Question

Match List-I with List-II

List-I (Forms of utility created by marketing) & List-II (Marketing function related to utility)
(A). Form utility & (I). Storage function
(B). Place utility & (II). Processing function
(C). Time utility & (III). Marketing function
(D). Possession utility & (IV). Transportation function
Choose the correct answer from the options given below:

• (A) - (I), (B) - (II), (C) - (III), (D) - (IV)
• (A) - (IV), (B) - (III), (C) - (I), (D) - (II)
• (A) - (II), (B) - (IV), (C) - (I), (D) - (III)
• (A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Hint:

Remember this quick mental map of utilities:
- Form \(\rightarrow\) Processing Milling.
- Place \(\rightarrow\) Transportation.
- Time \(\rightarrow\) Storage Cold storage.
- Possession \(\rightarrow\) Exchange Selling.

Answer 1

The Correct Option is C

Step 1: Understanding the Concept:
Economic utility is the capacity of a good or service to satisfy human wants.
Agricultural marketing functions add value to raw farm produce by creating four distinct types of utility: form, place, time, and possession utility.

Step 2: Detailed Explanation:
Let us match each form of utility with its corresponding marketing function:
- (A). Form utility: This utility is created by changing the physical form of raw materials into a more useful product.
In agriculture, this is achieved through the processing function (e.g., milling paddy into rice, or converting raw tomatoes into ketchup), matching (II).
- (B). Place utility: This utility is created by moving goods from areas of production surplus to areas of deficit where they are demanded.
This is achieved through the transportation function, matching (IV).
- (C). Time utility: This utility is created by making products available when they are needed, rather than only during harvest seasons.
This is achieved through the storage function, which preserves perishable and seasonal produce for year-round consumption, matching (I).
- (D). Possession utility: This utility is created by transferring ownership and control of the product from the producer to the consumer.
This is achieved through the overall marketing function (buying and selling activities), matching (III).
This gives the matching: (A) - (II), (B) - (IV), (C) - (I), (D) - (III).

Step 3: Final Answer:
The correct match is Option (C).