Question

Which of the following is a way to increase possession utility for a refrigerator?

Answer 1

Option B is correct. A way to increase possession utility for a refrigerator is by providing a delivery service.

Further Explanation:

Utility: The value which is received by the consumer from goods or services is termed as a utility.  There are four types of utility:

• Form

• Place

• Time

• Possession

Justification for the correct and incorrect answers:

A.

Creating brochures about the product: This option is incorrect.

The creation of the brochures about the product will create form utility because the consumer will be able to have knowledge about the product and take a decision about the product that satisfies their needs.

B.

Providing a delivery service: This option is correct.

The possession utility will increase if the company provides the delivery service since the consumer will not have to go out and buy the product. This will increase the usefulness of the product.

C.

Expanding the store hours: This option is incorrect.

Time utility is created by increasing time the store remains open because the product will available to the consumer for a longer time than it was available earlier.

D.

Making a Web site with information about the product: This option is incorrect.

The making of the website containing information about the product will create place utility because the consumer will be able to buy the product online through the website.

Learn more:

1.   Learn more about available resources and expenses

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2.      Learn more about the profit margins

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3.      Learn more about the large expenditure

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Answer details:

Grade: Middle School

Subject: Economics

Chapter: Utility

Keywords: which of the following is a way to increase possession utility for a refrigerator, creating brochures about the product, providing a delivery service, expanding the store hours, making a web site with information about the product, Utility.

Answer 2

I would believe that options (A) Creating brochures about the product and (D) Making a Website with information about the product. Both are intended to expand the information spanning different spaces. The public that searches for product information online and, in the case of the brochure, the public that attends the store or (if it is distributed on public roads) the one who walks down the street. With these two tools they could developed the benefits of the refrigerator and tempt buyers with the product and its innovative features.