Product and Services: Know the Differences

September 2, 2016

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Products are tangible, you can see, hold and own them. Services are intangible and can only be experienced. Now you know the differences. Next know how to price your product by demonstrating and explaining its benefits in relation to the consumers needs. Learn how to price your services by proving that the service is consistent and can offer the quality that meets the consumer's’ needs. The similarity among product and service is that they both fulfill the consumers’ wants and needs. 

 

The similarity among product and service is that they both fulfill the consumers’ wants and needs.

 

Marketing a service is quite different then marketing a product as the service is based on relationship and value. Even though there are differences between product and service many similarities can be identified. With physical product marketing you need to consider the 4Ps approach (product, price, place and promotions). When it comes to marketing a service, you need to consider the 7Ps which includes the 4Ps plus people, process and proof.

 

 

In order to customize a product or a service for your consumer, you have to understand what you are selling. Is what we are selling satisfaction, useful or beneficial to your customers wants and needs? 

 

These elements of product planning for goods and services can be helpful for your business:

  • Product idea: Physical good/service, experience, features, benefits, quality level, installation, instructions, product line

  • Branding: Individual or family, manufacturer of dealer

  • Packaging: Protecting, promoting, enhancing product

  • Warranty: None, limited, full, extended

  • Product Classes: Consumer product, business product classes

The above elements serve as the basis for decisions about price, distribution and promotion of a product or service.

 

Let HMN build the right relationship for your product and service. Read our more, click here.

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