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Added Value

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.

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Added Value

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  1. 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.

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

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

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

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

  6. Possession Utility • The ability to aid customers in owning goods.

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