BMI Final Project

Marketing Class

Unit 1- Marketing Fundamentals

What is Marketing? Marketing is more than just advertising, and identifying what the customer wants; marketing encompasses a range of business activities, including purchasing, selling, distribution, customer service, marketing research, and promotion, as well as advertising. In the language of marketing, the term product includes goods, services, and events. Goods vs Services- Goods can be touched and held... tangible, Services can not be touched... intangible.Consumers vs Industrial Goods- Industrial Goods: Products used in business to make other products or to assist in business operations. 3 types are Raw materials- are usually marketed to businesses that process them or use them in manufacturing, Processed Good- alters the nature of the good (pressing apples into juice), but may need to go through steps to become a finished good, Finished Good- are products that no longer require processing but may be used to make another product. Consumer Goods- Intended for personal use by the general public- retail stores sell consumer goodsMarketing Activities- 1) Research; Purpose: to learn about the market- Consumer preferences, habits, lifestyles- Competitors (Ex: Surveys, Focus groups, Media research)  2) Product Development- Make a product that effectively and profitably meets the needs/wants of consumers. 3)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 goverm=nment regulations and environmental standards.  4) Pricng: Setting the price/service in order to maximize profit for the company. - The lowest price isn't 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 identity in the mind of consumers, Key components- Trademark, Logo, Slogan, Package design, Product images. 5)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)