COMMERCE 1E03 Lecture Notes - Lecture 16: Brand Management, Fixed Cost, Brand Equity
19 May 2016
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Document Summary
Utility: an economic term that refers to the value or want-satisfying ability that"s added to goods or services by organizations when the products are made more useful or accessible to consumers than before. Form utility: the value added by the creation of finished goods and services; taking raw materials and changing their form so that they become useful products. Time utility: adding value to products by making them available when they"re needed. Place utility: adding value to products by having them where people want them. Information utility: adding value to products by opening two-way flows of information between marketing participants. Possession utility: doing whatever is necessary to transfer ownership from one party to another, including providing credit, delivery, installation, guarantees, and follow-up service. Service utility: providing fast, friendly service during and after the sale and by teaching customers how to best use products over time.
