Utility

Definition: Utility is in marketing the power of a commodity to satisfy human wants. It is also defined as the ability of a good to satisfy a want.

When we consume a commodity or commoditized product, our satisfaction level can be either actual or expected after the consumption.
It can be different in terms of person, place, time and commodity. Or from person-to-person, from place-to-place and from time-to-time.

💡

Learn more about Utility.

More on consumer theory: Consumer Decision Journey, Customer Value, 30 Elements Of, Customer Variability, Mental Accounting, Scarcity Marketing, more on consumer theory...

You may also like: Full-time MBA, Executive MBA, Executive Education, Online MBA.

MBA Brief offers concise, yet precise definitions of concepts, methods and models as taught in a study Master of Business Administration.

We like to keep things short, and provide links to learn more about your subject.

Add MBA Brief to your desktop / iPad

© 2024 MBA Brief - Last updated: 20-4-2024 - Privacy | Terms