Define and discuss the unique aspects of services as compared to tangible products.

Expert Solution

Sl. No.	Aspect	Services	Products
1.	Intangibility	Intangible, can't be touched or felt; can't experienced or consumed prior to purchase	Tangible, visible, can be touched, felt, can be tested, experienced or consumed prior to purchase
2.	Inseparability	Has to be produced and consumed at the same place, can't be transported or shifted	Can be produced at place, transported and consumed else where.
3.	Perishability	Perishes, an opportunity lost can't be recovered again. If your hotel is just half occupied tonight, the 50% opportunity of service revenue is lost tonight. The same can't be made up tomorrow.	If an item is not sold today, the same can be sold tomorrow; hence non perishable in general, can be stored; have shelf life.
4.	Variability	Quality of services vary depending upon who provides it, where is it provided and so on. Consistency may not be there.	Consistent, standard features, standard product, less variability, by and large consistent

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