Business Services –  CBSE Notes for Class 11 Business Studies

Nature And Types of Services

Quick Review—
-> Intangible
Service are intangible i.e. these cannot be seen or touched.
-> Lack Of Homogeneity Or Inconsistency
Services have to be performed each time according to the demands and expectation of each customer. Some services may be provided differently be different service providers.
-> Inventory (Loss)
Services are consumed at the same time when produced; therefore there is no need to maintain inventory or stock of services.
-> Difference Between Goods And Services :

Know the Terms

-> Services: Are identifiable and intangible economic activities that provide satisfaction of human wants.
-> Business-services : Are Those services which are used by business enterprise to carry on business activities smoothing eg-banking, insurance, adverting etc. .
-> Goods : A good is a physical product capable of being delivered to a purchasers and involves the transfer of ownership from seller to customer.
-> Social services : Are those services which are generally provided voluntarily in pursuit of certain goals.
-> Personal Services: Are those services which are experienced differently by different customers according to their preferences.

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