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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

Question: An organization capable of manufacturing or purchasing all the components needed to produce a finished product or device.

Match the following characteristics with their relevant project team organizational structures.

__________ The project is housed within a functional division of the firm.

__________ A project manager leads personnel from different functional areas.

__________ Personnel work on a dedicated project team.

__________ A team member reports to two bosses.

__________ Team pride, motivation, and commitment are high.

__________ Team members can work on several projects.

__________ Duplication of resources is minimized.

List some practical limits to economies of scale; that is, when should a plant stop growing?

The following activities are part of a project to be scheduled using CPM:

Activity

Immediate Predecessor

Time (Weeks)

A

_

6

B

A

3

C

A

7

D

C

2

E

B,D

4

F

D

3

G

E,F

7

Which phase of the generic development process involves the construction and evaluation of multiple preproduction versions of the product?
See all solutions

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