Marketing EOPA Study Guide Part II (Economics)

Which economic utility increased when Jerry’s 24-Hour Diner recently began accepting credit cards?

• Place Utility

• Time Utility

• Form Utility

• Possession Utility

The owners of the trendy teen shop, Totally Outrageous Shoe Store, decided to rent store space next to a smoothie shop where teenagers frequently hang out. What did the owners’ decision add to their product?

• Place Utility

• Time Utility

• Form Utility

• Possession Utility

The employees of a home decorating store are expert decorators who enjoy giving customers advice about updating spaces in the home. The employees’ advice given to customers increases the _______________ utility of their goods.

• Place Utility

• Information Utility

• Form Utility

• Possession Utility

During the last three months of the year, a grocery store stocks its shelves with plenty of frozen turkeys in order to increases the turkey’s _______________ utility.

• Place Utility

• Information Utility

• Time Utility

• Possession Utility

Changing old wood into a tree house for little kids in an example of _____________ utility.

• Place Utility

• Information Utility

• Time Utility

• Form Utility

The struggle for customers between two or more companies is considered _____.

• Business

• Market

• Market share

• Competition

Which of the following is considered an indirect competitor of Outback Steakhouse?

• Longhorn's

• Red Lobster

• Steak & Shake

• None of the above

Which of the following is considered a direct competitor of Kroger Supermarkets?

• Wal-Mart

• WalGreen's

• Target

• Publix

Competition usually leads to which of the following?

• High Prices, Lower Quality Products

• Lower Prices, Lower Quality Products

• Lower Prices, Higher Quality Products

• Higher Prices, Higher Quality Products

This type of competition focuses on the sale price of a product.

• Non-price Competition

• Monopoly

• Price Competition

• Market