The Marketing Concept
Information Utility
A service bureau that maintains up to date databases for public access
What are goods?
A tangible output of a process that has physical dimmensions
Example of promotion
Ads on a phone app, commercials
What are services?
An intangible product that cannot be weighed or measured
Whats an example of time utility?
Holiday candy
What is marketed?
Ideas, goods, and services
What are the Marketing Functions?
Interrelated activities that must work together to get goods and services from producers to customers
Marketing-information management
Involved gathering, accessing, synthesizing, evaluating, and disseminating information
Pricing
Involves determining and adjusting prices to maximize return and meet customers' perception of value
Whats an example of place utility?
Getting a product to the right location (shelves, warehouse)
Products - What are they?
Goods and services
Example of channel management
Graphs, distribution
Form/ Task Utility
Businesses use their human resources and capital goods to change the shaped or forms of materials so that they will hold utility for consumers and industrial users.
Promotion
Communicates information about goods, services, images, and/or ideas to achieve a desired outcome
What is the focus for the Marketing Concept?
Consumers/ customers
Whats an example of form/ task utility?
Cotton made into a t-shirt
Selling
Determining client needs and wants
Whats an example of a non-durable good?
Food and water
Whats an example of a durable good?
Furniture, automobiles
Product-service management
Plans, directs, and controls all phases of a product's life cycle from beginning to end
Example if product-service management
Product upgrade to better product
Possession Utility
Refers to value or usefulness that a purchaser receives in return for exchange
Example of market planning
SWOT Analysis
Example of pricing
Setting prices higher for a limited good
Example of marketing-information management
Surveys
What should you accomplish if you follow the marketing concept?
The Seven Marketing Functions
Define Marketing
The action or business of promoting and selling products or services, including marketing research and advertising
What is the marketing concept?
The marketing concept is the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition
Place Utility
The process of increasing the attractiveness of a product to a group of customers by altering its physical location
Market Planning
This marketing function aims to create strategies to attract the target customer to a business
Channel Management
This marketing function is responsible for identifying, selects, monitoring, and evaluating sales channels, also known as channels of distribution
When products are available at the time they are desired, they are said to have what?
Time Utility
Example of selling
Trading
Whats an example of possession utility?
Wearing a fur coat after buying it
Whats an example of information utility?
Websites