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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 ECONOMIC BENEFITS OF MARKETING. Marketing serves as a bridge between the customer and the seller of products and services. Marketing makes buying.
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Today we will review the Economic concepts we have learned thus far READY????? HERE WE GO……
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The tools available to a business to gain the reaction it is seeking from its target market in relation to its marketing objectives 7Ps – Price, Product,
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Understand marketing’s role and function in business to facilitate economic exchanges with customers.
Chapter 6 Section 3. Help solve shortage and surplus problems Tool for distributing goods and resources Very efficient Centrally planned is the alternative;
How is the internet used? How can I satisfy customers?
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