Activities • Research • Product Development • Packaging • Pricing • Branding • Sales • Distribution • Inventory Management • Storage • Promotion

3. Research • Purpose: to learn about the market • Consumer preferences, habits, lifestyle • Competitors • Examples: • Surveys • Media research • Focus groups

4. Product Development • Purpose: Make a product that effectively and profitably meets the needs/wants of consumers

5. Packaging • Must provide protection for the product while also serving as a promotional tool • Package must be attractive/enticing to the consumer • Must also obey government regulations

6. Pricing • Setting the price of a product/service in order to maximize profit for the company • The lowest price is not always the best • Based on • Cost to produce and market the product • What the customer is willing to pay • Competitor pricing • Brand image

7. Branding • Creates an identity in the mind of consumers • Key components: • Trademark • Logo • Slogan • Package design

8. Sales • Convincing potential customers to purchase your product/service • Goal is to increase the size of your market • Acquire new customers while retaining old ones

9. Distribution • Moving products to their final destination • From the manufacturing plant, to distributors, to retailers • Must be done efficiently and inexpensively

10. Inventory Management • Retailers must make sure they have enough product on hand to meet demand, but not too much • Don’t want to have more products than you can sell • Products take up space • Older products become difficult to sell • Must also keep track of inventory so you know when to order more, are aware of thefts, etc.

11. Storage • Arranging and maintaining storage for products until they are needed • May be done by a manufacturer, distributor, or retailer

12. Promotion • Used to make consumers aware of a company’s products/services • Examples • Advertising • Coupons • Samples