GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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economy
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capital
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form
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labor
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Detailed explanation-1: -There are mainly four kinds of utility: form utility, place utility, time utility, and possession utility.
Detailed explanation-2: -The four basic assumptions of utility theory are that a customer can rank any number of given options, more total utility is always better than less, a mix of goods is better than a set of one good, and customers are rational decision makers.
Detailed explanation-3: -Four characteristics of utility are form, time, place, and possession. Form utility is the value that an item has based on the form that it takes.
Detailed explanation-4: -Utility of Time. This is the “when” component of utility: Is your product available when customers want it? Utility of Place. Place utility refers to the ability of consumers to get what they want, where they want it. Utility of Possession. Utility of Form. Utility of Information. 30-Dec-2020