Chapter 1

Question 1

What is Utility

Answer 1

Adding value

Question 2

Name the 5 Ecomonic Utilites

Answer 2

form, place, time, possesion, information

Question 3

Consumer

Answer 3

consumers who purchase goods and services for their own personal use.

Question 4

Organizational markets

Answer 4

consumers include all businesses that buy products to use in their operations. (goal is to increase money made and decrease money spending)

Question 5

Target Markets

Answer 5

identifying all of the people who your core users are and keeping them satisfied. (mountain dew ex)

Question 6

Market segmentation

Answer 6

Businesses looking for new customers based on breaking down the market into small groups with similar characteristics.

Question 7

Market Share

Answer 7

Percentage of its total sales volume generated based on competition in the same market.

Question 8

form utility

Answer 8

adding value by changing the form of something ex: wood→cabinets or bird house

Question 9

Place utility

Answer 9

adding value by having at item where consumers can easily buy it ex: movie theater

Question 10

Time utility

Answer 10

adding value by having something available at the right time of day, month, year ex: pumpkins during october

Question 11

Possession utility

Answer 11

adding value by offering alternative forms of payment ex; having apple pay or venmo available

Question 12

Information utility

Answer 12

adding value by providing detailed information about a product