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Contemporary Marketing 15th Edition by Louis Boone, David Kurtz
Edition 15ISBN: 9781111579715Contemporary Marketing 15th Edition by Louis Boone, David Kurtz
Edition 15ISBN: 9781111579715 Exercise 1
Identify the four types of utility, and give an example of each.
Explanation
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Utility :
The ability of identifying the level of satisfaction of the consumer's needs and wants by the attributes of the product is called utility.
Types of utility :
Utility is categorized into four types, they are :
Form utility : The process of converting the stock into finished products is called as form utility; for example, converting the blue fabric into blue jeans.
Time utility : The availability of particular products found at a specific time is called as time utility. For example, during summer season the demand for ice cream is more due to the time utility of the product.
Place utility : The availability of particular services found at a specific location is called as place utility. For example, Automated Teller Machine (ATM) is installed in many malls.
Possession utility : The capability of transferring the buyer's ownership of services is called as possession utility. For example, leasing transfers the right or ownership from one customer to another customer.
The ability of identifying the level of satisfaction of the consumer's needs and wants by the attributes of the product is called utility.
Types of utility :
Utility is categorized into four types, they are :
Form utility : The process of converting the stock into finished products is called as form utility; for example, converting the blue fabric into blue jeans.
Time utility : The availability of particular products found at a specific time is called as time utility. For example, during summer season the demand for ice cream is more due to the time utility of the product.
Place utility : The availability of particular services found at a specific location is called as place utility. For example, Automated Teller Machine (ATM) is installed in many malls.
Possession utility : The capability of transferring the buyer's ownership of services is called as possession utility. For example, leasing transfers the right or ownership from one customer to another customer.
Contemporary Marketing 15th Edition by Louis Boone, David Kurtz
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