Define Utility and Discuss the Four Types of Utility

question 138

Essay

Define utility and discuss the four types of utility. Give examples and list the functional areas within an organization that are responsible for each.

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Definitions:

Merchant Wholesalers

Businesses that buy goods in bulk from manufacturers and sell them, usually in smaller quantities, to retailers or other businesses, but not directly to consumers.

Agents and Brokers

Intermediaries who facilitate the buying and selling process in various markets, often dealing in real estate, insurance, or securities.

Title to Merchandise

The legal right of ownership of goods, indicating that the holder has the right to control the use and disposition of the items.

Broker

An individual or firm that acts as an intermediary between buyers and sellers, typically earning a commission for facilitating transactions.