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5 Economic Utilities
Transcript of 5 Economic Utilities
The meaning of economic utility What you will learn: Economic Benefits of Marketing Marketing bridges the gap between you and the maker or seller of an item Maker/Seller You
Businesses look for opportunities
to please the customer New and Improved Products Marketing activities add value and increase demand.
When demand is high, manufacturers can produce at
a lower price. They can sell at a lower price but
increase the quantity sold. Thus, profits are higher
even though prices are low. Lower Prices In other words, when more people want it,
(demand is high) then a manufacturer can make
more and they know that they can sell many of
them cheaper. It adds Value! When selecting between your product and another company's product, they will choose the one that gives them the most utility. It is important to send a message to consumer about the amount of utility that your product will provide. Added Value = Utility In economic terms, utility does not mean
your closet or the electric company. Attributes of a product or service
that make it capable of satisfying
consumers’ wants and needs. Changing raw materials or putting parts together to make them more useful – making and producing things. Sand into glass Wood into paper
Silk into fabric Form Utility Having a product where customers can buy it. Place Utility Location – may be through a catalog
or at a retailer (actual store) – or, Internet.
Transporting the product to the location. Having a product available at a certain
time of year or a convenient time of day. Time Utility Planning and ordering
Time of day and week
Time of year:
holidays and seasons The exchange of a product
for some monetary value. Possession Utility = Payment may be made by Cash
(layaway) Involves communication with the consumer. Information Utility ads
owner’s manuals Utilities