What is time utility and possession utility?

Answer: The four types of economic utility are form, time, place and possession. "Utility" in this context refers to the value, or usefulness, that a purchaser receives in return for exchanging his money for a company's goods or services.

Definition: Time Utility. Many companies educate their business, marketing and advertising professionals about the customer purchase behaviour and needs of the consumers which create a utility function. There are total four types of utilities which are form, possession, place and time. Time value of Option.

Possession utility is the value customers have while buying a product and they have the choice to use the product for the purpose it was made for or finding a new way to use the product. However, The marketing utility that allows the customer to physically access what they bought, it is referred as "possession".