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Goods and Services and Intangible Goods

1. What characteristics define the major differences between goods and services? Provide examples to support your thinking.

2. What strategies are effective in overcoming a challenge associated with intangible goods? Describe a situation and evaluate the marketing challenges that are associated with it.

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Differences between Goods and Services
The main difference between goods and services is based on tangible and intangible factors (Bahl & Sherwood, 2011). Goods are generally considered objects or products that are manufactured, stored, transported, marketed and sold (Windsor, Sheth, & Manolis, 2004). Another description of goods is that "goods must be entities over which ownership rights could be established and exchanged" (Smith, [1776], 2012). Many services are produced where they are consumed, such as a haircut. One pays for the barber to utilize his tools to cut the customers hair, the customer has no ownership of the tools; they are paying for the service of the barber's skills.

Other traditional methods of categorizing goods and services include intangibility, heterogeneity, ...

Solution Summary

This response is a discussion of the differences between goods and services and a description of intangible goods and their marketing processes.