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Goods

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nyakundi samson
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1 views

Goods

Uploaded by

nyakundi samson
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Goods:

Goods are tangible products that can be touched, seen, or stored. They are physical items that can be
produced, bought, and sold. Goods can be further categorized into:

 Consumer Goods: These are goods that are bought and used by individuals for personal
consumption, like food, clothing, electronics, and furniture.

 Industrial Goods: These goods are used by businesses for production purposes, such as
machinery, raw materials, and tools.

Services:

Services, on the other hand, are intangible products that cannot be touched or stored. They are activities
or benefits that one party offers to another. Examples include:

 Professional Services: Services provided by professionals like doctors, lawyers, and accountants.

 Financial Services: Banking, investment, and insurance services.

 Hospitality Services: Hotels, restaurants, and travel-related services.

 Entertainment Services: Movie theaters, concerts, and online streaming platforms.

How Businesses Create Value:

 Goods meet consumer needs by providing physical products, while services address needs
through experiences, expertise, or assistance.

 Both goods and services can be customized, branded, and marketed to attract specific consumer
segments.

 The combination of goods and services often adds value to the consumer experience. For
example, a restaurant offers both a meal (a good) and dining experience (a service).

Ultimately, businesses succeed by understanding what consumers need and delivering goods or services
that meet those needs effectively, efficiently, and profitably.

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