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Products provide businesses with economic results: profits, wages, and goods purchased from other ocmpanies. They also provide consumers with utility - the ability of a product to satisfy a human want. There are four kinds of production based utility: 1. Time utility: production makes products available when consumers want them. 2. Place utility: Production makes products available where they are convenient for consumers. 3. Ownership (possession) utility: Production makes products available for consumers to own and use. 4. Form utility: By turning raw materials into finished goods, production makes products available in the first place. Source: Introduction to Business, Prentice Hall.
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