ma2 - Goods and Services The following are characteristics...

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Goods and Services The following are characteristics of goods: -Tangible: goods are tangible, meaning they can be touched. -Consistent definition: The product definition of most goods is consistent. -Production is separate from consumption: Most goods are produced in a physical location other than the place where they are consumed. -Can be inventoried: You can hold goods in inventory because production is separate from consumption. -Low customer interaction: Customers are typically not involved in the transformation process, so there is a low level of customer interaction. The following are characteristics of services: -Intangible: There is an intangible component to services. -Production and consumption at the same time: Services are produced and consumed at the same time. -Often unique: Services are not very standardized because different customers have different needs. -High customer interaction: Production and consumption take place at the same time, so there must be high customer interaction. -Inconsistent product definition: In services, people’s personal
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ma2 - Goods and Services The following are characteristics...

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