Q.5 Which service provide time and place utility in goods?
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four types of economic utility are form, time, place, and possession, whereby utility refers to the usefulness or value that consumers experience from a product. The economic utilities help assess consumer purchase decisions and pinpoint the drivers behind those decisions.
Companies strive to increase the utility or perceived value of their products and services to enhance customer satisfaction, increase sales, and drive earnings. The concept of economic utility falls under the area of study known as behavioral economics. It is designed to assist companies in operating a business and marketing the company in a way that is likely to attract the maximum amount of customers and sales revenues.
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