Title: Products and Services - Definitions, Examples, Differences
Headings: Products and Services
Products and Services
What are Products and Services?
Tangible vs. Intangible
Production vs. Interaction
Perishable vs. Imperishable
The Growing Demand for Products and Services
Summary
Additional Resources

Content: However, does the distinction between perishable and imperishable exist in services? Services can be described as perishable but not imperishable. A perishable service simply means that it’s short-lived. Ideally, such a service is consumed as soon as it is produced. Unlike products, the service cannot be stored for later use. Perishable services are such as airline flights, auto repair, theater entertainment, and manicures. If an individual purchases an air ticket for a particular day, and then he suffers a cold and is not able to travel, the ticket expires. The perishable attribute of some services makes it hard to balance supply and demand
Supply and Demand The laws of supply and demand are microeconomic concepts that state that in efficient markets, the quantity supplied of a good and quantity
. The Growing Demand for Products and Services
Based on history, it is evident that producers need to adapt or replace products once they become outdated. Consider the way websites and e-books have replaced paper books or how compact discs have replaced cassettes and DVDs.