Today I am going to describe flip flops as the 5 economic utilities!
Form utility- Changing raw materials or putting parts together to make something new. Flip flops are made from rubber, foam, plastic, and leather. All of these materials make flip flops
Place utility- Having a product where customers can buy it. You can buy flip flops anywhere. Old Navy, Target, Hollister, etc.
Time Utility- having product available at certain time of year or convenient time of day. For flip flops would be that they are sold in stores in the beginning of spring so everyone has a pair ready for summer!
Did you know... you can purchase flip flops with cash, credit cards, or checks. This is known as Possession Utility. Which is a product exchanged for monetary value
Information Utility- Communication with consumer about your product/service. For flip flops it would be the price of the shoe, the box that it comes in, or even the price