Utility is: Added Value The functions of marketing add value to a product. This added value is known as utility. Utility is the usefulness of a product. There are five types of utilities.

Form Utility Making or producing things. Involves changing raw materials or putting parts together to make them more useful.

Place Utility The product’s usefulness is increased because of its location.

Time Utility Making a product available at the right time of year or a convenient time of day.

Information Utility Usefulness added to the product through communication. Packages, labels, advertisements, displays, signs . . .

Possession Utility The ability to aid customers in owning goods.