Economic Utilities
7 Functions
Key Terms
The Basics
Teacher Picks
100
The utility that is increased when retailers offer their customers installment or layaway plans.
What is Possession Utility?
100
This function refers to the means of getting a product into the consumer's hands.
What is Channel Management or Distribution? 
100
The owner of a miniature golf business provides customers with this.
What is a Service? 
100
These are the people who share similar needs and wants and who can purchase your products.
What is a market? 
100
Product, price, place, promotion.
What is the marketing mix? 
200
The utility that is increased when employees of a home improvement warehouse are expert craftspeople who enjoy giving customers advice.
What is Information Utility? 
200

The function that related to the effort to inform, persuade or remind potential customers about a product or service.

What is promotion? 

200

Creating, communicating, delivering and exchanging offerings that have value for customers

What is marketing? 

200
Completing a form rating the service, food and accommodations of a hotel is an example of this tool marketers use.
What is market research? 
200
When demand and production for a product increase, this usually decreases.
What is price? 
300

This is the utility that is not directly related to marketing and involves putting different parts together to create a product that will satisfy consumers wants and needs.

What is form utility?
300

The function that relates to obtaining, developing, maintaining and improving a product or product mix, often times using market research.

What is Product/Service Management? 

300
Tangible items that satisfy consumer wants or needs.
What are goods? 
300
Anthony asks his Mom to buy him Lucky Charms after seeing a commercial during Saturday morning cartoon, Anthony's Mom is the customer and Anthony is this.
What is the consumer? 
300
Deciding how much to charge for goods and services
What is pricing? 
400

The utility that increases when a company opens a new location in a different town/city.

What is Place Utility?

400

The function that looks at what competitors are charging for similar products & what costumers are willing to pay.

What is Pricing?

400
Barcodes collect information on what consumers purchase and businesses can use this information for their business operations. What function is this a part of?
What is Marketing Information Management?
400
When Unique Gift Shop purchases Teddy Bears to sell in their store they are making a purchase in this market.
What is industrial or business-to-business market?
400
The market share of company A if sales for company A are $1,000 and total sales for the market is $10,000.
What is 10%
500

A grocery store stocks its shelves with plenty of canned pumpkin in fall to increase this utility.

What is Time Utility? 

500
The marketing strategy employed when a company decides to introduce a low-carb or low-calorie option after conducting market research.
What is Product/Service Management? 
500
The percentage of total sales generated by competing companies.
What is market share? 
500

When completing this, marketers will list information such as ethnic background, age, income level and geographic locations.

What is a Target Market or Customer Profile? 

500
Value added in economic terms.
What is utility? 
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