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Economic Benefits of Marketig (Lower prices (when products become popular,…
Economic Benefits of Marketig
concept
marketing plays are important role in economy because it provides the means for competition to take
Economic utility
atributes of goods or services that make them capable of satisfaying consumers wants and neds
Economic utilities
information utility
communication with the consumer
posessions utility
the exchanged of product for money
time utility
having a product or service available at a certain time or year, or a conventional time of day
place utility
having a product where constumers can buy it
form utility
changing raw materials into usable goods or putting parts together to make them more useful
Lower prices
when products become popular, more competitor enter this help to lower price
marketing activities increase demand and this helps to lower prices
New improved products
marketing generates competition which fosters new and improved products
example
cellphones that became smartphones