What Is Utility? What Are the Major Types of Utility

question 32

Essay

What is utility? What are the major types of utility? Give an example of how marketing intermediaries can provide each type of utility.

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Definitions:

B2B Market

Business-to-Business market, where transactions are conducted between companies, rather than between companies and consumers.

Macro Variables

Broad variables that describe the overall context of an economy, such as GDP, unemployment rates, inflation, and interest rates.

Micro Variables

Small-scale factors that can affect a business or research outcome; often specific to a particular area or sector.

Demographic Variables

Characteristics of populations used in market research, such as age, gender, income, and education, to segment markets.