Which of the following is TRUE of utility?
A) The three utilities-form, price, and ownership-are created by marketing.
B) Utility is defined as a ratio of benefits to costs, as viewed from the eyes of the beholder.
C) Form utility is created when products are available to customers at a convenient location.
D) The four major kinds of utility are form, time, place, and ownership.
E) Place utility is created when the firm converts raw materials into finished products that are desired by the market.

Question

Quizplus · Accepted Answer

The statement "The four major kinds of utility are form, time, place, and ownership" is true. Form utility refers to the creation of a product's form or design, time utility refers to the availability of products when customers want them, place utility refers to products being available at convenient locations, and ownership utility refers to the ability of consumers to easily acquire and use products.

Which of the Following Is TRUE of Utility