Chapter 1: Marketing and the Marketing Concept

Marketing is the process of planning, pricing, promoting, selling, and distributing ideas, goods, or services to create exchanges that satisfy customers.

• false
• true

Goods are intangible items that have monetary value and satisfy your needs and wants. 

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• false

Services are intangible items that have monetary value and satisfy your needs and wants.

• true
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Seven Functions of Marketing

• marketing concept, distribution, selling, promotion, financing, distribution, and marketing
• marketing, goods, services, distribution, financing, pricing, and promotion
• distribution, financing, marketing information management, pricing, product/service management, promotion, and selling

Marketing concept is the pricing decision that obtains, develops, and improves a product.  

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Utilities are the attributes of a product or service that make it capable of satisfying consumers' wants and needs.  

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Form utility involves hanging raw materials or putting parts together to make them more useful.  

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• False

Place utility involves having a product available at a certain time of year or a convenient time of day.

• False
• True

Time utility is having a product available at a certain time of the year or a convenient time of day.  

• True
• False

Possession utility is the exchange of a product for money.  

• False
• True