Questions: Stores that remain open 24 hours, seven days a week, are providing utility to their customers. Multiple Choice time schedule service possession

Stores that remain open 24 hours, seven days a week, are providing utility to their customers. Multiple Choice time schedule service possession
Transcript text: Stores that remain open 24 hours, seven days a week, are providing $\qquad$ utility to their customers. Multiple Choice time schedule service possession
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Solution

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The answer is the third one: service.

Explanation for each option:

  • Time: While 24-hour stores do offer convenience related to time, the term "time utility" is not typically used in this context. Time utility generally refers to the value added by making a product or service available at a convenient time for consumers.
  • Schedule: This option is not applicable as "schedule utility" is not a recognized term in the context of business or economics.
  • Service: This is the correct answer. Service utility refers to the value added by providing services that enhance the customer's experience, such as being open 24/7, which offers convenience and accessibility.
  • Possession: Possession utility refers to the value added by transferring ownership of a product to the consumer, which is not directly related to the store's hours of operation.

In summary, stores that remain open 24 hours, seven days a week, are providing service utility to their customers by offering continuous access and convenience.

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