Products & Services

Created by

kky

Cards (58)

Products are objects or systems made available for consumer
Services are transactions where no physical goods are transferred from the seller to the buyer
Product is Tangible
Services is Intangible
Products are manufactured, stored, and transported
Services Cannot be manufactured, stored, and transported
Examples of Products :
-Electronic devices
-Furniture
-Food items
-Vehicles
Examples of Services :
-Cleaning
-Car repair
-Medical check-ups
-Haircuts
Products Can be returned or replaced
Services Cannot be returned or replaced
Products sold can be identical
Each delivery of a particular service is never exactly the same
Products are Homogenous
Services are Heterogeneous
Products Production & distribution are separated from consumption
Services Production, distribution & consumption are simultaneous process
Product is A thing
Services is An activity / process
Products
-Can be kept in stock
-Transfer of ownership
Services
-Cannot be kept in stock
-No transfer of ownership
Products can be an asset sometimes.
Ex: Fridge, Television set, etc.
Services
-It involves expenditures without any tangible return benefit.
Product
-A physical, durable product
Service
-Intangible, perishable product
Product
-Output can be inventoried
Service
-Output cannot be inventoried
Product
-Low contact with customers
Services
-High contact with customers
Product
-Large production facility
Services
-Small service facility
Product
-Capital intensive
Service
-Labour intensive
Product
-The quality of the product is easily measured
Services
-The quality of the service is not easily measured
Product
-The product can be resold
Services
-The service cannot be resold
Product
-Can be patented
Service
-Can only be patented with difficulty
Product is a tangible or intangible item that is built or produced to satisfy the needs of a certain group of people.
Product is a tangible or intangible item that is built or produced to satisfy the needs of a certain group of people.
To ensure the right product, an entrepreneur must know the demand of their consumer in the market