Chapter 3 The Marketing Concept

Utility

ability of a product to satisfy human wants and needs

Adding Value

adding a feature or service that makes a product meet more customers wants and needs

Marketing Concept

an approach to business that says that the way to make a profit is to focus on customer satisfaction

Describe the benefits of the marketing concept to business and customers

the role of marketing is to help the whole company focus on customers

Form Utility

when a business changes the form of something to make it more useful

Possession Utility

when a business makes it easier for a customer to acquire a product

Time Utility

when a business makes products available at the times that customers need and want them

Information Utility

when a business provides information about a product to a customer

Give examples of 5 types of utility

Form, Time, Place, Information, Possession

Give an example of each marketing function and describe how it supports the marketing concept

Marketing function are the activities that marketers perform to carry out the marketing mix decisions and add utility to products

Place Utility

When a business makes products available at convenient places

Customer Satisfaction

a positive feeling a customer gets when the product purchased meets or exceeds the customer's expectations

Explain 3 elements of the marketing concept

benefits customers by focusing on satisfying their wants and needs. Benefit the business by building a strong base for satisfying customers An approach to business that says the best way to make a profit is to satisfy customer's wants and needs

List 7 functions of marketing

channel management, marketing information management, market planning, pricing, product/service management, promotion, selling