Distinguish between possession form time and place utility

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Discuss some of the ways that inventory can be reduced in the supply chain. Chapter 9 Question 5; Distinguish between a fixed order quantity and fixed order interval system. Which one generally requires more safety stock? Question 9; What are implications of the JIT approach for supply chain management?

Provide some examples of how cost is associated with carrying an inventory. Is there anything we can do to lower this cost, and if so, what? In addition to the question above, explain how excess inventories can erode profitability.

Discussion 2 Discuss why supply chain management SCM has become so important. Identify companies that have a well known SCM system. Do these companies have anything in common when it comes to their implementation of SCM? Can you identify and define four 4 attributes of Supply Chain Management? Get professional assignment help cheaply Are you busy and do not have time to handle your assignment?

Companies invest time and money into product research to pinpoint exactly what products or services consumers desire. From there, company executives strategize on the development of the product with the goal of meeting or exceeding those needs to create form utility.

Form utility may include offering consumers lower prices, more convenience, or a wider selection of products. The goal of these efforts is to increase and maximize the perceived value of the products. For instance, a cosmetics company may conduct focus groups and testing to identify holes in the market related to different skin types and skin tones. The company may decide to produce and market new offerings to cater to and complement the needs of a more racially diverse clientele.

The company can increase its sales while adding value to these new consumers. Utility doesn't necessarily have to be measured in numbers—just in perceived value. For instance, someone may choose to walk rather than take the bus or drive because they perceive the health benefits from the exercise to be greater than the speed and ease associated with being transported in a vehicle. Time Utility This type of utility occurs when a company provides goods and services when consumers demand or need them.

Companies analyze how to create or maximize the time utility of their products and adjust their production process, logistical planning of manufacturing , and delivery. So when demand increases, the company should respond by producing and delivering more of the product to the market. Creating time utility includes considering the hours and days of the week a company might choose to make its services available. For example, a store may open on weekends if customers typically shop for a certain product at that time.

Time utility might also include hour availability for a product or the company's customer service department through a phone number or website chat function. Failure to factor time utility into the equation can lead to a drop in the customer base, which can result in a loss of revenue.

Economic utility can also be referred to as utility marketing. That's because product development and design require companies to persuade consumers to make purchases. Place Utility Place utility refers to making goods or services available in locations that allow consumers to easily access products and services. While most people typically think of place utility as a physical or brick-and-mortar location, such as a retail store or shopping mall, the digital age helps broaden the definition of availability.

For instance, companies can maximize place utility through their website. Those with effective search engine optimization strategies can improve their place utility. Increasing convenience for customers can be a key element in attracting business.

For example, a company that offers easy access to technical support gives consumers an added value compared to a similar company that does not offer a similar service. Making a product available in a wide variety of stores and locations is considered an added value since it is more convenient. Possession Utility Possession utility is the amount of usefulness or perceived value a consumer derives from owning a specific product and being able to use it as soon as possible.

The basic premise behind this utility is that consumers should be able to use a specific good or service as soon as they're able to purchase or obtain it. For instance, someone who purchases the latest iPhone won't get much utility for the product if Apple has it on backorder and can't manufacture and ship it to the consumer in a timely fashion.

That's why it's important for companies to increase the ease of ownership, which boosts the product's possession utility or perceived value. Consider lenders who offer favorable financing terms toward owning a car, appliance, or home. They would likely create possession utility for these products, leading to an increase in sales and, therefore, revenue.

What Is an Example of Economic Utility? The term economic utility refers to the total degree of satisfaction someone gets from using a product or service.