Business Marketing Utilities (Form (The product/service offered to…
Business Marketing Utilities
The product/service offered to consumers. "Develop a product or service that meets customers' needs and provides your customer with important business benefits such as lower costs, improved productivity, easier installation or stronger competitive advantage. Your creating utility by transforming customers' need into product or services that deliver added value"
EX: FEED saw the need for food for children in Uganda, so by serving a purpose by doing something so simple that anyone can do (buy a bag) the consumer can feel good about their purchase and will purchase that product for the service it gives to others in need.
EX: TOMS saw the need for children without shoes in Argentina and Blake made a new product that also services the needy.
EX: BOMBAS is a company that for every pair of socks sold, one is donated to a homeless shelter because socks are the most requested item in homeless shelters. When people see that they can help in a easy and convenient way, they will most likely help.
Refers to the availability of a product or service in a location that is convenient to the consumer
EX: If a consumer wants to buy "Ben & Jerry's", but the local grocery store doesn't carry that product, the consumer is either going to drive the distance or the product is going to loose her business
EX: Nintendo releases a new Monster Hunter game but only allows citizens of Japan to play. The demand for the game in other countries is going to rise and then they can sell it for more when they make it available to players in other countries
EX: Wendy's is the only decent fast-food restaurant in a town. Due to the placement of that Wendy's their going to get a lot of business
Ensuring the consumers that your product/service is available at a certain time
EX: A company decides to release a new "Tickle Me Elmo" doll in mid December."
EX: Samsung releases a new Curve TV right in time for the holidays
EX: Nintendo announces a new Super Smash Bros game, but doesn't announce a release day. This gets every body hyped and leads to fans of Nintendo to constantly check for updates and make speculation videos which overall makes the demand for the game exponentially increase
This gives the consumer ownership of the product/service, allowing them to reap the benefits in their life.
EX: "A consumer purchases a new telephone. Now that customer can use that phone to manage business calls and schedule appointments.
EX: "A consumer purchases a high-performance component, they can then use that component to improve the performance of their own product
EX: "A company purchases new chairs to boost corporate morale"