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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