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Economic Utilities
Economic utility: the functions of marketing add value to a product by making it more useful. This added value is called utility
Form Utility
Form Utility: Changing raw materials or putting parts together to make them more useful
Place Utility
Place Utility: Having a product where customers can buy it.
The owners of Soccer Shop are discussing economic utilities and what soccer cleats they want to produce next.
Time Utility
Time Utility: Having a product available at a time convenient for customers.
Factory workers at Soccer Shop are creating new soccer cleats.
Information Utility
Information Utility: Is providing information so the customer is comfortable buying.
The owner of Soccer Shop is negotiating with the store owner trying to get her to sell his new cleats.
Possession Utility
Possession Utility: The exchange of a product for some monetary value.
The store owner increased the number of hours the store is open to be more convenient for customers that are busy.
Open 9AM- 10PM
The owner of Soccer Shop is informing the young soccer teens on their new cleats.
A teen soccer player is purchasing the new cleats from Soccer Shop with cash.
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