The 5 Economic Utilities

The 5 Economic Utilities

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  • Utility refers to the value or benefit a customer receives from an exchange. I will be creating my own example in the following cells. Tevin Wooten
  • Form/Transformation- value added to goods through a manufacturing or assembly process. 
  • Stuffed animals are assembled in factories.
  • Place Utility- moving goods from production point to where demand exists. 
  • Stuffed animals are then shipped to stores such as Walmart, Build a Bear and Village Toymaker.
  • Time Utility- value added by having good/service at a demand point at a specific time when it is needed.
  • Stuffed animals will be sold at all times, especially during Christmas. Many parents buy these kinds of animals during the holiday season.
  • Quality Utility- delivering proper quantities of an item to where it is demanded.
  • We will ship approximately 200 stuffed animals to each store. We don't want to send to many because they might not sale. We will send more depending on sales.
  • We will allow lay away and the use of credit cards when purchasing stuffed animals. Lay away allows customers to pay only 20% at the register. They can pay the rest monthly.
  • Possession Utility- created by basic marketing activities related to promotion and sales of goods/services.
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