Four components – time, place, possession(ownership) and form – make up the utility marketing model. Marketing models educate business owners, marketing and advertising professionals about consumer spending habits. Consumers purchase products for a variety of reasons. The utility marketing model takes into consideration how consumers feel about a product, the convenience of purchasing the product and obtaining the product when they want it.
Utility and example:
- Form
- Restaurants services food already combined to save the customer time in not having to make it them self
- Time
- Wal-Mart Superstore open 24/7 to provide an anything shopping
- Place
- Energy drinks vending machines in gyms to provide quick access
- Ownership
- Car Dealerships offering financing options help the buyer possess the car.
Photo Credit: www.business2community.com
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