Product vs Service

What is the main difference between a product and a service?

• Physical vs. Digital

• Cheap vs. Expensive

• Tangible vs. Intangible

• Short-term vs. Long-term

Give an example of a product-based business.

• A car wash

• A tutoring service

• A bakery

• A landscaping company

Name a service-based business.

• Consulting firm

• Food truck

• Landscaping service

• Online retail store

Which one can you touch - a product or a service?

• experience

• time

• loyalty

• product

Can you return a service like you return a product?

• Sometimes

• Yes

• No

• Maybe

What do you receive when you buy a product?

• Time

• Service

• Emotion

• Product

What do you receive when you pay for a service?

• A refund

• A thank you note

• The service you paid for

• A free gift

Why do some businesses offer both products and services?

• To diversify revenue streams and cater to different customer needs.

• To avoid competition and monopolize the market

• To reduce operational costs and increase efficiency

• To limit customer choices and increase sales

Explain why a haircut is considered a service.

• A haircut is considered a service because it is a tangible item that can be stored and resold.

• A haircut is considered a service because it involves a skilled professional providing a personalized and intangible experience to the customer, rather than a physical product.

• A haircut is considered a service because it is a one-time transaction with no ongoing relationship between the customer and the provider.

• A haircut is considered a service because it involves selling physical products like shampoo and conditioner.

How is a car dealership an example of a product-based business?

• A car dealership is an example of a product-based business because it offers free car washes.

• A car dealership is an example of a product-based business because it provides financial services.

• A car dealership is an example of a product-based business because it sells physical products like cars.

• A car dealership is an example of a product-based business because it offers cooking classes.