Marketing
Chapter 1 section 1.2
Vocabulary
Utility: the added value in economic terms
The Benefits of Marketing
New and Improved Products: businesses want to satisfy customers wants and needs, to do this they create a variety of goods and services
Lower Prices: higher demands for the product cause the price to lower
Added Value or Utility: they try to add value to the product and satisfy the customers wants and needs
Examples of Utilities
Form Utility: Putting a lift truck together
Place Utility: Khols
Time Utility: Christmas trees
Possession Utility: K-mart Lay away
Information Utility: Car salesman