Chapter 1 Vocabulary Review

The process of developing, promoting, and distributing products.

Tangible items of monetary value that satisfy needs and wants like cars or food.

Intangible items of monetary value that satisfy needs and wants like plumbers, dentists, and lawyers.

A product's usefulness.

Having products available when consumers want them increases value through what utility?

Changing raw materials into something useful such as crude oil into gasoline is an example of what utility?

Cooking instructions on packaging adds value to food products by providing what utility?

Credit cards and lay-a-way increase which utility by making products more attainable?

Food products sold at local grocery stores rather than in states where they are produced is an example of which utility?

People who share similar needs and wants and can purchase them are known as a

Consumers who purchase goods and services for personal use are part of the

Businesses who purchase goods and service for use in their organization are part of the

A company's percentage of total market sales is

Classifying people who form a given market into smaller groups is

Group most likely to become customers is the