Question

Describe the form utility of the product you chose. What makes its form useful? Can you think of any improvements that could be made to its form utility

Answer 1

There are four different types of utility: form utility, place utility, time utility, and possession utility. The extent to which these utilities affect purchase decisions depends on the individual.

Step-by-step explanation:

The four types of economic utility are form, time, place, and possession, whereby utility refers to the usefulness or value that consumers experience from a product.

The economic utilities help assess consumer purchase decisions and pinpoint the drivers behind those decisions. Companies strive to increase the utility or perceived value of their products and services to enhance customer satisfaction, increase sales, and drive earnings.