Marketing Utility
Utility in marketing is ...
What is a product’s usefulness to customers?
Specifically, what you will sell.
What is product?
Determining activities, goals, objectives, and procedures to carry out strategies to attract target customers.
What is Market Planning?
Determines and adjusts prices to meet customers’ perceptions of value.
What is pricing?
How well an organization can increase the value of its product in the customer’s eyes by making changes and altering its physical appearance.
What is form utility?
Where you will sell your product.
What is place?
Plans, directs, and controls a product’s life cycle.
What is Product/Service Management?
What the product “does” for the customer in terms of solving a particular want or need.
What is functional value?
Makes products and services available to customers so that they can buy it when it is most convenient for them.
What is time utility?
How much you will charge.
What is price?
Gathers, accesses, synthesizes, evaluates, and disseminates information (data).
What is Marketing-Information Management?
What the product actually costs relative to its perceived worth.
What is monetary value?
Makes goods or services physically available, convenient, and accessible to customers.
What is place utility?
How you will tell people about your product.
What is promotion?
Identifies, selects, monitors, and evaluates sales channels (a.k.a. channels of distribution).
What is Channel Management?
How much owning the product allows the customer to connect with others.
What is social value?
Ensuring that a product is relatively easy to acquire.
What is possession utility?
The 5th P...who will buy your product.
What are people?
Determines client needs and wants and responds through planned, personalized communication.
What is Selling?
How much that product allows the customer to “feel better”.
What is psychological value?