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Chapter 3 The Marketing Concept
Mrs. Dare's Marketing Course
9
Marketing
12th Grade
09/27/2012

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Cards

Term
adding value
Definition
adding a feature or service that makes a product meet more customer wants and needs
Term
customer satisfaction
Definition
positive feeling a customer gets when the product purchased meets or exceeds the customer's expectations
Term
form utility
Definition
added when a business changes the form of something to make it more useful
Term
information utility
Definition
added when a business provides information about a product to a customer
Term
marketing concept
Definition
approach to business that says that the way to make a profit is to focus on customer satisfaction (three elements: customer satisfaction, total company approach, profit)
Term
place utility
Definition
added when a business makes products available at convenient places
Term
possession utility
Definition
added when a business makes it easier for a customer to acquire a product (i.e., credit)
Term
time utility
Definition
added when a business makes products available at the times that customers need and want them
Term
utility
Definition
the ability of a product to satisfy human wants and needs
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