Name and Define the Four Types of Utility Created by Marketing

question 152

Essay

Name and define the four types of utility created by marketing channels.

---

Definitions:

Collecting Data

The process of gathering information from various sources for analysis in order to make informed decisions or understand trends.

Market Research

The process of gathering, analyzing, and interpreting information about a market, including about the potential customers and competitors.

Marketing Mix

The combination of factors that can be controlled by a company to influence consumers to purchase its products, traditionally categorized into product, price, place, and promotion.

Targeting Customers

The strategic process of identifying and reaching out to specific groups of consumers who are deemed most likely to purchase a company's products or services.