Marketing 1 Vocabulary List #2

 

  1. Value – anything that give something meaning

 

  1. Utility – added value in economic terms; attributes of a good or service that satisfies a customer’s needs and wants

 

  1. Form Utility – raw materials; ingredients

 

  1. Time Utility – having a product available WHEN customers want it

 

  1. Place Utility – having a product available WHERE customers want it

 

  1. Information Utility – promotion; telling others about your product

 

  1. Possession Utility – taking ownership of a product

 

  1. Entry Level Job – no prior experience; limited decision making

 

  1. Career Sustaining Job – more experience required; more decision making

 

  1. Manager/Owner – top level; competent to run a business