Exploring the Product management Spectrum: Understanding Tangibility and Intangibility

Author: Prajwal kamble

Group: 10(leader)

Class and Division : SYBCOM G

Roll no: 710

INTRODUCTION

When it comes to businesses, offerings can be broadly categorized into two realms: tangible products and intangible services. While both contribute value to customers, understanding their key differences is crucial for businesses to effectively market, sell, and deliver them.

TANGIBILITY

One of the most important differences between products and services is their “tangibility”. As the name suggests, these are physical goods you can see and touch. From smartphones to clothes, furniture to toys, the list goes on.

Some characteristics of tangible products are as follows:

Tangibility: we can interact with them physically, we can feel the weight, we can feel the texture, and form.

Ownership: As a customer we can become the owner of the product by transfer of property.

Inventory: We can store the product and inventoried, allowing for physical control and distribution.

INTANGIBILITY

When we go to the doctor, at that time he checks our body and give us prescription. that time he doesn’t sell us any product nor we can feel his work but we still pay him because we pay for his service. That service is “intangible” in nature.

Basically these are the non-physical offerings, focusing on delivering experiences or expertise. From haircuts to consulting, education to healthcare, the possibilities are vast.

Some characteristics of non-tangible services are as follows:

Intangibility: We cannot touch or hold them, but we can perceive their value through the experience they provide

Inseparability: There is no tranfer of property in services. it can be only experienced when there is close interaction between provider and customer

Perishability: We cannot store services and they are need to be consumed as they are delivered

Conclusion

product and service are used together to enhance consumer experience, for example : We Wifi router (product) to access to internet (service provided by network provider) but while marketing product and service there are many things which differentiate each other,

like it is easy to advertise product as it is tangible in nature while in service we don’t get that facility.

Service cannot be measured while product can be measured therefore marketing for products become easier