Functions of marketing
The determination of an exchange price at which the buyer and seller perceive optimum value for a good or service
What is Pricing?
Making or producing things
What is Form utility?
How is wheat changed to a more useful product
What is form utility?
Material Items you can touch
What are goods?
The physical movement or the transfer of ownership of a good or service form the producer to the consumer.
What is distribution?
Obtaining goods and services for use in the operation of a business or for resale
What is purchasing?
The product’s usefulness is increased because of its location
What is Place utility?
Christmas season, Valentines day, or stores staying open late in order to attract customers who work during the day
What is Time Utility?
Making or producing the correct good or service to add value to consumers everyday life
What is marketing?
Determining the need for and availability of financial resources to aid in marketing activities.
What is financing?
The process of creating a product in response to market opportunities
What is product planning?
Making a product available at the right time of year or a convenient time of day
What is Time utility?
Does the store offer credit cards or take checks?
What is Possession Utility?
The usefulness of a product
What is utility?
Why study marketing?
. . . to understand business
. . . to learn interpersonal skills
. . . to perfect communication skills.
Gathering, recording, analyzing, and disseminating info to aid in making marketing decisions
What is Marketing information management?
The ability to aid customers in owning goods
What is Possession utility?
Where does the various foods you eat come from
What is Place Utility?
A series of tasks performed for a customer
What are services?
Goods and services
What are products?
Communicates info about products, services, images, or ideas to customers or clients to influence their purchase behavior
What is Promotion?
Usefulness added to the product through communication
What is Information Utility?
Packages, labels, ads, displays, signs ...
What is information utility?
Takes place every time something is sold in the marketplace
What does marketing provide?