5. Compare and contrast time and place utility, and explain how they contribute to the value of products. What is the importance of time and place utility in our global economy?

Time utility refers to the availability of a product or service when it is needed or wanted, while place utility refers to its availability where it is needed or wanted. Both time and place utility contribute to the overall value of products because they make those products more convenient and accessible to consumers, which can increase demand and ultimately improve a company's bottom line. In our global economy, time and place utility are critical to the success of businesses as they strive to meet the needs of customers across different time zones and geographies. With the rise of e-commerce and online shopping, companies must be able to provide both time and place utility to stay competitive and meet customer expectations. For example, a company that offers same-day delivery can provide a higher level of time utility, while a company that offers international shipping can provide a higher level of place utility. By providing these value-added services, businesses can improve their reputation, build customer loyalty, and increase revenues.