3. (i) Explain the four types of utility (value) added by marketing to move goods from producers...

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General Management

3.
(i) Explain the four types of utility (value) added by marketingto move goods from producers to consumers.
(ii)Discuss the logical progression from the first to the laststep of the marketing process.
(iii) Explain the concept of target or bull's eye marketingespecially for small business.

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1 The four types of utility value added by marketing to move goods from producers to consumers When the goods move from the producers to the consumers at various stages value is added so that ultimately the consumer needs wants and desires are satisfied Customers buy different products that basically satisfy different criteria for him Some products are bought that have a time utility some have place possession and form utility Time Utility Marketers ensure that their product is made available to the consumer at the right time when he needs them and in doing so they add time utility to the product For eg supermarkets and pharmacies that are open 247 have a time utility value over them that are not open 247 Similarly during winter season the woollen clothes have a time utility over the other clothes Thus retailers add time utility by making the products available when they are needed Place Utility When the product is placed at a convenient place for the customers there are higher chances that the consumer will buy it Thus a place uility value is added The online food delivery services like Zomato Swiggy and the taxi services like Uber Lyft have a place utility similarly Amazon has a place utility as it is very convenient for the customers to buy See Answer

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