Today, I'm going to be telling you all about the 5 economic utilities. Lets get to it!
Form Utility
It's been getting pretty chilly outside. I hope I have all my ingredients for some hot chocolate. It would warm me right up.
Place Utility
I should have just gone to the store!
Where is the worker?!?!
I want hot chocolate!!!
5 Economic UtilitiesBy Delanie DiStefano
Time Utility
This is just what I needed to warm me up.
Form Utility: Changing raw materials or putting parts together to make them more usefulExample: In hot chocolate, you need cocoa, milk, marshmallows, a stove, whip cream, and a candy cane on the side.
Possession Utility
Would you like to pay with cash, credit, or debit?
Place Utility: Having a product where customers can buy it.Example: People should be able to buy hot chocolate in bakeries to go with their treats, and in stores so people can buy it when they need it.
Information Utility
I should check the box to make sure there are no ingredients I'm allergic to.
Time Utility: Having a product available at a certain time of year or a convenient time of dayExample: Hot chocolate would be most popular during the winter time because it is warm and would help against the cold weather.
Possession Utility: the exchange of a product for some monetary valueExample: You can pay with cash or a credit card when you buy hot chocolate or the hot chocolate mix from the grocery store
Cash please!
Information Utility: communication with your customer about your product or serviceExample: The ingredients on the box of hot chocolate mix or the amount of calories on the screen at a coffee shop.