Utility is all around us. You use it every day. But what is Utility? Its usefulness in a good or service. (goods are things you can use your 5 senses to detect, services can't be detected that way) There are different types of utility, whch you will learn in the next few steps.
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Step 1: Possession Utility
This is simply possessing, or having, a product. my favorite example of this is: how useful is a car if it's still in the lot?
Step 2: Form Utility
Form utility is making a product more useful by changing its form. This can be illustrated by buying a cake. You're probably not going to eat flour and other ingredients by themselves, but you will eat a cake.
Step 3: Place Utilty
Place utility is when products are where they're needed at. For example, Walmart has many different kinds of products, from Advil to .Zebra Cakes. You can get almost anything there, creating place utility.
Step 4: Time utility
Time utility is created when a product is offered when it is needed. For example, Christmas decorations are offered in right after Halloween, so therefore, time utility is created.