Marketing and the Marketing Concept Vocab Quiz

Utility is the

• benefit or satisfaction that a person gets from the consumption of a good or service
• measure of how useful a resource is in the production process
• measure of productivity associated with a good or service

A business that schedules its hours to better meet consumer needs provides place utility. 

• True
• False

Business process of creating relationship with and satisfying customers.

• Advertisement

• Marketing

• Market Research

• Market Study

What is a good?

• physical products

• tasks that businesses perform for customers

• intangible products

• the effort to perform, persuade, or remind current and potential customers about a business's products or services

_____ are tasks that businesses perform for customers.

• Goods

• Services

• Products

What are the types of economic utility?

• marketing concept

• form, place, time, information, & possession

• None of the above

A new surf shop opens in the middle of Brooklyn, New York. This shop lacks...

• Time Utlity

• Place Utility

• Information Utility

• Possession Utility

The idea that a business should strive to satisfy customers' needs and wants while generating a profit for the business

• marketing concept

• goods

• market research

• nostalgia

Channel management is part of the seven marketing core functions.

• True

• False

The definition of marketing changes every five years.

• True

• False

Answer explanation

Marketing changes often to keep up with trends.