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Customer v. Consumer & Utilities

Customer v. Consumer & Utilities. Introduction to Business & Marketing. Customer v. Consumer. Customer: “someone who buys the product” Consumer: “someone who uses the product” . Utility. Utility: “adds value”. Form Utility.

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Customer v. Consumer & Utilities

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  1. Customer v. Consumer & Utilities Introduction to Business & Marketing

  2. Customer v. Consumer • Customer: “someone who buys the product” • Consumer: “someone who uses the product”

  3. Utility • Utility: “adds value”

  4. Form Utility • Form utility: “involves changing raw materials or putting parts together to make them more useful” • EXAMPLE: tree – wood – paper OR tree – wood – furniture

  5. Place Utility • Place utility: “involves having a product where customers buy it” • Location, location, location • EXAMPLE: having produces & veggies at the grocery store

  6. Time Utility • Time utility: “involves having a product available at a certain time of year or a convenient time of day” • EXAMPLE: Target is selling Halloween candy in preparation for October 31st

  7. Possession Utility • Possession utility: “involves making it easier for a customer to own a product” • Offering credit terms, loans, etc • EXAMPLE: Carmax extends a 5-year loan to a customer with a $1500 down payment.

  8. Information Utility • Information utility: “involves communication with the consumer” • Salesperson is used • EXAMPLE: The sales associate at Nordstroms educates the customer on the benefits of buying TOMS by using the in-store display.

  9. Vocab. Notebook – cont. Vocabulary Terms: 15. Customer 16. Consumer 17. Utility 18. Form utility 19. Place utility 20. Time utility 21. Possession utility 22. Information utility

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