Which concept describes having a product available in locations where customers seek it?

The concept that describes having a product available in locations where customers seek it is known as Place Utility. This term refers to the value added to a product by making it available in a convenient location for the consumer. When businesses strategically position their products where customers are likely to shop or need them, they enhance the likelihood of purchase. For instance, a grocery store located near residential areas provides place utility by ensuring that customers can easily access the products they need without traveling far.

Other concepts related to utilities include:

• Time Utility, which focuses on having a product available when customers want it, enhancing the timing of the purchase.

• Form Utility, which pertains to the physical characteristics and design of the product that make it appealing to consumers.

• Possession Utility, which relates to the ease with which consumers can acquire or buy the product, facilitating the transfer of ownership.

While these concepts are important in their own right, Place Utility specifically emphasizes the strategic placement of products to meet consumer demand effectively.