Goods and services are different in nature. Maximum companies of the world provide goods or service or both. Services are intangible and goods are tangible products. There are some differences between service and goods.
Goods are an entity that can be consumed by the consumer. Services are defined as something that a person does for another.
Goods are tangible in nature. Services tend to be intangible in nature.
An example of goods is a book or food. Fixing another person’s car or completing some handiwork in the house would be classed a service.
Produced and sold:
Goods are first produced, then sold and then consumed. Services are first sold, then produced and consumed simultaneously.
Homogeneous vs. difference:
Some goods are homogeneous in nature and other goods are differentiated. Services tend to be differentiated products.
Perishable vs imperishable:
Goods are perishable in most cases. Services are not perishable in nature.
Fluctuation of price:
The price of the goods will fluctuate depending on the season. This is not something that you have to worry about with services.
Goods have weight. Services have no weight.
Goods directly satisfy customer needs by consuming it. Services also satisfy customer needs but only for feeling not consuming.
Goods related companies give guarantees of service for a specific time period. Service related companies promise to provide service not goods.