File Name: difference between goods and services .zip
Everyone of us purchase many products for our personal and commercial purposes everyday, some of them are tangible and some are intangible. Based on this tangibility, products are differentaited as Goods and Services. Goods are tangible in nature and Services are intangible and inseperable in nature. This article mainly aims at communicating the differences between Goods and Services. Goods are the things that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need of a customer. Goods are tangible in nature, they can touched, smelled at, gripped, etc before purchasing. Goods are again classified into two categories based on their durability.
They are the most basic products of an economy. Are those goods or services? The answer is, they are both. The division of all economic output into goods and services is a simplification. In fact, there is a wide variety of products that are a mix of both goods and services. Therefore, the distinction between goods and services can be seen as a continuum. Tangibility is arguably the most important of those characteristics.
Simultaneous production and consumption Production separated from consumption Perishable Non-perishable Goods are tangible while services are intangible The quality of goods, once produced, does not vary. However, the quality of services is dependent upon service provider and may vary greatly You own goods but you utilize services Goods are transferable such property and electronic goods and jewelry while services are not Services have impact on sale of goods but goods cannot affect sale of services. Since, services are not tangibles, they do not have features that appeal to the customer senses, their evaluation, unlike goods, is not possible before actual purchase and consumption. The service provider can emphasize on the benefits of the service rather than just describing the features. Not all the service product has similar intangibility.
In economics, goods and services are often pronounced in the same breath. These are offered by the companies to the customers to provide utility and satisfy their wants. At present, the success of the business lies in the combination of best quality of goods and customer oriented services. Goods implies the tangible commodity or product, which can be delivered to the customer.
Meaning Goods are the material items Services are amenities, that can be seen, touched or felt facilities, benefits or and are ready for sale to the help provided by other customers. Nature Tangible Intangible. Transfer of Yes No ownership. Evaluation Very simple and easy Complicated.
Product vs Service. People require different services and products to satisfy various needs and wants. In this regard, it can be observed that the marketers play a pivotal role in marketing different products and services to various targeted customers. However, some people often confuse the two terms and often use them interchangeably to refer to one thing but a closer analysis between them shows that they are different.
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