5 Utilities
What is Form Utility?
How much value does an object have and how does changing it add value?
(Value of an object)
What is North Korea?
This country is requesting for Apple Juice to be sent to them
What is every dollar a business collects from customers?
Revenue
What are Geographics?
Where your customer lives
What is Supply?
The amount of goods and services that the producer is willing and able to produce
What is Time Utility?
Ensure a product is available at all times
What is PDC?
These are what your decisions based on during this project
What are Costs?
These are the expenses of a business
What are Demographics?
Physical characteristics of your customers
What is Demand?
The amount of goods and services that the consumer is willing and able to purchase
What is Place Utility?
Distibuting a product somewhere convenient
Who won the Apple Juice project in Period 4?
Rielle and Kyleigh
What is Profit?
the money left over after a business pays for its cost
What are Psychographics?
What goes on in the customer's brain
What is Equailibrium?
When the amount produced equals the amount demanded by consumers
What is Possession Utility?
A product comes into effect when we exchange money for it
What system is North Korea adopting?
American Free Enterprise System?
The profit formula is...
Profit = Revenue - Costs
What is Behavior Segmentation?
Customers who behave the same
When supply is LESS than demand, we have what?
a Shortage
What is an Information Utility?
Adding infomation to a product to help a customer
How many people are going to be buying the apple juice?
Who are millions?
What is Profit Motivation?
This is the "fuel" that runs the engine that is the Free Enterprise System
What is a Customer Profile?
The specific characteristics of who you are targeting with your promotion
When we have more Supply than Demand, we have what?
A Surplus