2. What is Marketing? All the activities involved in getting goods and services from the business that produces them to the consumers who wish to purchase. Includes: Research; Development; Sales; Distribution; Advertising; Promotion.

3. Why Marketing? What were the two of the most important parts of a successful business?? Without marketing, not much would get sold. Consumers wouldn’t know what goods/services are available. They wouldn’t know about new trends or fashions, or how products have improved. Marketing is important to all business – it often means the difference between success and failure. Marketing ensure that businesses actually sell the goods and services they offer.

4. Brand Management Every product has a brand, and brands help businesses and their products to establish an identity in the competitive marketplace. Different brand names are used for different markets. Why? The primary function of a company’s marketing department is brand management. Create plans for distribution, promoting, pricing, and development.

5. Product Life Cycles To effectively market a brand, marketers must know where the brand is in terms of the product life cycle. A product’s life consists of 5 parts: Product Introduction; Growth; Maturity; Decline; Decision point. Almost all products are popular for a period of time and then their popularity declines. Some products are designed to be in style for only 1 season.

6. Non-Traditional Life Cycles Fads A product that is extremely popular for a very short period of time. When it dies, it dies very quickly, and many businesses get caught with a large product inventory because they stayed in the market too long. Examples? Knockoff A product that imitates a product, usually a cheaper version.

7. Non-Traditional Cycles (con’t) Niches Some products have a short growth stage that leads to a solid, but not financially spectacular, maturity stage. A section of the market in which they dominate and into very few competitors enter.

8. Non-Traditional Cycles (con’t) Seasonal A product that’s popularity is dependent on the season. I.e. Christmas trees, etc. Inventory management is essential. Businesses must keep adequate stock, but balance is important, because too much inventory left over at the end of the season may hurt the company’s bottom line.

9. Questions… On pg. 208, answer the following questions. # 2 (a) & 2 (b)