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Chapter 1 Study Questions: 1. What is the definition of marketing? The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings and managing customer relations in ways that have value for everyone invo

Chapter 1 Study Questions:

1.    What is the definition of marketing? The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings and managing customer relations in ways that have value for everyone involved. 

2.    How do organizations create utility? What is the marketers’ role in creating utility? All organizations must create utility to survive. Creating utility is based on designing and marketing on wants, satisfying needs for goods, services, and ideas. It is created by form, time, place, and ownership. 

3.    Identify the four types of utility, and give an example of each.

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