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| Name | Goods vs Services - List of Differences between goods and services |
| Video Uploader | Video From Marketing91 |
| Upload Date | This Video Uploaded At 03-11-2022 01:30:16 |
| Video Discription | View all our courses and get certified on https://academy.marketing91.com What makes Services different from Goods? Goods vs. Services Marketing Goods are defined as those which can be physically experienced, verified and treated or exchanged. Services are activities, deeds and performance which are available to consumers Goods are tangible in nature. They can be touched, seen, felt, heard or smelt. Services are intangible in nature. They cannot be touched, seen, tasted, felt, heard or smelt. Goods are homogeneous in nature. Goods produced by a company are consistent in quality in one batch of production. Services are heterogeneous in nature. No two services are alike as services are delivered by the people whose performance differs. Production and distribution are separated from consumption in case of goods. Goods are first produced and then sold and consumed. Production, distribution and consumption are done simultaneously in case of services. Goods can be stored in inventory or it can be resold another day. Services cannot be saved, stored, resold or Adue to its perishability. Consumers do not participate in the production process in case of goods. In case of services, consumers must participate in the production process since production and consumption is done simultaneously. In case of goods, there is transfer of ownership from seller to the buyer. In case of services, there is no transfer of ownership. In case of goods, consumers can compare choices by examining them keeping side by side. Services cannot be compared by experiencing simultaneously. Goods-Services Continuum Goods and services continuum means goods and services offerings are being intermingled in an unprecedented manner, in different proportions. What a consumer gets today is basically a mix of goods and services. There can be pure services, but there is almost nothing like a pure product today. Almost all goods or products are accompanied by services. Increasing market competition and the entry of new players in the market for similar manufactured products has resulted in intermingling of goods and services to a great extent. The dividing line between goods and services is rapidly getting blurred, as businesses are discovering that marketing of goods is becoming increasingly dependent on services offered. With more and more similar goods produced, it is the services offered that have become the main distinguishing factor. 1. Pure Tangible Goods Some companies offer only tangible goods but do not offer any services tied with the goods. For example, tooth paste or packed salt. These goods are purchased by the customers based purely on the direct benefits received from their consumption. For example, most people do not expect any service to accompany a toothpaste, body wash, etc. 2. Major Goods with Minor Services In the case of technology-dependent goods in which customer need accompanying services such as trials, delivery and installation, operation, training, warranty and after sales service are crucial. Such goods include all consumer durables (washing machines, refrigerators, water purifiers etc.) passenger cars, computers and similar products. For example, an electrical appliance company offers an installation service for its domestic water purifier. 3. Goods and Service in nearly Equal Measure The goods that are accompanied in equal measure by services make it a memorable experience for the customer. People have different reasons for choosing a bar or restaurant. For some it is the quality of food or cocktails while others like a place for its atmosphere or the service. Thus, the goods (menu card, food, drinks etc.) are accompanied in equal measure by services (ambience, music, décor, atmosphere, hospitality, efficient service, etc.) to make it a memorable experience. 4. Services accompanied by Minor Goods Most of the customers select an airline based on comfort and speed. While the journey would essentially be an intangible service it will be accompanied by some minor goods These include such as food and drinks served on the aircraft, physical evidence of a service such as a ticket, boarding pass or a complimentary in-flight magazine. 5. Pure Service not accompanied by Goods Some companies and firms provide services that may not have any accompanying goods. For example, a consultation visit to the psychiatrist or physiotherapist. These rarely entail any accompanying tangible products. This video is on What makes Services different from Goods and it has the following sub-topics. Time Stamps 0:00 List of Differences between goods and services 0:45 Goods vs. Services 3:25 Difference between goods and services |
| Category | Education |
| Tags | Goods vs. Services Marketing |
