BMI MARKETING !!!
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. The information age, informed consumers, and the global marketplace have changed the tactics and strategies employed by today’s diverse types of business, both for-profit and non-profit. Students will examine how branding, product positioning, and target marketing form part of a business’s dynamic marketing plan. In addition, students will identify the potential for employment in the complex world of marketing."
Goods vs Services
Goods can be touched and held ..... tangible
Services can not be touched or held ..... intangible
Canada's Wonderland has both goods and services with out the whole park. Their services are the rides (roller coaster's), water park, musical entertainment and face paintings/drawings. Their goods at wonderland is the food, games and prices that you win from the games that are avaible.
The Marketing Mix
4P's : price, product, promotion, place
2C's : competition, customer
The 4P's for Canada's Wonderland is price (range from $3.99 - $200.00).Products are roller coaster's, water park, go carting, face paintings, drawings, musical entertainments, games and food. Promotion is over the internet and all over TV (commercials) . Wonderland is located in Vaughan in a local area. This place is also very noticeable.
The 2C's for Canada's Wonderland is customer (they cater to everyone). The competition is any other amusement park.
A method selected to carry out a carefully device plan of action in order to achieve a specific goal.
Brand Strategy: Communicate value or product/service to consumers
Distribution Strategies ( push and pull) : Push: Consumer sees a good product in the store and is force to by the product. Pull : Consumer sees the product advertising somewhere and goes to the store and wants to buy that specific product.
Canada's Wonderland uses the pull strategy to make consumers but their season passes and they uses the push to play games, get your face painting and buy food.
Unit 2- The Consumer
Consumer Needs and Wants
Wants are items not necessary for survival, but add pleasure and comfort to our lives .
Needs are the items that are necessary for survival.
The needs Canada's Wonderland focus on is your safety
The Wants Canada's Wonderland focus on is your pleasure. ( Having fun and enjoying your time at the park)
Consumer buying Behaviour
Consumer buying behaviour is based on the marketing mix interacts with the psychology of the buyer. Buyers psychology includes their own culture, attitude, pervious learning, and personal perceptions.
Canada's Wonderland always puts their guests first and they try to make their reputation extremely high. Guests that come to the park know what to expect. Wonderland knows what their guests are looking for and they always meet those needs and wants.
Unit 3- Product
Invention vs. Innovation
Invention: New deceives , methods and processes developed from studies and experimentation.
Innovation: Product/Services that uses new technology, items or processes to change the existing products.
Canada's Wonderlands invention products is the new dinosaurs attraction for kids (in kids Ville) and the new roller coaster.
Canada's Wonderlands innovation is when they upgrade the roller coasters they already have in the park and also change up the games.
Product utility is what's added to the product to make it more valuable in the market.
Canada's Wonderland added a new topping in their funnel cakes. You can now get cookies and cream on your funnel cakes.
The way the product is defined by consumers on important attributes.
Canada's Wonderland is the only amusement park in the GTA. This park is very much defined by consumers (guest) on important attributes.
A brand gives the product a distinct identity: makes up a product image.
A brand name must be memorable, distinct, positive, fits company, and short plus simple.
A brand logo must be clear, easy to understand, and captures a persons eye.
A brand slogan must to easy to remember, catchy and short
Canada's Wonderland name is well recognized around the GTA , its very memorable and positive. Wonderlands logo is very clear based on the logo you could tell it is an amusement and you know right a way its Wonderland.
An invention or innovation as a result of a gap in the current market. An idea to produce a product or service not currently available.
Throw the idea around and see what think about the product. Marketers need to test consumer reaction to their idea before they continue.
This stage will allow you to see if the product works and to allow your target market to use it/provide feedback for improvements
The development of your marketing strategy. Determine your target market.
A lot of questions are answered in this stage ( For Example)
~Price of the production
~Cost of promotion
What the product will look like.
The design will depend on what it does and what the target market wants .
Test acceptance of the product. Usually occurs by offering the product to a random sample of your target market.
The " Product Life Cycle " begins and its life will be determined by the consumer market competition further product advance.
Canada's Wonderland has may products to offer, and all the products they have goes throw all these 8 stages.
Unit 4- Competition
What is competition
Benefits of competition are encourages creations of new products, variety of products, better services, better products and better prices.
Canada's Wonderland has more than 10 competition.
Types of Competition
There are 4 types of competition, and they are perfect competition, monopolistic competition, oligopoly, and monopoly.
Perfect Competition: Many business
Very similar to other products
Easy to enter into market
Monopolistic Competition: Differentiated products
Small prices increase
Each firm has potential, slight degree control over the price of
Oligopoly Competition: Few business
Difficult to entre the market
Considerable control price can occur (collusion)
Monopoly Competition: One business
Difficult to entre market
Canada's Wonderland is a monopolistic because the products are slightly different than other amusement parks and the prices are a little bite different too.
Direct vs. Indirect Competition
Direct Competition is places items similar to your product.
Indirect Competition is other places or items.
Canada's Wonderlands direct competition is other parks ( eg: Carowinds, Wild Water Kingdom, Cedar Point, Soak City ect) Indirect competition to Wonderland would be the movie theatre.
A company that earns income by performing work or offering expertise to individuals and businesses
Service competition is not available at Canada's Wonderland.
Percentage (%) that one company's product takes the total of dollars ($) spent by consumers on products within a specific market category.
Market Share= firm's sales
total market sales
Share can be reflected as either percentages of sales dollars (most common), percentage of units sold, or percentage of consumers.
Unit 5- Promotion&Advertising
Importance of Promotion
Promotion tries to influence consumers decisions. Does not replace a solid product and marketing campaign.
Canada's Wonderland is always promoting their season passes on TV, and throw that commercial on TV a lot of people go buy their season passes because all the fun and roller coasters they see in the back ground. Their commercials influences you to go and buy season pass because you will have to best summer of your life.
Biologic: Needs for health and security. Doesn't work for products you expect to be safe and provide you with security.
Emotional: Focus on consumers feelings (love for children and family)
Rational: Connects to consumers reasoning ( convince, cost savings, any logical reason to buy)
Social: Focus on social pressures influencing consumer behaviour.
Canada's Wonderland has majority of these appeals, they have biologic because when consumers (guests) go on roller coasters they wan to feel safe and Canada's Wonderland does provide the guests with security. Wonderland has emotional appeals because if a guests is upset or mad they try their best to make that guest feel important and happy and that guest will still enjoy their day at Canada's Wonderland. They also have rational appeal Wonderland is very convince, there's roller coasters, games, face paintings, drawings, food and plus a water park.