COMMERCE 2MA3 Study Guide - Midterm Guide: Problem Solving, Remanufacturing, Nearshoring
18 Apr 2015
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Document Summary
Utility: want-satisfying power of a good or service. There are four types of utility: form: (production) conversion of raw types of materials into goods or services. Dinner and final product forms: time: (marketing) availability of goods and services when consumers want them. Vending machines, atm"s: place: (marketing) availability of goods and services at convenient locations, ownership: (marketing) ability to transfer titles to goods and services from marketer to buyer. Globalization: the effect of globalization impacts marketing strategies and production sites and target markets. there are three economic factors that have extended economic views: 4 eras of marketing: because of the increase in consumer power, transition in marketing strategies took place: production: existed prior to the 1920"s. A good product will sell itself : stressing efficiency in producing a quality product, with the attitude toward marketing that a good product will sell itself". This era was characterized by production shortages and intense consumer demand: sales: exists prior to the 1950"s.
