Differences Between Services and Goods?
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Differences Between Services and Goods?
Expert Solution
Step 1: Goods
- Good is a material item that can be seen, felt, touched and ready to be sold to the customers.
- They are tangible in nature and their ownership can be transferred to other persons.
- The evaluation of the quality of good is comparatively easier than a service.
- Goods can be returned if are defective in nature.
- Goods can be separated from the seller.
- Each type of good will be identical to the goods in the same type.
- Goods can be stored and be used in the future.
- There is a time lag between the production and consumption of goods.
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