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Answer:
The seven differences between goods and services are:
- intangibility: goods are tangible products, e.g. you can touch them and hold them, while services are intangible, you can use them (e.g. you fly on a plane) and even measure how much they satisfy your needs, but you cannot touch flying, it is an action.
- ownership: you can buy a good, e.g. if you are rich enough you can buy an airplane, but when you purchase a plane ticket you are entitled to using a certain service, you are assigned a seat and you fly inside the airplane, but you do not own anything besides your personal belongings.
- involvement of consumers: consumers are not an active part in the production process of a good, while consumers are an essential part in the process of producing a service, e.g. you buy a ticket and you fly in the plane, no one else can fly for you.
- quality: mass produced goods tend to have a similar quality while the quality of services can vary a lot, e.g. your plane might be late, or you can get sick while flying, or you might enjoy your flight.
- customer evaluation: when you purchase a good, you can easily decide if the good satisfies your need completely or not, while a flight can be on time (good service) but there might have been a lot of turbulence (bad service).
- inventories are absent: goods can be stocked, services cannot. There are usually empty seats during a flight, but a seat not taken today cannot be added to the total number of seats available tomorrow.
- importance of time: if you purchase a good, it doesn't matter if you decide to use that good immediately or not, while a service is produced and consumed at the same time, e.g. the airline company is providing the flight service during the time that you are actually flying.
The term goods can be defined as an output received after bringing together labor , raw materiel and process of converting raw material into finished products whereas services are more of a benefit provided with expertise to satisfy the needs and requirements of customers.
There is a difference between goods and services which can be explained by applying on an Airline service. Following are the points of differences between goods and services.
Points Of Differences
- Intangibility: Goods can be seen and touched whereas services can only be experienced. An airplane may be touched but flying is a service which cannot be touched only can be experienced and felt.Therefore intangibility is a basis of difference.
- Ownership: When you purchase a ticket you are provided with a service and not with the ownership of airplane. Therefore ownership is a basis of difference.
- Involvement of consumers: Consumers can feel and experience services because they are involved in the process of flying whereas consumers are not involved in the production of goods.Therefore involvement of consumers is a basis of difference.
- Quality: when you consume particular goods there are high chances of same experience every time but services like travelling in a airplane may result in a different experience every time.Therefore quality is a basis of difference.
- Importance of time: The services like travelling in a plane may vary due to weather conditions and timings but the goods purchased are final goods for direct consumption.Therefore importance of time is a basis of difference.
- Inventories are absent: Services like travelling in an airplane can be experienced again and again but cannot be stored whereas goods can be purchased, stored and used as per own will.Therefore inventories is a basis of difference.
- Evaluation of customer: The goods can be evaluated on the basis of its quality but in case of services like travelling in a plane, the experience may vary subjectively. Therefore evaluation of customer is a basis of difference.
Therefore in the light of above points of differences, it can be said that goods and services are different from each other.
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