3. Explain the types of utility?
Answers
Answer:
The Four Types of Economic Utility. ... In this context, utility refers to the perceived value (i.e. usefulness) an individual receives when they purchase a good or service. There are four different types of utility: form utility, place utility, time utility, and possession utility.
Answer:
There are four different types of utility: form utility, place utility, time utility, and possession utility.
Form utility:- Form utility is the value seen by a consumer in finished products.
Place utility:- The place utility refers to the utility created for the product by the virtue of its location.
Time utility:- Many companies educate their business, marketing and advertising professionals about the customer purchase behaviour and needs of the consumers which create a utility function.
Possesion utility:- Possession utility is the value customers have while buying a product and they have the choice to use the product for the purpose it was made for or finding a new way to use the product.
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