Question 1 D (20 Marks) "The value of a product is reflected by the price that customers are willing to pay for it. Willingness to pay is determined by the utility that the product will have for the customer. Utility, in turn, is the satisfaction derived from a product, particularly its usage or consumption in whatever desired way (Pienaar et al., 2017)." Factoring the above insert into account, discuss the four subsets of utility that can add value to a product?

(20 Marks) "The value of a product is reflected by the price that customers are willing to pay for it. Willingness to pay is determined by the utility that the product will have for the customer. Utility, in turn, is the satisfaction derived from a product, particularly its usage or consumption in whatever desired way (Pienaar et al, 2017): Factoring the above insert into account, discuss the four subsets of utility that can add value to a product