Question

Define Possession utility

Answer 1

Possession utility is a term that explains and possibly measures the satisfaction that comes from owning a product or enjoying a service. In theory, there are just as many possession utilities as there are a growing number of goods and services.

Answer 2

Answer:

Possession utility is the interest that consumers have when buying a product.

• In the concept of possession utility the consumer has the option of using the product for the reason for which it was made and finding a new way of using the product. The advertising value is the one that enables the consumer to actually access what they purchased is referred to as possession.
• One can increase the usefulness by offering funding that allows consumers to immediately enjoy the product or service while paying little or no money for it. To make them more attractive to consumers, there are endless ways to market products and services. It can help attract more customers and increase sales by highlighting features to communicate the values in the utility marketing model.