BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Detailed explanation-1: -There are four types of economic utility, which include form, time, place, and possession. Companies that can understand and recognize areas that are lacking in their marketing schemes can assess consumer purchase decisions and pinpoint the drivers behind those decisions, thus boosting their sales and profits.
Detailed explanation-2: -In economics, utility refers to the satisfaction levels consumers receive from buying and using a product or service. According to utility theory, people make purchase decisions based on the degree of satisfaction they get from an item or service.
Detailed explanation-3: -Utility, in economics, refers to the usefulness or enjoyment a consumer can get from a service or good. Although the concept of utility is abstract, it is a useful way to explain how and why consumers make their decisions. “Ordinal” utility refers to the concept of one good being more useful or desirable than another.