Marketing activities Flashcards
Marketing activities
Research, Product Development, Packaging, Pricing, Branding, Sales
Distribution, Inventory, Management
Storage, Promotion
Research
Purpose:
- To learn about the market (Consumer preferences, habits, lifestyle)
- Competitors
- Helps the marketers understand if the product/service will be successful
Examples:
- Surveys
- Media research
- Focus groups
Product development
Purpose:
- Involves the stage of making the product (design, trials and tests to ensure it is perfect -prototypes)
- Invention or innovation
Packaging
Purpose:
- 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
Purpose:
- 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/market the product, competition, 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
- Must keep track of inventory so you know when to order more,
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
