Marketing Activities BMI3C

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

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

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

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

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

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

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

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

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.

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

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