By accepting major credit cards, a retail outlet has created
A) price utility.
B) time utility.
C) ownership utility.
D) form utility.
E) place utility.

Question

Quizplus · Accepted Answer

By accepting major credit cards, a retail outlet has created ownership utility. Ownership utility is created when the product or service is made available for purchase or use by the customers. Acceptance of major credit cards is one way to make the product or service available to a wider range of customers, as not everyone carries cash on hand. Accepting credit cards also helps customers manage their purchases since they can pay for them later rather than having to carry large sums of cash or pay by other means. Therefore, accepting credit cards adds value to the customer's experience and creates ownership utility.

By Accepting Major Credit Cards, a Retail Outlet Has Created