explain why a service is rented rather than owned
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4/ A service is rented rather than owned. ... From the perspective of the service provider: Different from selling an actual product, in providing a service what someone is actually selling is their time.
Answer:
Yes, it is true that service is rented rather than owned. So, we agree with this statement because services come in a variety of forms, so we take services at a specific moment and then quit them. So, if we look at it this way, we are merely renting the services since we use them and pay for them, but we are not the owners of such services.
A service is rented rather than owned because -
The primary distinguishing aspect of a service is that it is rented rather than owned. Within the scope of non-ownership, there are five broad categories:
1. leased products and services - Customers can utilize these services to gain the temporary right to use a physical good that they would rather not own. Boats, fancy dress costumes, and combine harvesters are among examples.
2. Defined space and location rentals- Customers can rent a specific section of a larger space in a building, vehicle, or other location. A suite in an office building, a seat in an aircraft/cabin on a ship/launch, or a table in a restaurant are all examples.
3. Rental of labour and skills. - Customers hire others to undertake labour that they either do not want to do for themselves (e.g., cleaning a house) or are unable to accomplish because of a lack of experience, materials, or abilities. Customers can efficiently rent the services of a complete team in various cases, such as car repair, surgery, and management consulting.
4. Physical access to common spaces.- These habitats can be indoors, outdoors, or a combination of the two. Museums, theme parks, trade exhibitions, gyms, ski resorts, golf courses, and toll highways are all examples. Customers rent the right to share the environment with other customers in exchange for a charge.
5. System and network access and utilization- Customers rent the right to use a certain network, such as telecommunications, utilities, banking, insurance, or specialized information services, in this case. In response to different client needs and the ability to pay, service providers frequently establish a veritable menu of terms for access and use.
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