In a scenario where a web service must be tested for both functionality and performance, how would SoapUI be utilized?

SoapUI is a versatile tool that can be utilized for both functional and performance testing of web services. It allows testers to create and execute test cases to verify the functionality of the web service and also assess its performance under different conditions. By leveraging SoapUI, testers can comprehensively evaluate the web service, ensuring that it meets both functional and performance requirements.