Ownership Utility Is Created by Making a Product Available in a Location

question 121

True/False

Ownership utility is created by making a product available in a location and at a time convenient for customers.

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Definitions:

Customs Clearance

The process of obtaining permission to import or export goods from one country to another, including the payment of duties and taxes.

Supplier's Country

The nation in which a supplier or producer of goods or services is located or operates from.

Port

A location on a coast or shore containing harbors where ships can dock and transfer people or cargo to or from land.

CIF

An international commercial term (Incoterm) meaning "Cost, Insurance, and Freight," indicating the seller must cover these costs to the point of destination specified.