Marketing Unit 1 Test Review - 4 P's + Economic Utilities + Market Segmentation

Product

Anything offered to a market by the business to satisfy needs (physical product, services, ideas)

Price

Amount the customer pays and the methods of increasing value of the product

Place

Includes the location and methods used to make the product available

Promotion

Methods used and information communicated to encourage customers to buy the product or service

Form Utility

The value a customer gets from products or services in a way they actually need

(Ex: Rice Krispie Treats)

Time Utility

When a company provides goods and services at a certain time of year or convenient time of day

(Ex: Coats in the winter)

Place Utility

Making products or services available in locations that allows customers to easily access them

(Ex: Vending Machine)

Possession Utility

Perceived value a consumer gets from owning and being able to use a product in a timely manner. Transferring ownership from one to another

(Ex: Credits Cards)

Demographics

Age, gender, income, social status, occupation

Geographic

Country, city, language, climate, area, population

Behavioral 

Benefits sought, purchase usage, occasion, situation, intent, buyer stage

Psychographics

Lifestyle, activity, interest, opinion, concerns, values, attitudes, personality