Founder at Qreoo. Also Read : How to Overcome Limitations in Doing Business Virtually? Q.4 Name the Services Which Are Undertaken by the Organisation to Fulfill the Objectives of the Organisation? As the customer has the opportunity to get the services modified according to his/her specific requirements. Service has to be provided to the customer as and when it is asked by them. Inseparability Activities of production and consumption are performed simultaneously in case of services. E.g., service in a restaurant should be a favorable experience for customer to visit again. Service is highly perishable and time element has great significance in service marketing. Read More : How to Impress as a Business in a Digital World? There is no consistency in the services as like in physical products. Therefore, the service providers consciously work on creating a desired service so that the customer has a favorable experience. Production and consumption cannot be separated. Your email address will not be published. Services are provided according to the requirement of customers. These are provided voluntarily to fulfil social goals. Services cannot be stored for the future. 5 Helpful Ways to Spread Your Message in Business Digitally. Services involve an interaction to be realized between the service provider and the consumer. Absence of Inventory Services are intangible and perishable and hence cannot be stored for future use. Business Services are essentially intangible activities which are separately identifiable and provide satisfaction of wants. What Are The 2 Key Elements of a Good Successful Negotiation? Service demand has high degree of fluctuations. Do You Know Any Other Distinct Characteristics of Business Services? Q.3 Name the Services Which Are Undertaken by the Organisation to Encourage Social Welfare? Inconsistency Services have to be performed exclusively each time according to different consumer demands; As there is no standard tangible product on offer. i.e., they cannot be touched. Example, cinema halls are providing services to watch movie but the customer has to visit to the hall to experience the movie in cinema hall. Business Services are essentially intangible activities which are separately identifiable and provide satisfaction of wants. Their purchase does not result in the ownership of anything physical. A person can only experience it. This implies that the supply needs to be managed according to demand; As the service has to be performed as and when the customer asks for it. The most important characteristics of services are: Lack of ownership Intangibility Inseparability Variability Perishability User participation Different consumers have different services. Service providers need to modify their offer to closely meet the requirements of the customers. Example, services provided by nationalized banks are quite different from the banking services provided by private banks. Which makes the production and consumption of services seem to be inseparable; As services have to be consumed as and when they are produced. Demands and expectations of the different customers are different. 7 Important Characteristics of Services 1. If we produce the goods today, it can be sold later. What Makes Concepts and Characteristics of Entrepreneurship. Please subscribe and share us with your friends and networks. These are intangible assets, they cannot be touched. Business services are referred to as the activities that assist business yet does not deliver a tangible commodity. Services involve an interaction to be realized between the service provider and the consumer. A large number of foreign country prefer India as their hosting partner for business services, sometimes they even prefer to open a branch office. I’m a curious mind who loves to keep learning always. 2. Demand and supply for the service are very close to each other. Business services divided into five characteristics are mentioned below. Your email address will not be published. What are the Core Concept and Characteristics of a Business? How to Impress as a Business in a Digital World? Example, a medicine, can be stored but the medical care will be experienced only when the doctor provides it. Production and consumption can be separated. Each time the service has to be performed exclusively. How to Overcome Limitations in Doing Business Virtually? India is growing extremely competitive and giving a tough competition to other countries when it comes to providing services. 3 Building Blocks of Negotiation to Be Master Negotiators, 5 Key Characteristics That Help You in Negotiating and Win. There are five distinct characteristics of services as discussed below. For instance, Information technology is one such business service that supports various other business services such as shipping, procurement and finance. The changes in demand can be seasonal or by... 3. It is important to provide quality service to the customer, so that customer can feel the favourable experience. It has the involvement of customers in the service providing process. E.g., we cannot separate the medical services provided by a doctor. Different customers having different demands. The quality of the service cannot be determined before consumption, as it has to be only experienced. Required fields are marked *. What Are Distinct Characteristics of Business Services? For more data on Business Studies Class 11 Syllabus, Commerce notifications and sample papers for class 11 Commerce, stay tuned to BYJU’S. 7 Steps to Start Preparing for The Holidays Season for Business? Different customers getting standardized demand fulfilled. Business services divided into five characteristics are mentioned below. (1) Intangibility These are intangible assets, they cannot be touched. Customer Participation and involvement of the customer in the service delivery process is an important characteristic of services. 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