Chapter 1 Study Questions.docx Chapter 1 Study Questions: 1.What is the definition of ma

Chapter 1 Study Questions.docx  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.  1.Form- dinner at Applebees, Samsung Galaxy phone, Levi jeans  2.Time- Dental appointment, digital photographs, next day air delivery  3.Place- technicians available, onsite daycare, banks in grocery stores  4.Ownership- retail sales (in exchange for currency or card payment)  4.List the eight universal functions of marketing. Describe each.   1.Buying- ensuring that the product offerings are available in sufficient quantities to meet customer demands.  2.Selling- using types of advertising, sales promotions,and personal selling to match products to customer needs.  3.Transporting- moving products from their point of production to locations convenient for purchases like retailers.   4.Storing- warehousing products until needed for sales  5.Standardizing and grading- ensuring that product offerings meet quality and quantity controls of size, weight, an