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