Marketing is important in all aspects of the economy. Undoubtedly importance of marketing is huge in a business. People are individually doing marketing practice every moment but they don’t now that they are in marketing.
For example, every person in the job is charging a salary for their services to the organization which is another form of process of a product. We are dressing ourselves in a better way to have a good look which is another form of packaging of a product.
In an organization the importance of marketing goes beond saying. But following section will help the students know the importance of marketing from point of view of utility:
Importance of marketing
Creation of form utility: Form utility is primarily associate with production- the physical or chemical changes that make a product more valuable. When wood is made into furniture, form utility is created.
Gold is found on the ore as a liquid form which is transformed to jewelry is another example of creating form utility. This is production, not marketing. However, marketing research may aid in decision making regarding product design, color, quantities, or some other aspects of a product.
What type of design should “Apan Jewelers” be using is coming from the needs and demand analysis of the people which is a marketing activity.
Place utility: It exists when a product is readily accessible to potential customers. Production plant of SQUARE Pharmaceuticals is located in Pabna but the medicines are available in each corner of Bangladesh creating place utility to the consumers. So, physically moving the product to a retail store near the customer adds value to the consumer.
Time utility: It means having a product available when you want it. Organizations are producing their products in such a way that it can be found in all days of the year.
Having a product when we want is very convenient, but it means that the retailer must anticipate our desires and maintain an inventory. Some seasonal fruits are even available in the off season due to the marketing practice and inventory management of the organization is creating time utility to the people.
Lazz Phrama being open for 24 hours a day is giving opportunity to the consumer to buy medicines even at mid-night which is adding time utility.
Information utility: This utility is created by informing prospective buyers that a product exists. Unless you know that a product exists and where you can get it, the product has no value.
Advertising helps in respect. North south University has introduced undergraduate degree in Civil engineering and Pharmacy and communicated with the prospective students through newspaper advertising which has created information utility.
It also provides information about the locations where the products and services and will be available.
Possession utility: This utility is created when the consumer buys the product-that is, ownership is transferred to the buyer-Thus, for a person to consume and enjoy the product a transaction must take place. This occurs when you exchange our money for a Coca-Cola.
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