Elucidate different features of services?

1.	Elucidate different features of services?
Answer» Along with goods, services, are produced and consumed. They are generally, possess the following: (I) Intangible: 1. Intangible things are not physical obj ects but exist in connection to other things for example, brand image, good will etc. 2. The intangible things are converted and stored into tangible items such as recording a music piece into a pen – drive. (II) Heterogeneous: 1. Services vary across regions or cultural backgrounds. 2. A single type service yields multiple experiences, e.g., music, consulting physicians etc. (III) Inseparable from their makers: Services are inextricably connected to their makes. For example, labour and labourers are inseparable. (IV) Perishable: 1. Services cannot be stored as inventories like assets. 2. For example it is useless to possess a ticket for a cricket match once the match is over. 3. It cannot be stored and it has no value in exchange.

Answer»

Along with goods, services, are produced and consumed.

They are generally, possess the following:

(I) Intangible:

1. Intangible things are not physical obj ects but exist in connection to other things

for example, brand image, good will etc.

2. The intangible things are converted and stored into tangible items such as recording a music piece into a pen – drive.

(II) Heterogeneous:

1. Services vary across regions or cultural backgrounds.

2. A single type service yields multiple experiences, e.g., music, consulting physicians etc.

(III) Inseparable from their makers: Services are inextricably connected to their makes.

For example, labour and labourers are inseparable.

(IV) Perishable:

1. Services cannot be stored as inventories like assets.

2. For example it is useless to possess a ticket for a cricket match once the match is over.

3. It cannot be stored and it has no value in exchange.

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