All of marketing’s functions are performed to move goods from products to consumers. During this process, marketing adds utility (value) to goods and services. There are five types of utilities: 1) form, 2) time, 3) place, 4) possession, and 5) information.
1) Form utility: refers to the changing of raw materials into a finished product. Taking grains and turning them into cereal is an example of form utility. Form utility is usually considered a production function rather than a marketing function.
2) Time utility: it helps consumers by making products available when the consumer wishes. Supermarkets that are open 24 hours a day provide time utility. Making fresh fruit available in the winter is also a form of time utility.
3) Place utility: it makes sure that the goods and services are conveniently located where consumers want them.
4) Possession utility: it helps make the exchange of goods between buyers and sellers easy. Anything that helps complete the sale – delivery, installation, warranties, credit – is considered part of possession utility.
5) Information utility: it informs buyers of the product’s existence, how to use it, the price, and other facts. Such information is provided through advertising, salespeople, and packaging.
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Chun
Sep 21, 2014 @ 02:56:32
It’s a relationship tool and relationships take time to
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It really helps to do this if you have set up an automated system of tweeting
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Oct 04, 2014 @ 23:24:55
In either case, the commercial borrower is likely to benefit by Thinking Outside the Bank.
It is important for the seller to be sure and confident that he is taking the right step.
We would venture to say that the overall cost of production varies greatly
in Canada depending on which province is utilized, via labour and other
geographical incentives. they are in fact just specialized lenders that are experts in inventory and purchase orders and letters of credit.