Question

Define service and state in characteristics of service

Answer 1

Lack of ownership may be one of the most obvious ones of the characteristics of service. It refers to the fact that you cannot own and store a service like you can a product. This characteristic is strongly linked to several other characteristics of services, such as intangibility, perishability, inseparability

Answer 2

SERVICE:-

Service sector includes commercial firms engaged in banking, communication, transport, insurance, warehousing, etc. The service sector constitutes the basic infrastructure which is the must for smooth flow business activities. In the recent past, the role of service sector in the Indian economy is growing faster than agriculture and industry.

CHARACTERISTICS OF SERVICES:-

• Intangible:- Services are intensible that is these cannot be seen or touched.
• Lack of homogeneity or inconsistency:- Services have to be performed is time according to the demands in Expectations of each customer. Same services maybe provided differently by different service providers.
• Inventory:- The main feature of services is that services are consumed at the same time, when they are produced. So there is no need to maintain inventory or stock of services. If service is not consume immediately then it is a total loss.