Q:

What are the four components of the utility marketing model?

A:

Quick Answer

The four components of the utility marketing model are product, place, price and promotion. Some versions of the utility marketing model list possession in place of promotion.

Continue Reading

Full Answer

The first component of utility marketing is the product or service being offered. Business owners need to be aware of what customers expect from a product and how to meet those expectations. The second component of utility marketing is the place in which a product or service is sold. For example, buyers expect to find food items in a grocery store or supermarket. The third component of utility marketing is the price of a product or service. Various factors, such as established price points, play a role in pricing. The final component, promotion, refers to how products and services are advertised.

Learn more about Business Resources

Related Questions

Explore