How does a product differ from a service?

A product is defined as a tangible good that can be physically touched and possessed, such as a smartphone or a television. This means that customers can see, feel, and use these items. Conversely, a service is intangible, meaning it cannot be physically touched or owned in the same way. Services involve actions, performances, or processes, such as a haircut, a car repair, or a legal consultation, which cannot be handled in a physical sense. This distinction is fundamental in marketing and economics, as it affects how businesses approach delivering these offerings to consumers, the way they are marketed, and how customers perceive value. Understanding this difference is crucial for developing effective marketing strategies tailored to the unique characteristics of both products and services.