Question

The two major points of distinction between a product and service are ______.

Options

• Tangibility

• Perishability

• Market share

• Profit Maximisation

Answer 1

The two major points of distinction between a product and service are Tangibility and Perishability.

Explanation:

• Tangibility: Products are tangible, meaning they can be touched and seen, whereas services are intangible and cannot be physically possessed.
• Perishability: Services are perishable, meaning they cannot be stored or saved for later use, while products can be inventoried and used at a later time.