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Products, Goods and Services
Products, Goods and Services
PRODUCTS
Anything offered to market for the Customers in order to satisfy their
Needs & Wants, is called Product. In fact, the products offered to market
are called Market Offerings. They are also called Product Offerings. These
products can be offered to market in a set or a bundle as well.
Types of Products
PRODUCTS
(MARKET OFFERINGS)
GOODS SERVICES
1) Goods
2) Services
Any activity or benefit that one party can offer to another that is
essentially intangible and does not result in the ownership of
anything, is called Service.
There are various differences between goods and services but they can
be classified on the basis of the following heads:
POINTS OF
GOODS SERVICES
DIFFERENCE
CONSUMPTION Goods are produced first, Most services are sold first
then sold, then and then consumed.
POINTS OF
GOODS SERVICES
DIFFERENCE
A service has ultimate and strong impact on the demand for goods. If a
service is provided to a customer, his behavior may change to a specific
product. For example, when a restaurant has good products, but bad
service, the customer may shift to another restaurant, where a better
service is provided to the customers. This shift is due to the change in
behavior of a customer, and this behavior is due to the bad service
provided to him. On the other hand, a service also has ultimate effect on
another service. Just revise the restaurant example from the perspective
of only service provided to a customer.
Abstract/Conclusion:
1) Goods and services both are products and they are offered to
market either single or in sets of groups or bundles.
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Reference Links
The above assignment is made by visiting the following links and taking
ideas from them:
http://www.differencebetween.net/business/difference-between-goods-
and-services/
http://www.indiastudychannel.com/resources/59103-An-Elaboration-
Difference-between-Goods.aspx
http://www.scribd.com/doc/17342628/Difference-in-Goods-and-Services-
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