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