Question

What is the difference between a good and a service? Why is it important to understand...

What is the difference between a good and a service? Why is it important to understand that difference?

Homework Answers

Answer #1

A good is defined as an entity which is tangible, means which can be touched, seen & measured. For exa, rice,wheat, vegetables, chair, table etc. It has physical characteristics.

Whereas, a service is an intangible item which can't be touched,seen and measured. Services are the intangible item that is provided by a person on the demand of other person. It has no physical identity.For exa, services of doctor towards its patient, services of a carpenter,lawer, teacher etc.

The following are the differences between good and service.

1) Ownership : When buying a good, ownership is transferred to the end customer. For exa, if you buy a car or a fridge, the ownership is transferred to your name. But when you buy a ticket for train then the train is not yours.

2) Tangibility: A product is tangible, it can be measured and touched. But a service can't be tangible. For exa, in a hospital the services of a doctor can't be measured whereas rice or wheat can be measured.

3) Involvement of Customer : In services involvement of customers is much more than in products. For exa, coffee machines provide services in which each individual has to use machine.

4) Evaluation is tougher: Evaluation of different services becomes tougher as it differs in quality and the number of customers is maximum.

5) Absence of Inventories: In case of services production and consumption of services happens at the same time. This means that there is no presence of rawmaterial to provide the service. For exa, in a hospital, a doctor renders his service only when a patient is admitted. The equipment, medicines and the doctor might be there. But the treatment begins only when there is a patient to get the service.

It is important to understand the difference between a good and service so that service operations can be performed on time by using appropriate tools and methods. A patient can get good service if the hospital staffs know the difference between the good and service. It's necessary to know which item is tangible and intangible so that we can measure the weight of each item. We must know the ownership of which item is transferrable so that we can own the products which we have bought.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
explain the difference between physiology and pathophysiology along with why it is important to understand the...
explain the difference between physiology and pathophysiology along with why it is important to understand the difference.
why is it important to understand the difference between a one tailed and two tailed test
why is it important to understand the difference between a one tailed and two tailed test
why is it important to understand the difference between management skills versus management traits?
why is it important to understand the difference between management skills versus management traits?
What is the difference between phonological awareness and phonics? Provide examples. Why is it important for...
What is the difference between phonological awareness and phonics? Provide examples. Why is it important for educators to know/understand the difference between the two? ​
As a human service provider, why is important to understand the ideology of reflection? What might...
As a human service provider, why is important to understand the ideology of reflection? What might be some possible ramifications of a human service provider misinterpreting the client's statements?
What is the difference between real and nominal variables and why is the difference important? Exlain...
What is the difference between real and nominal variables and why is the difference important? Exlain using one of the components of aggregate demand as an example.
a) What are independent repetitions and why are they important? b) What is the difference between...
a) What are independent repetitions and why are they important? b) What is the difference between random and systematic errors? c) What is error propagation and what is it used for?
Why is it important to understand the Time Value of Money and the differences between Present...
Why is it important to understand the Time Value of Money and the differences between Present Value and Future Value of money?
what is the difference between an offer for a unilateral contract and an offer for a...
what is the difference between an offer for a unilateral contract and an offer for a bilateral contract? why might the difference be important to understand?
What is the difference between correlation and identity? Why is it important to distinguish between the...
What is the difference between correlation and identity? Why is it important to distinguish between the two concepts? Provide an example of a statement that confuses correlation with identity. In addition to your main response, you must also post substantive responses to at least two of your classmates’ posts in this thread.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT