divides consumers into groups according to their response to a product.
The 7 Functions of Marketing
1. Product Service Management:
obtaining, developing, maintaining, and improving aproduct/service mix in response to marketing opportunities. This function plans, directs,and controls all phases of a product's life cycle from beginning to end. (Ex: generatingideas for a new product, improving an existing product, and removing products from themarket.)
buying goods and services used in the operation of your business.Examples: display cases, computers.
preventing loss or failure of the business. Examples: theftprevention, inventory control.
getting the money necessary to start your business.
determining and adjusting prices to maximize return and meet customers'perception of value. (How much to charge for your goods and services.)
transporting, storing, locating, and/or transferring ownership of goodsand services. The main goal is to move the products from producer to consumer.
communicating information about goods/services/ images/ideas toremind people about the product, to persuade you to buy the product, or to inform youabout why the product is the best choice. (Ex: Advertising, Publicity, Sales Promotion)
determining customers' needs and wants, and responding through plannedpersonalized communication that influences purchase decisions and enhances futurebusiness opportunities.
7. Marketing Information Management:
gathering, accessing, synthesizing,evaluating, and disseminating information to make a good business decision. (Ex: Whoare our customers? What products do they want? Why do they want them?)
The 5 Types of Utility
(ways to add or increase value of a product)
the inherent quality or ability of a product to satisfy a want.