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