Question

Distinguish between goods and services

Answer 1

1. Goods are tangible, and transferable while the services are intangible and non transferable.
2. Goods are separable, and non ‘“ perishable while services are inseparable.
3. Goods are homogeneous while services are heterogeneous.

4.Goods are the material items that the customers are ready to purchase for a price. Services are the amenities, benefits or facilities provided by the other persons.

5.Goods are tangible items i.e. they can be seen or touched whereas services are intangible items.When the buyer purchases the goods by paying the consideration, the ownership of goods moves from the seller to the buyer. Conversely, the ownership of services is non-transferable.The evaluation of services is difficult because every service provider has a different approach of carrying out services, so it is hard to judge whose services are better than the other as compared to goods.

6.Goods can be returned to or exchanged with the seller, but it is not possible to return or exchange services, once they are provided.

Answer 2

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