Explain the concept of utility in marketing and how consumers are involved in determining utility

What will be an ideal response?

Utility is the satisfaction received from owning or consuming a product or service. In other words, utility is the value that customers attach to a product. The customers' perception of the product determines its level of utility; marketers work to influence customers' perceptions of the product. The more utility a consumer perceives a product to have, the more likely that consumer is to purchase the product.