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Economic Utilities Chapter 1, Section 1.2 Marketing Principles
New & Improved Products Marketing generates competition, which in turn fosters new & improved products Example: Computers have gotten smaller, lighter, more powerful, & less expensive
Lower Prices Demand increases Manufactures can produce in larger quantities Which lowers price Fixed cost will not increase Demand increase competition increase which lowers price
What is Utility? The attributes of a product or service that make it capable of satisfying consumers’ wants and needs. Utility adds VALUE to a product The functions of marketing add value.
5 Economic Utilities Form Utility Place Utility Time Utility Possession Utility Information Utility
Form Utility Changing raw materials or putting parts together to make them more useful Not directly related to marketing Example: Chain Wheels Handlebars Gears What do these parts make??
Place Utility Having a product where customers can buy it. Most convenient Most efficient Catalogs, retails stores, internet
Time Utility Having a product available at a certain time of year or a convenient time of day. Give me some examples!
Possession Utility The exchange of a product for some monetary value. Cash Credit/Debit Cards Checks Layaway Customer Credit (Net 30)
Information Utility Communication with the consumer Salespeople Displays Packaging and Labeling Advertising
Can You…….. Name the 5 economic utilities and how they add value to products??
The Five Economic Utilities. 5 Economic Utilities Form Utility Place Utility Time Utility Possession Utility Information Utility.
The Importance of Marketing Chapter 1, Section 2.
Chapter 1 Section 2 The Importance of Marketing The benefits of marketing The meaning of economic utility The five economic utilities and how to distinguish.
Unit 10 Economic Benefits of Marketing. New and improved products Creates competition Larger variety of products and services Lower prices Increase.
11 Sports Marketing TICKET: ______________________________________ THE MENU: Read and discuss the opening TICKET Review marketing foundations Discuss economic.
Benefits of Marketing Adds value Lowers prices Creates new & Improved Products.
THE ECONOMIC BENEFITS OF MARKETING. Marketing serves as a bridge between the customer and the seller of products and services. Marketing makes buying.
Marketing Utility. The functions of marketing add value to a product The added value is called Utility Utilities are the attributes of a product or.
1.2 The Importance of Marketing MARKETING MR. PAVONE.
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The benefits of marketing. The meaning of economic utility. The five economic utilities and how to distinguish the four that are related to marketing.
Section 1.1 Marketing and the Marketing Concept Chapter 1 marketing is all around us Section 1.2 The Importance of Marketing Section 1.3 Fundamentals of.
Objectives: 1.Explain the concept of utility. 2.Cite examples of types of utilities. Warm Up: Complete the handout Agenda: 1.Warm Up 2.Product design level.
Chapter 1 Marketing is All Around Us From the time that you woke up this morning how many products have you used? Activity #1.
BENEFITS OF MARKETING. 1. Adds value 2. Lowers prices 3. Creates new & Improved Products.
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Chapter 1 Marketing Is All Around Us1 Marketing Essentials With Mr. Colby Marketing Essentials With Mr. Colby Chapter 1 Marketing Is All Around Us Section.
Economic Goods, Services & Utility Marketing Principles Chapter 1.
Marketing Ch. 1 Marketing is All Around Us. Marketing Process of developing, promoting, and distributing products in order to satisfy customer needs and.
LESSON 1.2 The importance of Marketing. The Importance of Marketing Objectives Learn Three benefits of marketing Apply the concept of Utility List.
Chapter 1.2. Increased production capacity Increased buying power of consumers Need for coordinating production and consumption ¼ to 1/3 of all.
Board Activity Make a list of at least five products that students and/or faculty in your school would want to buy at your school site and use daily or.
Chapter 1 Marketing Is All Around Us 1 Marketing Essentials Economic Utilities.
Economic Resources Marketing Dynamics – Unit 3 Lesson 1 Copyright © Texas Education Agency, All rights reserved.
Chapter One Marketing Is All Around Us!. Section 1.1 Objectives Define marketing Explain the four foundations of marketing List the seven functions of.
Fundamentals of Marketing LESSON 3: Importance of Marketing.
Marketing Is All Around Us. Essential Questions Describe the scope of marketing. Describe the scope of marketing. Describe each marketing core function.
The Functions of Marketing!. Marketing: The process of developing, promoting, and distributing products to satisfy customers’ needs and wants.
Chapter 1.2 & 1.3 Review. Economic Utility Assembling parts to build an engine is adding value through (Not directly related to marketing) Form utility.
Utility & Buying Motives. Utility Utility – the added value in economic terms created by the functions of marketing Form Form Place Place Time Time.
What Is Marketing?. Why It's Important To be successful in business requires being marketing oriented.
SO WHAT IS MARKETING? Chapter 1. To be a successful marketer, you need to understand: ◦ Marketing skills ◦ Marketing core functions ◦ Basic tools of.
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Marketing Functions Utility Marketing Concept. What Is Marketing?
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Marketing is All Around Us! How does society benefit from marketing?
This morning on CNN Apple Inc spent years developing its iconic iPhone, but Samsung took a shortcut by copying its rival's designs after realizing it could.
Chapter 1 Marketing is all around us. Chapter 1 Objectives Define Marketing & Economic Utility Identify 9 functions of marketing Explain benefits of marketing.
Chapter 1: Marketing Is All Around Us. What is Marketing? Marketing Process of developing, promoting, and distributing products to satisfy customers’
1. The Functions of Marketing 2. Understand the Marketing Concept 3. Marketing Utilities 4. Define a Target Market 5. Understand how Markets are Segmented.
Unit 1 The World of Marketing Chapter 1 Marketing Is All Around Us Chapter 2 The Marketing Plan.
Marketing Concepts. Marketing Defined Marketing is the total process of finding or creating a profitable market for specific goods or services. It.
UNIT 1 The World of Marketing: Chapter 1: Marketing is All Around Us Chapter 2: The Marketing Plan.
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