Marketing

Customer satisfaction – the extent to which a firm fulfills customers’ needs, desires and expectations.
Utility – the power to satisfy human needs.
Production and marketing supply five kinds of economic utility: form, task, time, place, possession.
Form, task – provided by production. Time, place, possession – provided by marketing.
Form utility – when someone produces something tangible.
Task utility – when someone performs a task (services).
Marketing is concerned with what customers want and it should guide what is produced and what is not.
Possession utility – obtaining a good or service and having the right to use it.
Time, place utilities – having the needed good/service in the needed place at the needed time.
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