Explain the concept of utility in marketing and how consumers are involved in determining utility
What will be an ideal response?
Utility is the satisfaction received from owning or consuming a product or service. In other words, utility is the value that customers attach to a product. The customers' perception of the product determines its level of utility; marketers work to influence customers' perceptions of the product. The more utility a consumer perceives a product to have, the more likely that consumer is to purchase the product.
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Hawk Store counted some of its inventory twice. As a result, its operating expenses will be
a. Understated b. Correct only if Hawk Store calculates it cost of goods sold correctly c. Overstated d. Correct since operating expenses are not affected by inventory costs
What are the benefits of using employee engagement and feedback?
a. Employees will feel as though they’ve been heard and will be pacified b. It provides more flexibility in the timeline c. Ambiguity will be reduced and it may build support by communicating why the change was undertaken d. It may lessen the chances of revolt
The management of Toro Corporation expects sales in August to be $130,000. The company's contribution margin ratio is 65% and its fixed monthly costs are $54,000.Required:Estimate the company's operating profit for August, assuming that the fixed monthly costs do not change.
What will be an ideal response?
What is persuasion? Why should businesspeople master this skill?