Four Types of Economic Utility

The video discusses the four types of economic utility: form, time, place, and possession. Economic utility measures the satisfaction derived from consuming a product or service. Form utility relates to the product's value and features. Time utility ensures availability when needed, exemplified by streaming services. Place utility focuses on accessibility, as seen in Coca-Cola's strategy. Possession utility involves the value of ownership and timely use. Understanding these utilities helps businesses balance supply and demand, maximizing profit and growth.

What is place utility and how does it impact product accessibility?

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Discuss possession utility and its effect on customer experience.

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