Difference Between Goods and
Services
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Understanding the Difference Between Goods and Services: A Comparison Chart and Definition, Study notes of Product Development
A comparison chart and definition of goods and services, outlining their key differences in meaning, nature, evaluation, separability, variability, storage, production and consumption. Goods are tangible items that can be seen, touched, and felt, while services are intangible economic products provided on demand. Services are perishable and cannot be owned, but can only be utilized at the point of sale.
What you will learn
- How does the nature of goods differ from services?
- What are the key differences between goods and services in terms of meaning?
- Why is evaluation of services more complicated than goods?
Typology: Study notes
2021/2022
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Difference Between Goods and Services
Goods Vs Services
➢Comparison Chart
➢Definition
➢Key Differences
➢Conclusion
BASIS FOR COMPARISO N GOODS SERVICES Variability Identical Diversified Storage Goods can be stored for use in future or multiple use. Services cannot be stored. Production and Consumption There is a time lag between production and consumption of goods. Production and Consumption of services occurs simultaneously. Books, pen, bottles, bags, etc.
Definition of Services Services are the intangible economic product that is provided by a person on the other person’s demand. It is an activity carried out for someone else.
- The point of sale is the basis for consumption of services. Services cannot be owned but can only be utilized. Example
- If you buy a ticket for watching a movie at the multiplex, it doesn’t mean that you purchased the multiplex, but you have paid the price of availing services.
- Service receiver should fully participate when the service is provided.
- Evaluation of services is a relatively tough task because different service providers offer the same services but charges a different amount.
- It may be due to the method they provide services is different or the parameters they consider in valuing their services vary.