Marketing is promotion, advertising and selling of a product.
There are two approaches of marketing:
1. Traditional Marketing– It is primarily focused on telling a customer about the product or service and providing information. For example: Advertisement, Flyers etc.
2. Modern Marketing– It is focused on finding the best target prospect for the product and service and then educating them on what the product or service can do for them. For example: Email Marketing, Social Media Marketing etc.
What is marketing management?
It refers to planning, organizing, controlling and directing activities which are involved in exchange of goods and services.
What is Utility?
It refers to the value satisfaction of a customer that receives from goods and services.
There are four types of utilities of marketing:
1.Form Utility– It refers to what product and services meet to customer needs.
2. Time Utility– It exists when a company maximizes the availability of a product so that customers can buy it during the times that are the most convenient or desirable for them.
3. Place Utility– It refers primarily to making goods or services physically available or accessible to customers.
4. Possession Utility- It is the amount of usefulness or perceived value from owning a product.
BBA 3 sem, M, (B )TIAS New Delhi