5 Economic Utilities – Flashcards

changing raw materials or putting parts together to make them more useful Ex: zipper, cloth, thread, for a jacket

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

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

How a consumer comes into possession of the product. ( Generally cash, check, credit card.)

Involves communication with the consumer. Ex: salesperson explaining features and benefits, labeling, packaging