Define and Discuss the Four Types of Utility

question 122

Essay

Define and discuss the four types of utility.Give examples of each, and explain which functional areas within an organization are responsible for each one.

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Definitions:

Auto Insurance

A policy purchased by vehicle owners to mitigate costs associated with getting into an auto accident.

Criteria Of Market Segments

The characteristics and factors used to divide a broader market into smaller, more defined groups for targeted marketing.

Positioning Statement

A succinct description of the core target market to which a product is directed and a compelling picture of how the firm wants that core market to view the product.

Competitive Advantages

Unique attributes or capabilities that allow a company to outperform its competition, leading to greater sales or margins and market share.