Question

Explain the following term/concept:

Services

Answer 1

• Services, such as medical services, are acts of performance that one party provides to another for a set price or for free. They are fundamentally intangible and do not confer ownership.
• According to Philip Kotler, “A service is an act of performance that one party can offer to another that is essentially intangible and does not result in the ownership of anything. Its production may or may not be tied to a physical product.”