GENERAL KNOWLEDGE

Detailed explanation-1: -Goods and services are totally distinct from each other. An example of “experience marketing” is a professional sporting event. Experience attributes are those that are difficult to judge even post-consumption. An example of a credence quality is when you buy a new cologne.

Detailed explanation-2: -Still, both products and services exist to meet needs in the marketplace and both rely on demand from target customer groups. Both products and services attempt to provide value to individuals, families or businesses, and both rely on marketing to stimulate demand and motivate consumers to make purchasing decisions.

Detailed explanation-3: -Goods are tangible, as in these have a physical presence and they can be touched, while services are intangible in nature. The purpose of both goods and services is to provide utility and satisfaction to the consumer.

Detailed explanation-4: -Inseparability is a significant characteristic that distinguishes a service from a product according to the simultaneous production and consumption.