Page 1 - Home Assignment 16
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SAI INTERNATIONAL SCHOOL
CLASSS XI
SUBJECT: BUSINESS STUDIES
CHAPTER -4, Business Services
Home Assignment 16Meaning of service, Types of services, nature of services, goods vs.
services, banking, types of banking
BUSINESS SERVICES
A good is a physical productcapable of being delivered to apurchaser and involves
the transfer ofownership from seller to customer.Goods are also generally used to
referto commodities or items of all types,except services, involved in trade
orcommerce.
NATURE OF
SERVICEShttps://www.youtube.com/watch?v=DMYuuQEhDAs
There are five basic features of services.These features also distinguish themfrom
goods and are known as the five isof services. These are discussed asbelow:
(i) Intangibility: Services areintangible, i.e., they cannot be touched.They
are experiential in nature. Onecannot taste a doctor’s treatment, ortouch
entertainment. One can onlyexperience it.
(ii) Inconsistency: The secondimportant characteristic of services
isinconsistency. Since there is no standard tangible product, serviceshave
to be performed exclusively eachtime. Different customers have
differentdemands and expectations. Serviceproviders need to have an
opportunityto alter their offer to closely meet therequirements of the
customers.
