Choose a good you are familiar with, and analyze its economic utility, using the questions below. NOTE: Choose a good for this exercise, not a service. A. What type of good did you choose? (1 sentence. 1. 0 points) ketchup b. Describe the form utility of the product you chose. What makes its form useful? Can you think of any improvements that could be made to its form utility? (1-3 sentences. 2. 0 points) A ketchup bottle that is designed to open from the bottom makes it easier to get the ketchup out without shaking it or hitting it.
This improves the form of utility of the product by making it easier to use. I cannot think of any improvements that could be made. C. Describe the place utility of the product. Can you think of any improvements that could be made to its place utility? (1-3 sentences. 2. 0 points) The place utility that you would get it from is several of places. You can get this good at Wall-Mart, Kroger, Public, online, and in catalogs.
I think one improvement that can be made is they offer several of them in packs in all stores instead of just one. D. Describe the time utility of the product.
Can it be improved at all? (1-3 sentences. 2. 0 points) The time utility for this is good in one place bad in others. One place you can buy ketchup anytime you need it is at Wall-Mart, other places have certain times where you can come and get some. One way it can be improved is by having it available at any time the customer needs it in all stores. E. Describe the possession utility of the product. Can it be improved at all? (1-3 sentences. 2. 0 points) the possession utility of the product is very easy and simple unless you like to order packs offline.
The possession utility is that you walk in the store grab the product pay for it and then its yours, but if you order online then you have to wait for it to get to you. It might be able to be improved but I don’t really see a reason why or how. F. Describe the information utility of the product. Can it be improved at all? (1-3 sentences. 2. 0 points) the information utility on the product is a lot. The product has many different types of brands, it also tells you a lot about which is better for you. I don’t really see a way that it can be improved.
Cite this The Time Utility of the Product
The Time Utility of the Product. (2018, Jun 08). Retrieved from https://graduateway.com/assignment-56/