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Chapter 1: Q5DQ (page 20)

What is the difference between a service and a good?

Short Answer

Expert verified
  • Tangibility
  • Interaction
  • Storage
  • Package of features

Step by step solution

01

Understanding the meaning of service and good

Service is the action done by a business for customers which does not involve goods. Anything that is sold and can be touched is known as goods.

02

Understanding the differences among them

  • Services cannot be touched; they are felt, and hence services cannot be patented, whereas goods are tangible and can be patented.
  • Services need tointeract with customers, whereas goods are independent of such interaction.
  • Excluding the exceptions, services vary from person-to-person, and from time to time, whereas goods remain the same.
  • Services cannot be stored and are perishable, whereas goods can be stored and it might not perish as services do.
  • Services is a package of features, and goods are individual commodity.

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Most popular questions from this chapter

Management may choose to build up capacity in anticipation of demand or in response to developing demand. Cite the advantages and disadvantages of both approaches.

The six phases of the product development process.

What features in project management information systems can be used to resolve the over-allocation of project resources?

What are some capacity balance problems faced by the following organizations or facilities?

(b) A university computer lab

What are some capacity balance problems faced by the following organizations or facilities?

  1. An airline terminal
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