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Eagle Challenge

Eagle Challenge. Learning Target. Determine forms of economic utility created by marketing activities. Standard OA4. Why does Michael Phelps have a USA flag sticker on his headphones?. Marketing Concept.

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Eagle Challenge

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  1. Eagle Challenge Learning Target Determine forms of economic utility created by marketing activities Standard OA4 Why does Michael Phelps have a USA flag sticker on his headphones?

  2. Marketing Concept • A business should strive to satisfy customers’ needs and wants while generating a profit. • Customer focused • Repeat customers = profit

  3. 7 Functions of Marketing • Distribution • Financing (Market Planning) • Product/Service Management • Promotion • Marketing Information Management • Pricing • Selling (Personal Selling)

  4. UTILITY Utility refers to the VALUE or USEFULNESS of a product or service

  5. Types of Utility • FORM • Changing raw materials or putting parts together to make them more useful. • Trees ….. Pencils, paper • Flour, sugar, butter … Bread

  6. Place Utility • Having a product WHERE customers can buy it • Stores, Catalogs, Internet

  7. Time Utility • Having a product available at a certain time of year or a convenient time of day. • Shopping / Banking hours • Toys at Christmas • School supplies in August

  8. Possession Utility • The exchange of a product for some monetary value • Cash, Debit, Credit, Check, Financing plans etc. • Adds value to the product. Without options, some customers could not buy.

  9. Information Utility • Communication with the consumer • Encourages sales through special offers, signs, ads, labels, manuals etc.

  10. Utility Worksheet

  11. Fundamentals of Marketing Businesses must satisfy customers’ needs and wants in order to make a profit ….right products at the right price at the right time and in the right place….

  12. CUSTOMERS: • They BUY the products • CONSUMERS: • They actually USE the product • SONY…..Sony’s customers are the retail stores that sell Sony products. The consumers buy Sony products from the retailer.

  13. What is a market? • All potential customers who have the ability and willingness to buy a product • Video Game Market would be all people who purchase video games Target market… A very specific group of people that a business wants to reach.

  14. Customer profiles…. • Information about where and how a person lives and what he/she wants and needs. • Age, Income level, Occupation • Ethnic groups – culture, history • Hispanic’s consider music a major part of their culture • 70% are Roman Catholic

  15. Marketing mix“4 p’s of marketing” • Product • Price • Place • Promotion

  16. Utility Worksheet

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