Chapter 1.2 & 1.3 Review

Economic Utility

• Assembling parts to build an engine is adding value through (Not directly related to marketing)

• Form utility

Economic Utility

• Credit cards and installment plans increase this utility by making products more attainable for some customers

• Possession Utility

Economic Utility

• A gas station located on a heavily traveled road is an example of

• Place Utility

Economic Utility

• A convenience store that is open 24 hours a day creates

• Time Utility

Economic Utility

• Cooking instructions on packaging add value to food products by providing

• Information Utility

Economic Benefits of Marketing

• This benefit creates a larger variety of goods and services

• New and Improved Products

Economic Benefits of Marketing

• Increased demand can lead to this benefit

• Lower Prices

Economic Benefits of Marketing

• This benefit increases the attributes of a product that make it more capable of satisfying consumers’ wants and needs

• Added Value and Utility

• All the people who share similar needs and wants and who have the ability to purchase your products

• Market

• The group to which a marketing program is designed; group most likely to purchase product

• Target Market

• Consumers who purchase goods and services for personal use

• Consumer Market

• Businesses that buy products for use in their operations

• Industrial Market

• A company’s percentage of the total sales volume generated by all companies that compete in a given market

• Market Share

• Breaking a market into smaller groups; classifying customers by needs and wants

• Marketing segmentation or Market Segmentation

• Lists information about the target market, such as age, income level, ethnic background, occupation, attitudes, lifestyle and geographic residence

• Customer Profile

• What are the 4 P’s of the Marketing Mix?

• Product, Price, Place, Promotion

The 4 P’s

• Choosing what products to make and sell

• Product

The 4 P’s

• What is exchanged for the product

• Price

The 4 P’s

• Decisions about advertising, personal selling, sales promotion and publicity

• Promotion

The 4 P’s

• Means of getting the product into the consumer’s hands

• Place

Review

• Planning, pricing, promoting, selling and distributing ideas, goods and services to create exchanges that satisfy customers

• Marketing

Review

• The idea that a business should strive to satisfy customers’ need and wants while generating a profit for the company

• Marketing Concept