There are two approaches to marketing: Traditional and Modern.
- In Traditional Sense, marketing refers to performance of business activities that direct the flow of goods and services frim producers to consumers.
- In Modern Sense, marketing refers to a social process by which individual groups (consumers) obtain what they need and want, through creating offerings and freely exchanging goods and services.
WHAT IS MARKETING MANAGEMENT
Marketing management us about choosing the target markets and targeting the consumers and attaining the goals of satisfaction of Consumers needs, Increase in sales volume, Increasing day to day profits. In short, marketing management refers to planning, organising, directing and controlling activities which helps in exchange of goods and services.
Utility refers to the value of satisfaction a customer receives from the exchange of goods or services.
There are 4 types of utilities of marketing:
- Utility of place
Utility of place refers to the availability of the goods and services at the location which is convenient to the targeted customers. This utility is important because you can ensure your customers that they will find the product at the place which is convenient for them to buy.
- Utility of Possession
This utility gives your customers ownership of a product or service they are utilising so that then can take maximum benifit out of that.
- Utility of Time
By utility of time, you ensure your customers that the products or the services they demand for will be available to them whenever they need.
- Form Utility
From utility will help you to customise your product or services according to the customer’s needs.
(BBA, 3rd MORNING, B Section)