MANAGEMENT

Detailed explanation-1: -Economic utility refers to the usefulness or value that consumers experience from a product or service and can be judged based on the form, time, place, and possession. These factors help assess the purchase decisions and the drivers behind those decisions.

Detailed explanation-2: -The term economic utility refers to the total degree of satisfaction someone gets from using a product or service. It may be a car, house, food, clothing, financial services, or housekeeping. Companies that offer them can study the behaviors of their consumers and figure out what drives them to make purchases.

Detailed explanation-3: -Increasing economic utility can help guide customers’ purchase decisions. They may be more likely to make quicker decisions with less hesitancy, which can increase a company’s sales. A company may experience a higher annual revenue when it implements various forms of economic utility.

Detailed explanation-4: -Therefore economic utility is the total amount of satisfaction or usefulness that a consumer derives by consuming the good. In other words, the economic utility is how the consumer perceives a given product to fulfill its demand. As discussed there are four different types of utility: Form, Place, Time, and Possession.

Detailed explanation-5: -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.