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Sports Marketing TICKET: ______________________________________

THE MENU: Read and discuss the opening TICKET Review marketing foundations Discuss economic utilities Economic benefits of marketing Economic Utilities Project. OUTCOMES : By the end of class, you will be able to: List and describe each of the economic utilities

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Sports Marketing TICKET: ______________________________________

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  1. THE MENU: Read and discuss the opening TICKET Review marketing foundations Discuss economic utilities Economic benefits of marketing Economic Utilities Project OUTCOMES: By the end of class, you will be able to: List and describe each of the economic utilities Discuss the economic benefits of marketing Choose a product and present its economic utilities Sports Marketing TICKET: ______________________________________ 1

  2. UNIT 3 Economic Utilities Economic Utilities value added by producers and marketers to materials before they reach the consumer • Form utility • Place utility • Time utility • Possession utility • Information utility 1

  3. Economic Utilities Key Terms • utility • form utility • place utility • time utility • possession utility • information utility 1

  4. Economic Utilities Form Utility Changing raw materials or putting parts together to make them more useful. • Example: The parts of a lounge chair—the wood frame, the fabric, the glue and nails, and the reclining mechanism—are less useful by themselves. Putting them together adds form utility. 1

  5. Economic Utilities Place Utility • Having a product where customers can buy it. • Example: Selling directly to the customer through catalogs. 1

  6. Economic Utilities Time Utility • Having a product available at a timeconvenient for customers. • Example? 1

  7. Economic Utilities Possession Utility • Exchange of a product for some monetary value. • Example: Taking credit cards and checks rather than just cash enables customers to buy products. 1

  8. Economic Utilities Information Utility Providing information so the customer is comfortable buying. • Example: Salespeople explain features of products. • Example: Packaging explains qualities and uses. • Example: Advertising informs consumers about products. 1

  9. Economic Utilities Lower Prices • When demand is high, manufacturers can make products in larger quantities, which reduces the unit cost of each product. • Example: When fixed costs are $20,000: • Quantity ProducedFixed Cost Per Unit • 10,000 $2.00 • 200,000 10¢ 1

  10. Economic Utilities New and Improved Products As businesses continue to look for opportunities to better satisfy customers' wants and needs, the result is a larger variety of goods and services. • Example: Personal computers have become smaller, more powerful, and less expensive through competition between makers. 1

  11. Economic Utilities Economic Benefits of Marketing Bridges the gap between you and the maker or seller of an item. Makes buying easy for customers. Creates new and improved products at lower prices. 1

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