To Marketers, the Term Utility Refers to the Value Added

question 280

True/False

To marketers, the term utility refers to the value added to goods or services by organizations when they make the product more useful or accessible to consumers.

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Definitions:

Minimize Cost

The process of finding ways to use the smallest amount of resources or incur the lowest cost in producing goods or services.

Corporation

A legal entity that is separate from its owners, providing limited liability protection to its shareholders.

Sole Proprietorship

A company that is both owned and run by one person, where the law does not separate the owner from the entity itself.

Profits Taxed Twice

Describes circumstances where corporate profits are taxed at the business level and then taxed again when distributed as dividends to shareholders.