What is the difference between a product and a service?

Answer

A product is a tangible item produced or sold by a business while a service is an intangible benefit provided to the customer. All companies provide either a product or a service to their consumers, and some businesses even provide both.

Examples of products include automobiles sold by a car dealership, appliances sold by a retailer, meals sold by a restaurant, books sold at a bookstore and medications sold by a pharmacy.

Examples of services include a vehicle inspection performed by a mechanic, a haircut done by a beautician, tax advice provided by an accounting firm or lawn care provided by a landscaper.

Reference:
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