0:00:00.240,0:00:04.720

All right. As marketers the main thing

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that we use to meet customers needs

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are our products and products generally

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come in the two categories of

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goods and services so for us to really

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understand

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how we can make our product exactly what

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it should be

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it's helpful for us to understand the

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difference between goods and services.

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Goods are typically tangible meaning we

0:00:23.199,0:00:27.279

can hold them we can pick them up

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we can we can carry them with us that

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sort of thing, whereas services are not

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tangible they're

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intangible meaning that we can't do

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those things

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a service is just what it is and we

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can't carry it with us or

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look at it off the shelf. Another

0:00:41.120,0:00:44.800

difference

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is the time and place of production

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goods physical items can be produced

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anywhere at any time and we can consume

0:00:52.000,0:00:55.280

them later

0:00:53.280,0:00:56.719

on the other hand services are produced

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then and there meaning

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when we consume them when we receive the

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service

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they're also being produced or it's also

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being produced

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right then and there. This leads us to

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another key difference between goods and

0:01:08.080,0:01:13.600

services which is the ability to

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store inventory or create inventory

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we can do that with physical goods

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whereas with services

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we're limited to our capacity to create

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right then.

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So think about an airline for example

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we don't buy a physical good from an

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airline we buy a trip

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we buy transportation so that's a

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service.

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They can only transport as many people

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as they have capacity for at that given

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time

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and they can't store it up for later so

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if

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they fly a flight with half half the

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seats full

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they don't have more seats to fly

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passengers in

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tomorrow so they're limited to the

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capacity they can't store inventory.

0:01:52.320,0:01:56.320

The last key difference between goods

0:01:54.079,0:01:57.439

and services is that goods can be

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standardized

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meaning we can make the same item over

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and over and over again

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while we can try to do that with

0:02:03.680,0:02:07.759

services, services are more variable

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because it depends on the given

0:02:07.759,0:02:11.520

situation

0:02:08.560,0:02:12.480

at the given time and the given uh

0:02:11.520,0:02:14.800

employee or

0:02:12.480,0:02:15.520

or personnel that is delivering the

0:02:14.800,0:02:16.959

service.

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So there's always going to be some

0:02:16.959,0:02:22.400

variability or some difference in the

0:02:19.440,0:02:24.000

the specific details of the service that

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we provide.

0:02:24.000,0:02:27.760

Together all of these represent the key

0:02:26.480,0:02:32.800

differences between

0:02:27.760,0:02:32.800

goods and services.