Alfonso Llanes, studied at Florida International University
Theodore Levitt explains in the Harvard Business Review that tangible and intangible markets have very specific distinguishing characteristics:
· Tangible products differ in that they can usually, or to some degree, be directly experienced—seen, touched, smelled, or tasted, as well as tested. Often this can be done in advance of buying. You can test-drive a car, smell the perfume, work the numerical controls of a milling machine, inspect the seller’s steam-generating installation, pretest an extruding machine
· Intangible products—travel, freight forwarding, insurance, repair, consulting, computer software, investment banking, brokerage, education, health care, accounting—can seldom be tried out, inspected, or tested in advance. Prospective buyers are generally forced to depend on surrogates to assess what they’re likely to get.
The convenience of the difference becomes apparent when we consider the question of how the two markets differ from one another. While some of the dissimilarities might seem apparent, it is obvious that, along with their variances, there are important harmonies between the marketing of intangibles and tangibles.
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