What is (Customer) Utility? Meaning

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Shyam Paliwal
Student (MBA), India
WHAT IS UTILITY? Suppose you have eaten a pizza and a burger. Which one satisfied you the most? Probably we can express our fondness toward one item but we are not able to express the likeness towards one item over another. UTILITY ACCORDING TO SOME ECONOMISTS. DEFINITION According to Prof. Waugh: “Utility is the power of a commodity to satisfy human wants.” According to Prof. Fraser: “On the whole, in recent years the wider definition is preferred and utility is identified, with desires rather than with satisfyingness.” According to Prof. Hobson: “Utility is the ability of a good to satisfy a want”. When we consume a commodity or commoditized product, our satisfaction level can be either actual or expected after the consumption. It can be different in terms of person, place, time and commodity. Or from person-to-person, from place-to-place and from time-to-time. So, utility means the satisfaction of the want or desire of humans for a particular object or item. (...) Read more? Sign up for free

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