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.