Question

what are the types of utilities created by a business?

Answer 1

Answer:

There are four types of utilities:

1. Form

2. Place  

3. Time

4. Possession

Explanation:

In simple words utility is actually the benefit customer receives in exchange.

Form refers to the products and services offered to the customer.

Utility of time is of great importance as it ensures that the services and products are provided to the customer on time.

Utility of place refers to the availability of services and products in a desired location of customer.

Utility of possession gives customers ownership of products and services that helps them derive benefits for their own business. It can improved by leasing products to the business companies.

Answer 2

There are four types of utilities:

1. Form

2. Place  

3. Time

4. Possession

Explanation:

In simple words utility is actually the benefit customer receives in exchange.

Form refers to the products and services offered to the customer.

Utility of time is of great importance as it ensures that the services and products are provided to the customer on time.

Utility of place refers to the availability of services and products in a desired location of customer.

Utility of possession gives customers ownership of products and services that helps them derive benefits for their own business. It can improved by leasing products to the business companies.