DECA Sports and Entertainment Marketing Practice Exam

Which term best describes the satisfaction from consuming a specific product?

1. Marketing value

2. Consumer surplus

3. Economic utility

4. Service quality

The correct answer is: Economic utility

The term that best describes the satisfaction derived from consuming a specific product is "economic utility." Economic utility refers to the value or satisfaction that a consumer derives from a product or service based on its usefulness or desirability. It encompasses various forms of utility, such as form utility (the product's design and features), place utility (availability where the consumer wants it), time utility (available when the consumer wants it), and possession utility (the enhancement of value when ownership is transferred). When a consumer uses a product and derives satisfaction from it, they are experiencing utility, which is a central concept in understanding consumer behavior in marketing. This concept explains why consumers make particular choices, as they seek to maximize their satisfaction or utility from the products they purchase.