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Test 1 - 1 In our free enterprise society what three...

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1. In our free enterprise society, what three specific groups benefit from effective marketing? How does each benefit from effective marketing? The three specific groups that benefit from effective marketing are: 1. Consumers-Consumers are the group that buys products. True competition between products and services in the marketplace ensures that we as consumers can find value from the best products, the lowest prices, and or exceptional service. 2. Organizations-This is the group that sells the product to the consumers. Also they provide need satisfying products with effective marketing programs. 3. Society-The last group that benefits is from society. It enhances competition which in turn both improves the quality of products and services and lowers their prices which makes countries more competitive in world markets and provides jobs and a higher standard of living for their citizens. 2. What is utility? Explain the four utilities created by marketing? A utility is the benefits or customer value received by users of the product. The form utility is the production of a good(s) or services. The place utility means having the offering available where consumers need it where consumers needed it. Time utility involves having it available when needed. Possession utility is the value of making an item easy to purchase through the provision of credit cards or financial agreements. Marketing creates utilities through bridging space (place) and hours (time) to provide products (form) for consumers to own and use (possession).
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