Economics
Ms. Maclay
Marketing Notes
Name:
Date:
Marketing: all the activities needed to move goods and services from the producer to the consumer.
Main Purpose: Convince consumers that a certain product will add to their utility.
Utility: the amount of satisfaction one gets from a good or service.
Types: (see pgs. 290-291)
Form Utility – conversion of raw materials to finished goods.
Specific Example:
Place Utility – having a good or service available where a consumer wants to buy
It
Specific Example:
Time Utility - having a good or service available when a consumer wants to buy
it
Specific Example:
Ownership Utility – the satisfaction one receives from simply owning the good
or service (“I Bought It On Ebay” – Weird Al)
Specific Example:
Elements of Marketing (see pgs. 292 – 294)
Market Research : gathering, recording, and analyzing data about the types of goods and
services that people want
Market Survey – info gathered by researchers about possible users of a product based
on such characteristics as age, gender, income, education, and location
Test- Marketing – offering a product for sale in a small area for a limited period of time
to see how well it sells before offering it nationally
Advertising and Promotion
Distribution
Strategies of Marketing (see pgs. 296-300)
Product:
-what good or services to offer  what do consumers want?
-packaging  size, design, color
-additional services to offer with the product  warranty, consumer support, etc.
-product identification  anything to identify with the product
 Logo
 Song or Jingle
 Packaging
Price: Costs of producing, advertising, selling and distributing the good or service + Profit
-price leadership  setting prices similar to competitors
-penetration pricing  selling a new product at a low price to attract customers away
from an established product
Place: Where to sell the product or service?
-Wal-Mart, Mall, Discount Stores, Internet etc.
Promotion: Use of advertising and other methods to inform consumers that a new or improved
product or service is available and to persuade them to purchase it
-Direct Mail Advertising
-Internet
-Coupons, Rebates, etc.
-Commercials, Endorsements, etc.