How can we define Product, Services and what are their Types?

Products can be defined as any tangible thing which could be acquired in exchange of some monetary value where as Services are defined as Intangible which can not be separated by the service provider. (Hair Cutting, Counselling, Schooling, etc) 

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A product is anything offered to the market for attention, consumption or usage that can satisfy needs of customers or consumers.TYPES OF PRODUCTS.1.Augemented product2. Expected product.3. Potential product.4. Core product.5. Tangible product. SERVICE A service is mainly a human effort rendered to the marlet for attention or consumption. A service can be a product too & it can't be seperated from its producer. TYPES OF SERVICES.1. Consumer services- retail & wholesale services, education services, health services, leisure & hospitality services.2. Business services- professional services, financial services, transportation services.3. Public services.4. Addendum

Definition of 'Product'

 

Definition: A product is the item offered for sale. A product can be a service or an item. It can be physical or in virtual or cyber form. Every product is made at a cost and each is sold at a price. The price that can be charged depends on the market, the quality, the marketing and the segment that is targeted. Each product has a useful life after which it needs replacement, and a life cycle after which it has to be re-invented. In FMCG parlance, a brand can be revamped, re-launched or extended to make it more relevant to the segment and times, often keeping the product almost the same.  

Marketing management articles » Types of products

Types of products By Hitesh Bhasin August 4, 2016 There are different types of products and they too act as a family tree and have their branches and are classified under different sections on the basis of their features. Different types of products category are:

The differentiated product – The differentiated product enjoys a distinction from other similar products/brands in the market. The differential claimed may be ‘real’, with a real distinction on ingredient, quality, utility, or service, or it may be ‘psychological’ brought about through subtle sales appeals. As competition is increasing more and more, companies are coming out with differentiated products so that they can have a USP to sell better and build more customer value.

• 1. the action of helping or doing work for someone. "millions are involved in voluntary service" synonyms: act of assistance, good turn, favour, kindness, helping hand; More assistance, help, aid, offices, ministrations "he has done us a great service"
  • an act of assistance. plural noun: services "he has done us a great service" synonyms: act of assistance, good turn, favour, kindness, helping hand; More assistance, help, aid, offices, ministrations "he has done us a great service"
• 2. a system supplying a public need such as transport, communications, or utilities such as electricity and water. "a regular bus service" synonyms: amenity, facility, resource, utility, solution; system "the provision of a wide range of local services"    

  Types of Service

  One strength of the JVC program is the breadth and depth of the type of work our Jesuit Volunteers (JVs) engage in. There are over 25 ministries, or types of work, represented among our current JV placements. Our JVs today are placed in over 250 different agencies within 37 cities throughout the US, and six countries. Among those partner agencies, 25 percent are Jesuit works. Throughout the interview process, applicants work with staff to discuss their interest, desires and experiences, and how those can best serve where the need is greatest with one of our partner agencies.

   

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