Hey richxapple,
Thanks for the question. You’ll want to instruct iTunes of the new iTunes Media folder location, then consolidate your files:
iTunes 11 for Mac: Change where your iTunes files are stored
http://support.apple.com/kb/PH12165
Change where imported files are stored
1. Choose iTunes > Preferences and click Advanced.
2. Click Change and select a new location for your files.
From now on, new songs and other items you import will be stored in the new location. Songs you’ve already imported stay in their current location.
To go back to storing imported files in the iTunes folder, choose iTunes > Preferences, click Advanced, and click Reset.
Consolidate your files in the iTunes folder
Depending on how you imported items into iTunes, some items in your library might be stored in different locations (in another folder or on another hard disk, for example).
You can consolidate all the files in your library in the iTunes folder—for example, to make it easier to move your library to a new computer.
1. Choose File > Library > Organize Library.
2. Select “Consolidate files.”
Files remain in their original locations, and copies are placed in the iTunes folder.
3. To create folders (Music, Movies, TV Shows, Podcasts, Audiobooks, and so on) inside your iTunes folder, and place all your imported media files in the appropriate folders, select “Reorganize files in the folder ‘iTunes Media.’”
Additional Information:
iTunes for Mac: Moving your iTunes Media folder
http://support.apple.com/kb/HT1449
iTunes: Understanding iTunes Media Organization
http://support.apple.com/kb/HT3847
Thanks,
Matt M.