Definition Definition

Ownership utility

The economic utility can be of four types such as form, place, time, and ownership or possession utility. Ownership utility can be defined in the following ways:

Definition (1):

It is the orderly transfer of goods and services from the seller to the buyer; also called possession utility.

Definition (2):

It can be defined as- “The increased usefulness created by marketing through making it possible for a consumer to own, use, and consume a product.”

Definition (3):

This is the value generated by the efforts of marketing to maximize the desire to own a benefit or product from service.

For instance, owning a jip or car may be considered as having a high ownership utility. Maximizing the ease of possession increases the perceived value or ownership utility of a product. For instance, providing convenient financial terms or conditions toward ownership of a jip, car, home, or appliance would likely generate this utility for these products and will help to increase sales.

Use of the Term in Sentence:

  • The marketing team is taking every possible step to increase the ownership utility of the company’s product.
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