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Successful Businesses- Product or Service?

Please describe the difference between a business that provides a product, one that provides a service, and one that provides both.

Pick a well known business of each type (one that a person can visit), and say what makes each business successful or not, in your own perspective.

Include observations on name, quality, customer service and price.

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I answered with some ideas, references and content related to the differences between a business. This response should be useful for you to develop a better understanding with regards to the given topics. Kindly use this work for your reference only and please do not use this content in your assignment or homework.

Difference between Businesses Offering Products and Services

There are several differences between the businesses that provide a product, one that provides a service, and one that provides both. For example, Toyota is one of the most important examples of product providers. The company provides several products to its customers in the international market. The main products of the company include: Toyota Etios Liva, Etios, Corolla Altis, Fortuner, Camry, Prius, and Land Cruiser Prado (Toyota, 2012). On the other hand, American International Group, AXA Group and Manulife Financial, for instance, are some important examples of business organizations that provide only services in the global market. For example, American International Group offers insurances facilities and other services such as primary mortgage insurance or guarantees, ordinary and structured capital relief, and mortgage loan services (AIG Group. 2012).

At the same time, Vodafone is a telecommunication firm that offers different products as well as services. For example, its products include handsets and smartphones, and it also offers broadband services, mobile money transfer services, and 'mHealth' ...

Solution Summary

The solution discusses successful businesses regarding product or service.