What are the four types of utility that marketing channels create, and what do they involve?

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The Answer is Marketing channels create four types of utility: Time utility is having products available when the customer wants them. Place utility is created by making products available in locations where customers wish to purchase them. Possession utility is created by giving the customer access to the product to use or to store for future use. Possession utility can occur through ownership or through arrangements such as lease or rental agreements that give the customer the right to use the product. Channel members sometimes create form utility by assembling, preparing or otherwise refining the product to suit individual customer needs. Marketing channels serve many functions. Although some of these functions may be performed by a single channel member, most are accomplished through both the independent and joint efforts of channel members. These functions include creating utility, facilitating exchange efficiencies, alleviating discrepancies, standardizing transactions and providing customer service.

What Are the Four Types of Utility That Marketing Channels