Final answer:
The marketing function (c) of the value chain plays a key role in creating value through brand positioning and advertising, which can improve customer perceptions about a product's utility.
Step-by-step explanation:
The function of the value chain that can help create value through brand positioning and advertising, thereby increasing customer perceptions of the utility of a company's product, is c) marketing. Marketing efforts aim to enhance brand visibility and connect a product's value proposition to potential customers' needs and preferences. The goal is to position the product in the mind of consumers in such a way that it is perceived as unique and valuable, which can justify a higher price or maintain customer loyalty.
In the context of the value chain, marketing is not simply about promoting an existing product but also about informing product development and strategy. For example, understanding consumer needs can shape the design and features of a new phone, as with the iPhone's development involving different stages such as design in the United States, parts supply from Korea, and assembly in China. By strategically placing marketing within the value chain, companies can significantly increase the perceived value of their products among consumers.