goods and services

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Difference between Goods and Services

Presented by:Ritiesha H RMBA 2nd semesterSt. Hopkins college

Meaning of Goods and Services Goods Goods are items that can be

seen and touched, such as books, pens and cloths etc...

Goods are physical products with form and substances used by consumers for their satisfaction.

Goods

tangibleStandardiz

ed

Production separate

from consumptio

n

Non perishable

Services Services are provided by

other people such as Doctors, Dentists, barbers and teachers etc....

Services are non-physical products usually involving performance. It is an activity performed for the benefit of someone else.

Services

intangibility

heterogeneity

Simultaneous production

and consumption

Perish ability

Goods and Services Goods services

Difference between Goods and Services

Goods Services

Tangible Intangible

Standardized Heterogeneous

Production separate from consumption

Simultaneous production and consumption

Non perishable Perishable

Goods Services

Goods can be inventoried Services cannot be inventoried

Can be patented Cannot be patented

Can be readily displayed Cannot be readily displayed

Pricing is easy Pricing is difficult

Mass production is easy Mass production is difficult

Goods can be returned or resold Services cannot be returned or resold

It is easy to synchronize supply and demand

It is difficult to synchronize supply and demand

Conclusion An idea, a physical entity, a service or any

combination of the three that is an element of exchange to satisfy individual or business

objectives.

Goods and Services are the outcome of human efforts to meet the wants and needs of

customers.

Thank you !

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