The ability of a good or service to satisfy a need is considered to be its
A) benefit.
B) utility.
C) value.
D) market.
E) sociocultural environment.

Question

Quizplus · Accepted Answer

The term "utility" refers to the usefulness or satisfaction that a good or service can provide to a consumer. Therefore, the ability of a good or service to satisfy a need is considered its utility. While benefits, value, market, and sociocultural environment are all important factors in marketing, they do not directly relate to the satisfaction of a need.

The Ability of a Good or Service to Satisfy a Need