The Marketing Utility Model has a vast meaning. Nobody has completely defined marketing. Marketing consists of more activities than most people think Someone is saying the activities of the company to communicate and motivate the customers to get them to purchase the offered product. Some are saying that marketing is the process of exchange of values between the two parties.
In the past people exchanged their goods or services to fulfill their utilities through a barter system. (a system in which products and services are exchanged without the involvement of money)
‘According to the American Marketing Association
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Philip Kotler father of Marketing defines marketing as “the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. The prime objective of marketing is to provide goods and services to customers to satisfy their needs. Paul Mazur defined marketing as, “The delivery of standard of living to the society”. Marketing helps to identify the needs of the customer and take the initiative to provide quality goods at cheaper prices.
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According to Harvard University, “Marketing helps a firm in creating value by better understanding the needs of its customers and providing them with innovative products and services. This value is communicated through a variety of channels as well as through the firm’s branding strategy. Some define marketing as the process of supplying goods and services from manufacturers or suppliers to the ultimate consumer to satisfy his or her needs. or demands
In short, Marketing consists of individual and organizational activities that help to facilitate the exchange process in a dynamic environment through the creation, distribution, promotion, and pricing of goods or services and ideas to satisfy the need or want of a person. Needs are necessary for life and their functions like water food shelter medical care etc. and want is something that improves the quality of life Computer, Air-condition, etc
Before proceeding further there is another important term in marketing which is utility. The simple meaning of ‘utility’ is ‘usefulness’.It is the power of a good or service to satisfy the needs or wants of a person. Utility can be defined as the total amount of satisfaction that a person gets when he uses a particular product or service. Thus, we can say that“Needs or wants satisfying capacity of goods or services is called Utility.
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Utility is the basis of consumer demand. A consumer thinks about his demand for a commodity based on the utility coming from the commodity. Utility depends upon the intensity of want. When a want is unsatisfied or more required, there is a greater urge to demand a particular commodity that satisfies a given want. Expected satisfaction may be less or equal to or more than the real satisfaction.
Utility is a psychological phenomenon that differs from person to person. Is utility measurable? Yes, according to Professor Marshal utility of a product can be measured by the price a person is willing to pay for that product. Nobody is ready to pay more than the assessment of product’s satisfaction(Utility) For example the price of a second-hand old model car will be lower than a brand-new model car because it is thought that the utility(satisfaction)of an old model car will be less than the new model car. Keeping in view the companies attempt to increase the utility of their products and services to increase customer satisfaction, sales, and earnings.
There Are Four kinds Of Utility:
1-Form utility is a type of utility that comes from the finished product’s design or service. Companies are improving the design or features of their products or services. It results in increasing customer satisfaction. Therefore Organizations are continuously watching the post-purchase behavior of potential customers. The companies are conducting market surveys to collect the information. The company product designers are using such kinds of information for the improvement of the design and features to maximize the customers’ utility. For example, a new model car has more features for customer satisfaction as compared to the old one
2-Place utilityBasically transportation of products is responsible for the creation of place utility. For example, transportation of finished goods from factory to retailer. Grains from farm to grain market.
3-Time utilityUtility of a commodity is always greater at the time of shortage. Trading always involves the creation of time utility. For example, at the time of harvesting of crops, the price is low. its price is high in the off-season creating time utility.
4-Service utilityThis utility provides personal services to customers by various professionals. such as lawyers, doctors, teachers, bankers, transporters, etc.
Therefore utility plays an important role in marketing. It is another name for consumer satisfaction. Consumer satisfaction is the base of marketing. When an organization is going to make a marketing plan it considers the maximum consumer satisfaction or utility.