C712 Marketing Fundamentals WGU questions with correct answers

1.01 The four types of Utility - Answer form, time, place, and ownership 1.02 Form Utility - Answer Conversion of raw materials and components into finished goods and services 1.03 Time Utility - Answer Availability of goods and services when consumers want them 1.04 Place Utility - Answer Availability of goods and services at convenient locations 1.05 Ownership (possession) Utility - Answer Ability to transfer title to goods or services from marketer to buyer 1.06 Marketing specialists are responsible for: - Answer 1. identifying customer needs 2. designing products that meet those needs 3. communicating info about those goods to possible buyers 4. making the items available at times and places that meet customers' needs 5. pricing merchandise and services correctly 6. providing follow-up to ensure customer satisfaction 1.07 Definition of Marketing - Answer The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers,