Question

State any four features of business services.

Explain any four features of business services.

Answer 1

Features of services:

1. Intangibility: Service is not a physical product that can be touched or seen. A service can be experienced by the buyer or the receiver. Services lack material form, and therefore, they are intangible.
2. Inseparability: The unique characteristic of services is that the service and the service provider cannot be separated.
   Service providers are present when delivering services to customers. In the case of service production and consumption occurring simultaneously.
3. Inconsistency: Services are heterogeneous. There can be no perfect standardization of services. Even if the service provider remains the same, the quality of the service may vary over time. For example, the same restaurant can give a different experience to two different customers.
4. Perishability: The production and consumption of services are inseparable because the storage of services is not possible. Because services are intangible, there can never be an inventory of them. Unlike goods, they cannot be stored for future sale.