Answered: Differences Between Services and Goods?

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

See similar textbooks

Related questions

Concept explainers

Question

Differences Between Services and Goods?

Expert Solution

Step 1: Goods

Good is a material item that can be seen, felt, touched and ready to be sold to the customers.
They are tangible in nature and their ownership can be transferred to other persons.
The evaluation of the quality of good is comparatively easier than a service.
Goods can be returned if are defective in nature.
Goods can be separated from the seller.
Each type of good will be identical to the goods in the same type.
Goods can be stored and be used in the future.
There is a time lag between the production and consumption of goods.

Step by step

Solved in 2 steps

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.

Similar questions