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Level 108

7 Market Functions, 5 Utilities


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Channel Management
This is the process of deciding how to get goods into customer's hands. Physically moving and storing goods is part of distribition planning. The main methods of transportation are by truck, rail, ship, or air.
Market Planning
Market planning involves understanding the concepts and strategies used to develop and target specific marketing strategies to a select audience.
Marketing Information Management
Good business and marketing decisions rely on good information about customers, trends, and competing products. Gathering this information, storing it, and analyzing it all are all part of marketing information management.
Pricing
Unlike the Capital Market Line the CAPM can price both
Product/Service Management
This is to obtaining, developing, maintaining, and improving a product or a productr mix in response to market opportunities.
Promotion
Promotion is the effort to inform, persuade, or remind potential customers about a business's products or services.
Selling
Selling provides customers with the goods and serives they want. This includes selling in the retail market to you, the customer, and selling in the buisness-to-buisness market to wholesalers, retailers, or manufactures.
Form utility
Form utility involves changing raw materials or putting parts together to make them more useful.
Place utility
Place utility involves having a product where customers can buy it. Business study consumer shopping habits to determine the most convenient and effcient locations to sell products.
Time Utility
Time is having a product available at a certain time of year or a convenient time of day.
posession utility
The exchange of a product for money is possesion utilityu. Retailers may accept alternatives to cash, such as personal checks, debit, credit cards.
Information Utility
Information Utility involves communication with the customer. Sales people provide information to customers by explaining the features and benefits of products.