Define the four different types of utility and explain how marketing contributes to the creation of utility

1. Define the four different types of utility and explain how marketing contributes to the creation of utility. Then choose one of the following companies and describe how it creates each type of utility with its goods or services: a. Taco Bell b. Polo Ralph Lauren c. Miami Dolphins d. Supercuts hair salons e. Adobe Systems
2. Describe how an organization might combine person mar- keting and event marketing. Give an example.
3. Describe how an organization might combine cause market- ing and organization marketing. Give an example.
4. Identify and describe the four strategies that blend to create a marketing mix.
5. What is a target market? Why is target-market selection usually the first step in the development of a marketing strategy?

Posted: 4 years ago
Due: 07/09/2015
Budget: $10

The Correct Answer and Explanation is :

1. The Four Types of Utility:

• Form Utility: This refers to the value added to a product by altering its physical characteristics to make it more desirable. Marketing contributes by identifying customer preferences and aligning the product’s design or features with these preferences.
• Place Utility: This is the value added by making a product available where it is needed or desired. Marketing ensures distribution channels and retail locations are accessible to the target market.
• Time Utility: This refers to the value added by making a product available at a convenient time. Marketing creates time utility through efficient inventory management and planning to meet demand during peak times.
• Possession Utility: This refers to the value added by making the product easy to acquire. Marketing contributes by offering financing, promotions, or making the purchasing process more convenient (e.g., online ordering). Example: Taco Bell creates these utilities as follows:
• Form Utility: The company creates appealing food items that suit different tastes and dietary preferences.
• Place Utility: Taco Bell has a widespread presence, with locations across the globe and the convenience of drive-thru and delivery services.
• Time Utility: Taco Bell is available 24/7 in many areas, providing access at any time of day.
• Possession Utility: Taco Bell offers promotions and loyalty programs that make it easier for customers to access its products.

1. Combining Person Marketing and Event Marketing:
   Person marketing involves promoting an individual (like a celebrity or athlete), while event marketing promotes an event (like a concert or competition). These can be combined by having a person associated with a specific event. For example, a company might sponsor a sports event and involve a well-known athlete to promote the event. This strategy increases visibility and appeals to both fans of the athlete and the event.
2. Combining Cause Marketing and Organization Marketing:
   Cause marketing involves supporting a social cause, while organization marketing focuses on promoting the organization itself. They can be combined by aligning the company’s marketing efforts with a social cause. For example, a company like TOMS Shoes donates a pair of shoes for every pair sold, aligning their brand with the cause of providing shoes to children in need.
3. The Four Strategies of the Marketing Mix:
   The four strategies that form the marketing mix are:

• Product: The goods or services offered by a company.
• Price: The amount customers pay for the product or service.
• Place: The distribution channels used to get the product to customers.
• Promotion: The methods used to communicate information about the product or service to the target audience.

1. Target Market:
   A target market is a specific group of potential customers that a business aims to reach with its products or services. Target-market selection is typically the first step in the development of a marketing strategy because identifying the right audience allows businesses to tailor their marketing mix to meet the needs and desires of that group effectively. This ensures that the marketing efforts are focused and efficient, maximizing the return on investment.