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Objectives: Describe the types of utility. Explain the relationship between utility and marketing. Describe the types of utility. What is Utility? Utility is added value to a good or service Form/Task utility Time utility Place utility Possession utility Types of Utility Form utility = Task utility = the Businesses usefulness created can by change changing product the form styles, of scents, a good flavors, or colors. Businesses the usefulness can created do things by changing in a new the or characteristics improved way. of a service Towel-dry service Fastest delivery in town! Types of Utility Time utility = Businesses can makecreated sure the product is the usefulness when available when want to buy it. products are you made available at the time they are needed. How useful is holiday candy available after the holiday? How helpful is a tax service if offered after the deadline? Types of Utility Place utility = the Businesses usefulness can created make sure by making the product sure products is available are available wherewhere you want theyto are buy needed it. New! A bus service could expand into your neighborhood. Your bank could set up online account management. Types of Utility Possession utility = the Businesses usefulnesscan created makewhen it easy ownership for you to become is transferred the product’s to the user owner. As the owner, you can do what you want with your jeans. Explain the relationship between utility and marketing. Utility varies. One product vs. another product One consumer’s view vs. another consumer’s view Utility now vs. utility later Marketers affect form utility indirectly when they: Study which features bring the most satisfaction Recommend the changes producers should make Marketers are directly involved in time utility when they: Find out when consumers need the product Plan how to get the product there on time Make the necessary changes to get it done Marketers are directly involved in place utility when they: Figure out where the right location is Plan how to get the product there Actually deliver the product to the right place A snowsuit in Hawaii would have little place utility. Marketers directly create possession utility when they: Address whatever holds Make the purchase as consumers back from effortless as possible making a purchase If affordability stands in the This allows a willing buyer to take way of a purchase, ownership of a product as soon as possible. marketers can provide options: • Think of something you bought recently. • Consider how the four utilities were provided. • What improvements—or increased utility— would you like to see?