MANAGEMENT

Detailed explanation-1: -Time utility refers to adding value to the consumer by having the product available when the consumer needs it. A good example here would be a convenience store that is open 24/7 – which provides a time advantage over a regular supermarket.

Detailed explanation-2: -Creating time utility includes considering the hours and days of the week a company might choose to make its services available. For example, a store may open on weekends if customers typically shop for a certain product at that time.

Detailed explanation-3: -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-4: -Types of Utility. There are mainly four kinds of utility: form utility, place utility, time utility, and possession utility. These utilities affect an individual’s decision to purchase a product.