Products VS Services
- Sunday, September 6, 2009, 11:30
- Marketing
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Products are the tangible entities which are offered in the market by Organization to fulfill the needs, wants and demands of the customers. Products are tangible products in the market which customers purchase from market to satisfy needs or wants. Customers always view the product in the form of bundle means the set of benefits customers get after purchasing the product. The product bundle include complementary elements like warranty, information and etc.
Services are intangible entities which are offered in the marketing by Organization with product or separately. The objective of service remain similar to product fulfilling wants or demands of customers.
Kotler definition of Service is
“ Any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of any thing”
According to American survey products failure rate is higher than service failure rate that’s the reason we can see lots of services are being offered to customer in the market in 20th century. Telecommunication, education and banking are the most growing industries in services sector.
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