Marketing Utilities Flashcards

Study Notes

Utility Types

Possession Utility: Involves the actual transaction of products for money, which can occur through various payment methods such as checks, layaway, cash, debit, credit, or "bill me later" options.
Information Utility: Relates to the communication provided to customers about a product, including explanations of features and benefits through salespeople, displays, labels, advertising, and websites.

Economic Analysis

SWOT Analysis: A strategic planning tool used by companies to evaluate their internal strengths and weaknesses, alongside external opportunities and threats, to better position themselves in the market.

Economic Systems

Market Economy: Characterized by a lack of government intervention in economic decisions, where individuals and companies own production means and compete for customers.
Traditional Economy: Guided predominantly by cultural, religious, or ritualistic influences, where economic activities are based on customs, such as in farming communities like the Amish.
Mixed Economies: An integration of market, traditional, and command economies to provide a balanced economic structure.

Economic Ideologies

Capitalism: An economic system emphasizing market competition where individuals and businesses own production, exemplified by countries like the United States and Japan.
Communism: A system where the government has total control over economic activities with the aim of achieving equality among citizens, as seen in countries like Cuba and North Korea.
Socialism: A system featuring more government involvement compared to capitalist societies, aiming for a classless society, with examples in Canada, Germany, and Sweden where socialist elements are present.

Description

Test your knowledge on key marketing utilities such as possession utility, information utility, and SWOT analysis. These flashcards will help reinforce your understanding of how products interact with customers and how companies evaluate themselves. Perfect for marketing students and professionals alike!