To determine: Differential between tangible and intangible product.
Introduction: A product is a substance, an item, an article which is produced for selling it to a customer in exchange of a monitory value. A product can be tangible or intangible.
Answer to Problem 1QA
A product which be touched by human hand are termed as tangible product while product which cannot be touched or felt are termed as intangible product.
Explanation of Solution
Given information: Tangible and intangible category of products.
Companies produce products in the form of goods and services. The goods that can be touched or felt are termed as a tangible product while the product that cannot be touched or felt is termed as an intangible product such as service. Some of the difference between tangible and intangible product are as follows:
- Tangible products have physical existence while the intangible product does have any physical existence.
- A tangible product can be destroyed by natural or manmade calamities while the intangible product cannot be destroyed by natural or manmade calamities.
- Selling a tangible product is much easier than selling an intangible product.
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