MANAGEMENT

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: -the ability of a good or service to satisfy a customer’s needs or wants; the five kinds of economic utility are form utility, time utility, place utility, information utility and possession utility.

Detailed explanation-3: -Form utility refers to how well a product or service has been constructed to meet customers’ wants and needs. Companies now usually start with market research intended to identify and match these wants and needs and thus maximize form utility.