5 Economic Utilities – Flashcards

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changing raw materials or putting parts together to make them more useful Ex: zipper, cloth, thread, for a jacket
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Form Utility
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Having the product where a consumer can purchase it.This utility requires a large amount of research to determine the most convenient and efficient location for a product
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Place Utility
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The product is available to the consumers at the best or most efficient time. Marketers increase the economic value of the product by having it available when consumers want to purchase the product
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Time Utility
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How a consumer comes into possession of the product. ( Generally cash, check, credit card.)
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Possession Utility
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Involves communication with the consumer. Ex: salesperson explaining features and benefits, labeling, packaging
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Information Utility
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