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Word Count: 764
Before we speak about Marketing we must define Marketing Marketing is the exchange of goods or services It is a way of thinking making people happy by meeting their needs and wants For businesses to succeed we must know all about the four Marketing Utilities which determine whether or not an exchange will take place These are Form Utility Place Utility Time Utility and Possession Utility Form Utility means that the product is in the form that the customer needs For example I wear size seven shoes and if the store doesnt have my size I will not buy them Place Utility means that the product is in the place that the customer needs For example I live in New York and I want to buy something from California If I cannot order it by mail I will not buy it Time Utility means that the product is available at the time that the customer needs it For example I need to buy Christmas clothing in September but no store sells it and it is impossible to find it Possession Utility means anything that prevents the exchange from taking place given that form place and time utility are all present For example I get my size and the store is near me and in good time but the store takes cash and I dont have cash so I can not buy the product The final price of a product depends on the law of supply and demand That means that when supply exceeds demand sellers can reduce the price For example at the end of summer season the price of summer clothing will be reduced However when demand exceeds supply sellers can increase the price For example at the beginning of summer season the price of summer clothing will increase because everybody wants to buy summer clothing Businesses must do research about Successful Marketing Success depends on understanding why and how customers behave
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