Explain the meaning of the terms product and service. Compare the differences and similarities by explaining the product-service continuum.
Please refer to the attachment.
Product: A product is anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need
SERVICES: A service is any act or performance that one party can offer to another that is essentially intangible and does not result in the ownership of anything. Its product may or may not be tied to a physical product.
A company's offer to the marketplace usually includes some services. The service component can be a minor or a major part of the total offer. In fact, the offer can range from a pure good on the one hand to a pure service on the other.
The main differences between products and services are:
Intangibility This is considered to be the most basic difference between products and services. Services - being benefits or activities - cannot be seen, felt, ...
In a 560 word solution, the response provides an excellent explanation of the product-service continuum including a graphic example in the attachment which shows the hybrid nature of some.