Types of utility :

1. Form utility

2. Place utility 

3. Service utility 

4. Knowledge utility 

5. Possession utility 

6. Time utility

Types of utility are explained as under:

(1) Form utility : It arises due to a change in the shape of an object. When utility is created because of change in the structure or form of a given material, it is known as form utility. E.g. furniture made of wood, dress from cloth, jewellery from gold, etc.

(2) Place utility : Utility changes from place to place. When utility arises due to change in the place of its utilisation, it is called as place utility. Transport of goods and services creates place utility.

E.g. utility of river water increases when it is diverted towards farm. Shawls have greater utility in cold regions than any other place.

(3) Service utility : When service is provided by professionals to another person, it creates service utility. It includes services rendered by Doctor to patient, Lawyer to client, Teacher to student, etc.

(4) Knowledge utility : In this case, utility increases when a person acquires knowledge regarding specific product.

For example, when a consumer knows about various functions of a laptop, its utility increases, Similarly, use of mobile, computer, sewing machine etc. creates knowledge utility.

(5) Possession utility : It is related to the ownership of goods. When the ownership of a product is transferred from one person to another, it creates possession utility. 

E.g. transfer of ownership of food grains from farmer to consumer.

Thus, possession utility arises when goods are transferred from sellers to buyers.

(6) Time utility : When utility of a commodity changes due to change in time period, it is called time utility.

E.g. an umbrella has greater time utility during rainy season.

Time utility also takes place when goods are stored and used as per the requirement. Time utility varies from season to season or from situation to situation.

So, blood donation creates time utility.