2. In economic sense.utility refers to the power that goods or services have to satisfy a human want. There are four types of utility: form, possession, plac and time Form utility is produced when raw are extracted from nature and ma their structure or shape is changed so that they satisfy a human want. For example, wheat is ground into flour by the miller, and then the flour is concerted into bread by a bakery. Form utility is a production utility. The other three types of utilities are included in the marketing process. If goods or services are to satisfy individuals, they must be in their possession (possession utility). For this to happen, goods and services must be moved from the place where they have limited usefulness to the location where they have maximum usefulness in fulfilling consumer wants (place utility) Furthermore, if goods (or services) are to be of value to the final consumers, they must be available when they are demanded (tine utility). For example, an appliance dealer stocks more air-conditioning units during the spring and summer months, when demand is greatest 3