Question

Distinguish between time utility and place utility

Answer 1

place utility :

The process of increasing the attractiveness of a product to a group of consumers by altering its physical location. In a business
context, place utility might involve shipping a finished product to a new location that is more accessible to consumers than the place where it was initially manufactured.

time utility:

Utility of a good or service created by its
availability at a particular time.

Answer 2

The place utility is the got from changing the place of utilizing of goods and services

Time utility is providing the goods and services to the people at the right time when they require them

Explanation:

Place utility

• Place utility takes place through the method of production of good or services readily available for being consumed.
• The place utility is got from the change in place of utilizing the goods
• The place utility increases with the change in place of its utility

Time utility

• Time utility is made when the goods and services are easily available for the people when then need it at the right time
• The time utility increases with any change in utilization of time
• Time utility also takes place when goods are stored and brought out at a time when there is demand for them

To know more about time utility

Benefits of time utilization

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