Consumption Of Goods And Services Essay

Consumption Of Goods And Services Essay

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In general, a product is defined as a ‘thing produced by labor or effort’ or the ‘result of an act or a process’. In marketing, a product is anything that can be offered to a market that might satisfy a want or need. In retail, products are called merchandise. In manufacturing, products are purchased as raw material and sold as finished goods. In economics, product can be classified into goods and services. Goods are a physical product capable of being delivered to a purchaser and involve the transfer of ownership from seller to customer. Goods are items that are tangible, such as books, pens, hats, shoes etc. Services are activities provided by other people, such as doctors, lawn care workers, dentists, barbers, and waiters or online servers. According to economic theory, consumption of goods and services is assumed to provide utility or satisfaction to the consumer or end user. A good is a consumable item that is useful to people but scarce in relation to demand, so that human effort is required to obtain it. Goods may increase their utility directly or indirectly and may be described as having marginal utility. Some things are useful ,but not scarce enough to have momentary value, such as Earth’s atmosphere, these are referred to as ‘free goods’. Service is delivered from the accountable service provider, mostly in close coactions with internal and external service suppliers, commissioned according to the needs of service consumers, which is effectuated by distinct functions of technical system and by distinct activity of individuals, respectively. Services are intangible in nature, is based on big part referred as customer service experience. Goods are normally structural and can be transferred in an instant while services are...

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...ine is a group of related products defined by their functions and customer market, forming a ‘line’ or category. A line can comprise related products of various types, size, color, quality etc. product lining is a marketing strategy that companies adopt where they offer products in the same product line for sale individually. Packaging is the technology of enclosing or protecting product for distribution, storage, sale and use. It also refers evaluating, designing etc. Packaging can be described as a coordinated system of preparing goods for transport, warehousing, logistics, sale, and end use. A brand is a name, term, design, symbol or other feature that distinguishes one seller’s product from others. Branding is a set of marketing and communication methods that help to distinguish a company from competitors and create a long lasting impression in minds of customers.

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