Storing is the marketing function of holding goods. Which of the following economic utilities does it provide?
A. Time
B. Place
C. Possession
D. Ownership
E. All of the above
Answer: (A) Time utility is provided by storing, and is thus the correct choice. Goods must be ready when they are needed, wanted, or demanded by the consumer or else the firm loses sales. Place utility (B) is not achieved. Storage of goods at warehouses does not provide the consumer with a readily available product. Since the consumer does not get the possession of the product through the storage function, possession utility (C) is incorrect, as is ownership utility (D). All of the above are not correct, so (E) is incorrect.