Question

What types of utility is marketing directly responsible for creating?

1) Form utility
2) Place utility
3) Time utility
4) Possession utility

Answer 1

Marketing is directly responsible for creating form, place, time, and possession utility.

Step-by-step explanation:

Marketing is directly responsible for creating several types of utility:

1. Form utility: This refers to the utility created by transforming raw materials into finished goods. For example, marketing can add form utility by designing and packaging products in an attractive and convenient way.
2. Place utility: This refers to the utility created by making a product available at a convenient location. Marketing can create place utility by ensuring that products are easily accessible to consumers through distribution and retail strategies.
3. Time utility: This refers to the utility created by making a product available at the right time. Marketing can create time utility by promoting and distributing seasonal products during their peak demand periods.
4. Possession utility: This refers to the utility created by making a product easy to own. Marketing can create possession utility by offering financing options, warranties, and other incentives to encourage consumers to purchase and possess the product.