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In another thread, a debate arouse over the definition of Products and Services. I thought it prudent to bring same to the Lounge ...
This debate is almost as old as the Chicken or the Egg and Nature vs Nurture dabtes
But for a fun debate I submit that over the past 40 years Business has developed and its thinking and definitions.
I grew up on "Kotler" and a "not the Oxford English Definition" thus PRODUCT is :
Product
Definitions (3)
1. A good, idea, method, information, object, or service that is the end result of a process and serves as a need or want satisfier. It is usually a bundle of tangible and intangible attributes (benefits, features, functions, uses) that a seller offers to a buyer for purchase.
2. Law: A commercially distributed good that is (1) tangible personal property, (2) output or result of a fabrication, manufacturing, or production process, and (3) passes through a distribution channel before being consumed or used.
3. Marketing: A good or service that most closely meets the requirements of a particular market or segment and yield enough profit to justify its continued existence.
Read more at source :
and
SERVICE is:
Definitions (3)
1. A valuable action, deed, or effort performed to satisfy a need or to fulfill a demand.
2. Law: Formal delivery of a notice, summons, or writ.
3. Banking: Payment of interest or loan installment, or dividends, as scheduled.
Read more from source: http://www.businessdictionary.com/de...#ixzz24RmkiiHY
I do recall, in the 60's when a product was defined as
Tangible
Definition
Having physical existence and/or form, or discernible through one or more senses.
Read more at source: http://www.businessdictionary.com/de...#ixzz24RneYMnI
and
Services as
Intangible
Definition
That cannot be assessed, felt, measured, or moved because it has no physical substance.
Read more: http://www.businessdictionary.com/de...#ixzz24Ro1Z21f
These tangible and intangible terms, are definitions, for the purposes of Accounting; Assets; WiP; Stock; Depreciation.
Gold is a product, dug or found - yet it is also a Commodity
Commodity
Definition
A reasonably homogeneous good or material, bought and sold freely as an article of commerce. Commodities include agricultural products, fuels, and metals and are traded in bulk on a commodity exchange or spot market.
Read more at source: http://www.businessdictionary.com/de...#ixzz24RpF2YoC
I learned in the 90's that in the sleepy village of Goodworth Clatford, Hampshire (Pop. less than 1,000 ) is a Grain Trading Exchange - for Farmers. (Centaur Grain & Openfield Ltd)
Our language has become so enriched through developments in many ways.
is the Grain T Ex is product or service provider ?
is Software a product or service ?
What are your thoughts on the grey areas between Products and Services ?
This debate is almost as old as the Chicken or the Egg and Nature vs Nurture dabtes
But for a fun debate I submit that over the past 40 years Business has developed and its thinking and definitions.
I grew up on "Kotler" and a "not the Oxford English Definition" thus PRODUCT is :
Product
Definitions (3)
1. A good, idea, method, information, object, or service that is the end result of a process and serves as a need or want satisfier. It is usually a bundle of tangible and intangible attributes (benefits, features, functions, uses) that a seller offers to a buyer for purchase.
2. Law: A commercially distributed good that is (1) tangible personal property, (2) output or result of a fabrication, manufacturing, or production process, and (3) passes through a distribution channel before being consumed or used.
3. Marketing: A good or service that most closely meets the requirements of a particular market or segment and yield enough profit to justify its continued existence.
Read more at source :
and
SERVICE is:
Definitions (3)
1. A valuable action, deed, or effort performed to satisfy a need or to fulfill a demand.
2. Law: Formal delivery of a notice, summons, or writ.
3. Banking: Payment of interest or loan installment, or dividends, as scheduled.
Read more from source: http://www.businessdictionary.com/de...#ixzz24RmkiiHY
I do recall, in the 60's when a product was defined as
Tangible
Definition
Having physical existence and/or form, or discernible through one or more senses.
Read more at source: http://www.businessdictionary.com/de...#ixzz24RneYMnI
and
Services as
Intangible
Definition
That cannot be assessed, felt, measured, or moved because it has no physical substance.
Read more: http://www.businessdictionary.com/de...#ixzz24Ro1Z21f
These tangible and intangible terms, are definitions, for the purposes of Accounting; Assets; WiP; Stock; Depreciation.
Gold is a product, dug or found - yet it is also a Commodity
Commodity
Definition
A reasonably homogeneous good or material, bought and sold freely as an article of commerce. Commodities include agricultural products, fuels, and metals and are traded in bulk on a commodity exchange or spot market.
Read more at source: http://www.businessdictionary.com/de...#ixzz24RpF2YoC
I learned in the 90's that in the sleepy village of Goodworth Clatford, Hampshire (Pop. less than 1,000 ) is a Grain Trading Exchange - for Farmers. (Centaur Grain & Openfield Ltd)
Our language has become so enriched through developments in many ways.
is the Grain T Ex is product or service provider ?
is Software a product or service ?
What are your thoughts on the grey areas between Products and Services ?
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