The ability of goods and services to satisfy consumer "wants" is known as _____.

Question

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Utility refers to the satisfaction that consumers derive from the consumption of goods and services. It is the ability of a product to meet a specific need or want of a consumer. Segmentation refers to the process of dividing a market into smaller groups of consumers with similar needs or characteristics. Value is the perceived worth of a product. Differentiation is the process of making a product or service stand out from those offered by competitors.

The Ability of Goods and Services to Satisfy Consumer "Wants