What Are the Four Components of the Utility Marketing Model?

What Are the Four Components of the Utility Marketing Model?

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.

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.