11 Sports Marketing TICKET: ______________________________________ THE MENU: Read and discuss the opening TICKET Review marketing foundations Discuss economic utilities Economic benefits of marketing Economic Utilities Project OUTCOMES: By the end of class, you will be able to:  List and describe each of the economic utilities  Discuss the economic benefits of marketing  Choose a product and present its economic utilities

12 UNIT 3 Economic Utilities Economic Utilities _______ added by producers and ________ to materials before they reach the consumer  Form utility  Place utility  Time utility  Possession utility  Information utility

13 Economic Utilities Key Terms  utility  form utility  place utility  time utility  possession utility  information utility

14 Economic Utilities Changing raw _______ or putting parts together to make them more ______. Form Utility  Example: The parts of a lounge chair — the wood frame, the fabric, the glue and nails, and the reclining mechanism — are less useful by themselves. Putting them together adds form utility.

15 Economic Utilities Having a product _____ customers can buy it.  Example: Selling directly to the customer through catalogs. Place Utility

16 Economic Utilities Having a product _________ at a time convenient for customers.  Example? Time Utility

17 Economic Utilities Exchange of a product for some ________ value.  Example: Taking credit cards and checks rather than just cash enables customers to buy products. Possession Utility

18 Economic Utilities Providing _________ so the customer is comfortable buying. Information Utility  Example: Salespeople explain features of products.  Example: Packaging explains qualities and uses.  Example: Advertising informs consumers about products.

19 Economic Utilities When demand is high, manufacturers can make products in ______ quantities, which ________ the unit cost of each product.  Example: When fixed costs are $20,000: Quantity Produced Fixed Cost Per Unit 10,000 $ ,000 10¢ Lower Prices

110 Economic Utilities As businesses continue to look for opportunities to better _______ customers' wants and needs, the result is a larger ________ of goods and services. New and Improved Products  Example: Personal computers have become smaller, more powerful, and less expensive through competition between makers.

111 Economic Utilities Bridges the ____ between you and the maker or seller of an item. Makes buying _____ for customers. Creates new and ________ products at lower prices. Economic Benefits of Marketing