What is Possession Utility? And How Effective It Is? (Examples)
In this article we’re going to define the Possession Utility, its effectiveness with the supporting examples and definition.
Possession Utility Definition
Possession utility means that the product is simply easy to obtain. For example, an expensive piece of furniture may be more easily available through a low-interest financing deal. Or the steps may be simplified by the bank to acquire a loan. In both cases, with the help of a firm, it will be much easier for the consumer to process or own the product.
Possession utility is also a part of other different utilities. The usefulness of a product or service is called utility. Given below are the five major types of utilities.
- Place
- Form
- Time
- Possession
- Task
Position and place utilities are similar to each other. Selling and buying anything include the transfer of ownership from one to another. one should strategize to make this transfer of possession similar success in this throat-cutting competition.
Examples
So possession utility is what lets customers physically assess what they bought. Having more than one option for payment is another simple way to make possession easy for the customers. Other methods can be how fast the product is delivered.
It is actually facilitating customers in possessions where the business is engaged in selling on credit. Even if they do not have enough money, they can take things and walk away, and they can pay for them later, so that’s how customers can come to them. This makes it simpler for customers and increases possession, And attracts the customer to come back.
Possession utility is the rate of the usefulness of perceived value from buying a product which could be another example. Increasing the ease of ownership increases the possession utility of the perceived value of a product also owning a car or truck may be e known to give a boost to possession utility.
These forms of economic utilities in marketing are made to increase the level of convenience to customers and increase the level of value.