Question

In: Economics

critically discuss characteristics of service, illustrate your understanding by relevant example

critically discuss characteristics of service, illustrate your understanding by relevant example

Solutions

Expert Solution

Characteristics of services

There are many characteristics of services . Some of them are as follows

1) Intangibility: services are intangible in nature . These can't be felt or tasted or heard. Eg: Friendliness of the hotel staff. It Is tangible. Unlike goods, it can't be touched or is not accessible in physical form.

2) inseparability : Services cannot be separated from their providers. The services can be provided from their service providers only. Eg: banking services could be provided by the people in banking industry . The bankers specialise in these services and cannot be separated from it. .

3) Variability or heterogeneity: another characteristic of service is that it in variable in nature. The services vary depending on the provider or the quality of the service provider, his experience etc. A professor of 30 years would provide or impart better experience and knowledge than the one who has begun his career.

4) perishability : Unlike goods , which can be stored and used later , the services are perishable in nature ie they cannot be stored and used later. Eg: An appointment with doctor , cannot be stored for future use and is limited till the time of appointment . Services of restaurants cannot be stored , they are used till the time one is having a meal there.

5) Lack of ownership: Goods can be owned and stored ,, but services cannot be owned. They lack ownership. Eg: services provided by travel agent. They don't own the flights and hotels they book for holidays . Rather they are just the service providers.

(You can comment for doubts)


Related Solutions

Briefly explain, and illustrate using an example, your understanding of the term “business intelligence.”
Briefly explain, and illustrate using an example, your understanding of the term “business intelligence.”
Illustrate your understanding of internal controls by providing an example of a control you have personally...
Illustrate your understanding of internal controls by providing an example of a control you have personally witnessed (at the gym, supermarket, a restaurant etc.) – do not use a traditional business setting, such as those detailed in your textbook. In your example make sure you cover the following: a. Describe the control in detail (including the setting). b. What was the control trying to achieve (ie. prevent/safeguard)? c. What specific general ledger account could the control be linked to? d....
Illustrate your understanding of internal controls by providing an example of a control you have personally...
Illustrate your understanding of internal controls by providing an example of a control you have personally witnessed (at the gym, supermarket, a restaurant etc.) – do not use a traditional business setting, such as those detailed in your textbook. In your example make sure you cover the following: a. Describe the control in detail (including the setting). b. What was the control trying to achieve (ie. prevent/safeguard)? c. What specific general ledger account could the control be linked to? d....
Illustrate your understanding of internal controls by providing an example of a control you have personally...
Illustrate your understanding of internal controls by providing an example of a control you have personally witnessed (at the gym, supermarket, a restaurant etc.) – do not use a traditional business setting, such as those detailed in your textbook. In your example make sure you cover the following: a. Describe the control in detail (including the setting). b. What was the control trying to achieve (ie. prevent/safeguard)? c. What specific general ledger account could the control be linked to? d....
Using a relevant example, detail your understanding of the relationship between risk and the various trade...
Using a relevant example, detail your understanding of the relationship between risk and the various trade finance instruments.
3. Use a ‘real-world’ (ie. non-IT) analogy to illustrate your understanding of an Enterprise Service Bus...
3. Use a ‘real-world’ (ie. non-IT) analogy to illustrate your understanding of an Enterprise Service Bus (ESB). Explain how in the specific context of your analogy, does the ESB facilitate scalable interaction of computer systems across an enterprise.
Discuss three dimensions for segmenting markets and illustrate your response with an example.
Discuss three dimensions for segmenting markets and illustrate your response with an example.
Discuss your considered understanding of the relationship between Code § 6664(c) and the relevant / corresponding...
Discuss your considered understanding of the relationship between Code § 6664(c) and the relevant / corresponding provisions of Circular 230.
Critically discuss the main characteristics of bureaucracy an its limitations
Critically discuss the main characteristics of bureaucracy an its limitations
Critically evaluate the importance of understanding the economic transformation system? give an example of the company...
Critically evaluate the importance of understanding the economic transformation system? give an example of the company input, output, feedback, the mechanism and the business role.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT