Maharashtra VAT Preparation Utility Audit Report Form 704 Financial Year 2008-2009.
Utility & Buying Motives. Utility Utility – the added value in economic terms created by the...
-
Upload
carmel-glenn -
Category
Documents
-
view
214 -
download
1
Transcript of Utility & Buying Motives. Utility Utility – the added value in economic terms created by the...
Utility & Buying Motives
Utility
Utility – the added value in economic terms created by the functions of marketingFormPlaceTimePossession Information
Form Utility Involves changing raw materials into
usable goods or putting parts together to make them more useful
Place Utility
Involves having a product where customers can buy it
Time Utility
Having a product or service available at a certain time of year or a convenient time of day
Possession Utility
Exchange of a product for money Accepting alternative to cash
ChecksDebit cardsLayawayCredit cards
Information Utility
Involves communication with the consumer
Types of Markets
Market – all people who share similar needs & wants and who have the ability to purchase a given product
Consumer Market – consists of consumers who purchase goods & services for personal use
Organizational Market – business-to-business market includes all businesses that buy products for use in their operations
Client versus Customer
Customer: a person who purchases goods or services from another
Client: a person or group that uses the professional advice or services of a lawyer, accountant, advertising agency, architect, etc.
Customer Buying Motives
Buying motives: reasons a customer buys a product
Rational Motives: conscious, logical reasons for a purchaseProduct dependabilityTime or monetary savings.Product qualityGood customer service
Customer Buying Motives
Emotional Motives: feelings experienced by a customer through association with a product Social approval Fear Power Love Prestige
Patronage Motives: reasons for remaining a loyal customer of a company
Routine Buying Decisions
Used for purchased that are made frequently and do not require much thoughtFamiliar with products
Limited Buying Decision
Take more time than routine buying decisions
Associated with a product that is more expensive or is purchased less frequentlyBuying jeans
Extensive Buying Decisions
Occurs when the consumer methodically goes through all five steps of the decision-making processPurchasing a carNot made lightly