utility & buying motives. utility utility – the added value in economic terms created by the...
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Utility & Buying Motives
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Utility
Utility – the added value in economic terms created by the functions of marketingFormPlaceTimePossession Information
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Form Utility Involves changing raw materials into
usable goods or putting parts together to make them more useful
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Place Utility
Involves having a product where customers can buy it
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Time Utility
Having a product or service available at a certain time of year or a convenient time of day
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Possession Utility
Exchange of a product for money Accepting alternative to cash
ChecksDebit cardsLayawayCredit cards
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Information Utility
Involves communication with the consumer
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Types of Markets
Market – all people who share similar needs & wants and who have the ability to purchase a given product
Consumer Market – consists of consumers who purchase goods & services for personal use
Organizational Market – business-to-business market includes all businesses that buy products for use in their operations
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Client versus Customer
Customer: a person who purchases goods or services from another
Client: a person or group that uses the professional advice or services of a lawyer, accountant, advertising agency, architect, etc.
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Customer Buying Motives
Buying motives: reasons a customer buys a product
Rational Motives: conscious, logical reasons for a purchaseProduct dependabilityTime or monetary savings.Product qualityGood customer service
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Customer Buying Motives
Emotional Motives: feelings experienced by a customer through association with a product Social approval Fear Power Love Prestige
Patronage Motives: reasons for remaining a loyal customer of a company
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Routine Buying Decisions
Used for purchased that are made frequently and do not require much thoughtFamiliar with products
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Limited Buying Decision
Take more time than routine buying decisions
Associated with a product that is more expensive or is purchased less frequentlyBuying jeans
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Extensive Buying Decisions
Occurs when the consumer methodically goes through all five steps of the decision-making processPurchasing a carNot made lightly