Question

which type of utility is created by industries​

Answer 1

There are four different types of utility: form, place, time, and possession utility. Form utility is created by the design of the product or service itself. Place utility can be obtained through the process of making a good or service more easily available to potential customers

Answer 2

The utility created is form utility.

• Form alludes to the customer-facing item or service.
• The industry investigates consumer requirements to provide a standard for a certain commodity.
• Thus, form utility is the value that a product receives as a result of the way that the raw ingredients and individual parts that make it up have been put together.
• For instance, a consumer may value a raw piece of wood more than a chair on which he must sit.
• The producer will put together the wood piece, tools, and other components needed to construct the chair and produce one that will sell since there is a need for that product in the market.

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