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Chapter 5

Chapter 5

Management (MGT)
Course Code
Chris Bovaird

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Utility ability of a product to satisfy a human want or need
Four kinds
1.Time utility produces available when consumers want them
2.Place utility makes products available where customers can
conveniently purchase them
3.Ownership utility conveniently transferring ownership from store to
4.Form utility turning raw materials into finished ornaments
Consumer goods products purchased by individuals for their personal use
Industrial goods products purchased by companies to use directly or indirectly to
produce other products
Services intangible products, such as time, expertise, or an activity that can be
Marketing mangers mangers responsible for planning and implementing all the
marketing-mix activities that result in the transfer of goods or services to customers
Marketing plan a detailed strategy for gearing the marketing mix to meet consumer
needs and wants
Marketing mix the combination of product, price, place, and promotion strategies used
in marketing or product
Product a good, service, or idea that satisfies buyers’ needs and demands
Product differentiation the creation of a product or product image that differs enough
from existing products to attract consumers
Prices that part of the marketing mix concerned with choosing the appropriate price for
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