Product and Service Notes for ICSE Class 10 Commercial Studies Chapter 3

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Last Updated on February 21, 2025 by sanjjeett

Hello students, we are providing notes for ICSE class 10 commercial studies. The resources for ICSE Commercial Studies are very less. So, to help icse board students we have created chapterwise notes for class 10 commercial studies. In this article, you will find notes for ICSE Class 10 Commercial Studies Chapter 3 Product and Service. It is a part of Notes for ICSE Class 10 Commercial Studies series.

Chapter	Product and Service
Type of Material	Notes
Board	ICSE
Class	10
Subject	Commercial Studies
Unit	Unit 2 Marketing and Sales
Useful for	Class 10 Studying Students
Notes provided	Yes
Important Link	ICSE Class 10 Commercial Studies Chapterwise Notes

Notes on Product and Service for ICSE Class 10 Commercial Studies

Meaning of Product

A product is a tangible item or intangible service that is offered to satisfy a need or want of consumers. It can be anything that is capable of being offered to a market for attention, acquisition, use, or consumption, and that might satisfy a need or want. Products can be physical goods, such as smart phones, cars, or clothing, or they can be intangible services, such as banking, healthcare, or education.

Example:

Let’s consider a tangible product like a smart phone. A smart phone is a physical device that combines various features and functionalities, including calling, texting, internet browsing, photography, and app usage. It is designed to satisfy the communication, entertainment, and productivity needs of consumers.

A smart phone typically consists of hardware components such as a screen, processor, battery, camera, and storage, as well as software applications and operating systems that enable users to perform various tasks and activities. Companies that manufacture smart phones invest in research and development, design, manufacturing, marketing, and distribution to create and sell their products to consumers worldwide.

In this example, the smart phone serves as a tangible product that fulfills the need for communication, connectivity, and digital access, offering features and benefits that meet the demands and preferences of the target market.

Also read: ICSE Class 10 Commercial Studies Notes

Meaning of Service

A service is an intangible offering provided by one party to another, typically involving an activity, benefit, or satisfaction that is exchanged for money or some other form of value. Services are not physical products but rather activities, performances, or efforts that provide value to consumers and fulfill their needs or wants.

Example:

Let’s consider the service of ride-sharing provided by companies like Uber or Ola. Ride-sharing services involve connecting passengers with drivers who use their own vehicles to transport them from one location to another. Unlike tangible products, ride-sharing services do not involve the exchange of physical goods but rather the provision of transportation as a service.

When a passenger requests a ride through a ride-sharing app, they are paying for the convenience, reliability, and comfort of being transported to their destination. The service includes features such as real-time tracking, upfront pricing, driver ratings, and seamless payment processing, all aimed at enhancing the overall customer experience.

Ride-sharing services rely on technology platforms, mobile applications, and network algorithms to match passengers with available drivers, optimize routes, and ensure efficient and timely transportation. The service also encompasses safety measures, insurance coverage, and customer support to address any issues or concerns that may arise during the ride.

In this example, the ride-sharing service demonstrates how intangible offerings can create value for consumers by providing convenient and accessible transportation solutions, without the need for physical products.

Differences between Products and Services:

1. Tangibility:

• Products are tangible, physical items that can be touched, seen, and felt.
• Services are intangible, meaning they are actions, performances, or efforts that cannot be touched or held.

2. Ownership:

• Products are owned by the customer once purchased, allowing for physical possession.
• Services are experienced by the customer but not owned; they are consumed as they are delivered.

3. Production:

• Products are typically manufactured or assembled before being sold to customers.
• Services are produced and consumed simultaneously; they are created at the point of delivery.

4. Perishability:

• Products are generally non-perishable or have a longer shelf life, allowing for storage and inventory management.
• Services are perishable; they cannot be stored or inventoried for future use.

5. Customization:

• Products can be mass-produced with little variation or customized to meet specific customer needs.
• Services are often customized to suit individual preferences and requirements, leading to more personalized experiences.

6. Evaluation:

• Products can be evaluated based on tangible attributes such as quality, design, and functionality.
• Services are evaluated based on intangible factors like responsiveness, reliability, and customer satisfaction.

7. Delivery:

• Products are delivered physically through distribution channels such as retail stores, e- commerce platforms, or direct shipments.
• Services are delivered directly to the customer, often involving personal interactions, digital platforms, or service outlets.

8. Transferability:

• Products can be transferred from one party to another through sales, exchanges, or gifts.
• Services are not transferable in the same sense as products; they are consumed by the customer who receives them.

Also check

• Sources of Raising Capital Notes for ICSE Class 10 Commercial Studies Chapter 13
• Capital Market Notes for ICSE Class 10 Commercial Studies Chapter 12
• Budgeting Notes for ICSE Class 10 Commercial Studies Chapter 11
• Costs Notes for ICSE Class 10 Commercial Studies Chapter 10
• Final accounts of Sole Proprietorship Notes for ICSE Class 10 Commercial Studies Chapter 9
• Capital and Revenue Notes for ICSE Class 10 Commercial Studies Chapter 8
• E-commerce Notes for ICSE Class 10 Commercial Studies Chapter 7
• Consumer Protection Notes for ICSE Class 10 Commercial Studies Chapter 6
• Advertising and Sales promotion Notes for ICSE Class 10 Commercial Studies Chapter 5
• Pricing Notes for ICSE Class 10 Commercial Studies Chapter 4
• ICSE Class 10 Commercial Studies Notes
• Product and Service Notes for ICSE Class 10 Commercial Studies Chapter 3
• Marketing Notes for ICSE Class 10 Commercial Studies Chapter 2
• Stakeholders in Commercial Organisations Notes for ICSE Class 10 Commercial Studies Chapter 1

Topics covered in ICSE Class 10 Commercial Studies Chapter 3 Product and service

1.1	Meaning of marketing
1.2	Objectives of marketing
1.2	Difference between marketing and sales.

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