Utility- is an economic term that means value added,
There are five types of utilities.
For our example we are going to use lemons.
First type of utility is called form utility. Changing raw materials
|example lemon to lemonade.|
|Second type is called place utility. Place where people can buy.||example supermarket.|
|Third type is time utility. Having product available when people need it.||example summertime.|
|Fourth type is information utility. People know you are selling lemonade.||example sign selling lemonade for $1.00.|
|Fifth type is possession utility. The exchange of monetary value.||example pay with a dollar bill.|
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