Quiz 1: Marketing: the Art and Science of Satisfying Customers
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.
Case synopsis: HEP is a world's largest information technology. The major businesses of HEP are personal systems, mobile computing devices, business software, hardware and print cartridge. HEP has made great steps in increasing the volume of the products recovered for reuses and recycling. HEP has also reduced the environment impact in the area of: recycled contents in products, packaging reduction and recycled content, energy efficiency. It is helpful for the consumer and for the firm to create products with lower environmental impact. "Marketing utility provides sustainability efforts for the customer" HEP sustainability efforts are designed at introducing products and services that are more eco-friendly to the society. The firm has sustained a strong focus on delivering high-quality products that are recyclable. This provides the marketing utility to consumer who are socially and environmentally accountable as it gives the customer satisfaction in knowing that the firm contributing toward the betterment of the environment and in the reduction of wastage resources.
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.
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