Business marketing is about the exchange of services between two parties- the seller or the businessman and the buyer or the consumer. The utilities are the value that a seller can derive from the product or services that the seller offers. The four types of business marketing utilities are: the form, place, time, and possession.
This refers to the product or services that the businessman provides for his customers. Normally, a businessman has a pool of marketing team who goes out in the field and studies the behaviors of the target market. It includes stuff that make them attracted to a certain product, their preferences, among others. This type of business marketing utility is aimed at developing a product or service that will answer what the buyers are looking for. The product or service that you will create must be in competition with other brands in terms of price, specifications, and easy installation.
This type of business marketing is about accessibility. Even if you have a good product or service but your buyers find it quite challenging to reach your destination, then they will not be encouraged to try what you have to offer to them. Business marketing is also about convenience. You have to go where your target customers are. If on the other hand, your business is limited to online orders only, you have to provide a place or an avenue for your buyers where they can easily post questions to you.
In order for you r business to grow, you have to ensure your buyers that the product is available all the time. You can improve time utility by working on your logistics. If you have an effective chain of supply, you can be sure that the products that you offer are delivered on time so buyer’s time are not wasted. It is very disappointing if your buyer will make an effort to visit your shop only to learn that the product is already out of stock. In the service department, you can provide a 24/7 customer care as a business marketing tool.
If you are a supplier of raw materials to buyers, then you provide your buyers possession of vital raw materials for their own business. For instance, if you supply baking and cooking products to caterers, you supply them with quality ingredients so they can create better tasting food for their customers. In effect, since you give them possession of quality raw materials as a business marketing utility, they will always return for you once their supplies have been used.
Share trading can also improve the status of your business.