Economic Utility

Economic Utility

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  • Economic Utility
  • It is used by economists to describe the measurement of usefulness that a consumer obtains from any good.
  • Form Utility
  • Basketballs are constructed and made in factories.
  • Place Utility
  • Basketballs are shipped to Dick's Sporting Goods.
  • I am selling a basketball at DICK's Sporting Goods.
  • Time Utility
  • It is best sold during Christmas and on birthdays.
  • The process of increasing the attractiveness of a product to a group of consumers by altering its physical appearance.
  • Information Utility
  • Look for the product with the specific instructions.
  •  It involves shipping a finished product to a new location that is more accessible to consumers than the place where it was initially manufactured.
  • Possession Utility
  • You can use any type of currency like credit, debit, or cash.
  • It is easy availability of products or services at the time when customers need or want to purchase them.
  • A central source of information for an organization or group.
  • It is benefit customers derive from ownership of a company's product once they have purchased it.
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