MANAGEMENT

Detailed explanation-1: -form utility. Type of utility added to a product when a business changes the form of something to make it more useful. information utility. Type of utility added to a product when a business provides information about a product to a customer.

Detailed explanation-2: -In economics, utility is a term used to determine the worth or value of a good or service. More specifically, utility is the total satisfaction or benefit derived from consuming a good or service. Economic theories based on rational choice usually assume that consumers will strive to maximize their utility.

Detailed explanation-3: -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-4: -In marketing, utility refers to how a product can be useful to customers in a way that convinces them to make a purchase. Marketing utility is the idea that the best way to sell a product to a consumer is to show them how the product could provide value to their life.