Ch 1 BME

planning, promoting, and distributing products

What does a miniature golf business provide to its customers?

A marketing concept includes information such as ethnic background, age, income level, and geographic location.

the added value of a product in economic terms

deciding how much to charge for goods and services

Transforming old glass bottles into beautiful new sculptures is an example of form utility

The "buy one get one free" strategy is an example of distribution.

When a product’s demand and production increase, price usually decreases

Time utility involves having a product available at a certain time of year or day.

product, price, place, promotion

Informing, persuading, or reminding potential customers about a good or service is called pricing

To increase the place utility of their products, some retailers offer installment or layaway plans.

Selling exercise equipment through catalogs mailed to ABA members and other athletes is an example of place utility