Quiz 1: Marketing: Creating Customer Value and Engagement
Utility : The ability of identifying the level of satisfaction of the consumer's needs and wants by the attributes of the product is called utility. Types of utility : Utility is categorized into four types, they are : Form utility : The process of converting the stock into finished products is called as form utility; for example, converting the blue fabric into blue jeans. Time utility : The availability of particular products found at a specific time is called as time utility. For example, during summer season the demand for ice cream is more due to the time utility of the product. Place utility : The availability of particular services found at a specific location is called as place utility. For example, Automated Teller Machine (ATM) is installed in many malls. Possession utility : The capability of transferring the buyer's ownership of services is called as possession utility. For example, leasing transfers the right or ownership from one customer to another customer.
The product O celebrated its hundredth birthday which indicates their success, efficiency and hard work in all sectors. Through this celebration they could successfully meet the definition of marketing. Some of the activities in these celebrations are as follows: • It launched an ad campaign "celebrate the kids inside" which facilitates the customers to post pictures and other content to the social media. • Each country opted different modes of celebrations. These celebrations included some live events, promotions, public relations, bursting crackers etc. • The events can be watched by the consumers through social media. • It also promoted the events through traditional methods of promotion like Television ads, print ads etc. • Apart from social networking sites, the company website also initiated games and recipes. All these activities can attract huge volume of customers towards them. This celebration can create a positive impression among the public. This can bring more customers towards the product.
Customer : Customer is an individual or firm, who purchases the products and services created by business. Customer pays for the supply and creates demand for the products. Way of creating a customer by organization : Creating and delivering the products to the customer is essential for organizations operating in today's competitive marketplace. To craft customers, the organization has to understand about the marketplace and customer needs. Organization can create the customer by categorizing the needs of customers, and designing goods and services to meet the customer satisfaction of the products. Organization makes the products and services reachable to the customer at a time and place that meets the customer's needs. Organization has to concentrate more on pricing; it reflects the costs, competition for products in market, and finally ensures the customer-satisfaction after the purchase of products. Organization as deliver the products in an effective and efficient way to customer. To make profitability, the organization has to generate customer loyalty. Customer loyalty is not a short term plan; it is a long term commitment to the products and services.