By:Elias, Sasha, and Matteo
Product Utility Definition
Product utility - an economic term referring to the total satisfaction received from consuming a good or service.
Types of Utility
The four types of utility are form utility, place utility, time utility, and possession utility.
Which Utility is not a Marketing Utility?
Form utility is not a marketing utility because it is "provided by production with guidance of marketing. All of the other types of utility are provided by marketing.
Why is Product Utility an Important Factor?
The concept is used to explain that the process of marketing creates several utilities which make a product/service usable to the end consumer. Without these utilities being used, is not possible to acquire, and use the product properly.
Types Utility Being Used When Products Are Being Sold Online
Form, time, place, and possession are all used when a product is sold through the internet.
Holiday Seasons Affecting Utility
Time and place utilities are most affected because on Black Friday retailers only have a limited supply. Time utility is, having the product available 24/7 and if the product is sold out it is no longer available. Place utility is having the product accessible to the customer. On Black Friday retailers specially mark areas of the store to make it easier for the customers to find the product.
"5 Types of Utilities." 5 Types of Utilities. N.p., n.d. Web. 11 Dec. 2014.
"CTE Resource Center - Verso." - Introduction to Marketing Task 300778148. N.p., n.d. Web. 11 Dec. 2014.
Jones, Jessica. "What Are the Four Types of Utility Marketing?" Small Business. Demand Media, n.d. Web. 11 Dec. 2014.
"Utility Definition | Investopedia." Investopedia. N.p., n.d. Web. 11 Dec. 2014.