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Question
What is meant by service? Mention three features of service.
Solution
A service is an act or performance offered by one party to another. They are economic activities that create value and provide benefits for customers at specific times and places as a result of bringing desired change.
Intangibility:
Services are activities performed by the service provider. Services cannot be seen, tasted, felt, heard or smelt before they are consumed.
Inseparability:
Services are typically produced and consumed simultaneously. The inseparability of production and consumption increases the importance of the quality of services.
Perishability:
Services are deeds, performance or act whose consumption takes place simultaneously; they tend to perish me the absence of consumption. Hence, services cannot be stored. The sen ices go waste if they are not consumed simultaneously.
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