Chapter 11.1, Problem 1R

To determine

To analyze: Importance of the given terms.

Explanation of Solution

Marketing is important as a product itself cannot go home to home and let the company earn profits, it is marketing that allows a company to spread information about their product. And helps their products to attract consumers.

Consumer sovereignty is important as it gives freedom to the consumer to choose and compare different firms and suppliers for their satisfaction with the product.

The utility market is important as it gives the idea of the product which consumer can get full satisfaction from.

The research market survey helps in anticipating the market change before the manufacturer starts the process.

Test marketing is important as to how your product is doing in the market after distribution.