How are tarnsport,banking and insurance intangible services?
Answers
Intangibility of All Products
Intangible products—travel, freight forwarding, insurance, repair, consulting, computer software, investment banking, brokerage, education, health care, accounting—can seldom be tried out, inspected, or tested in advance. Prospective buyers are generally forced to depend on surrogates to assess what they’re likely to get.
They can look at gloriously glossy pictures of elegant rooms in distant resort hotels set exotically by the shimmering sea. They can consult current users to see how well a software program performs and how well the investment banker or the oil well drilling contractor performs. Or they can ask experienced customers regarding engineering firms, trust companies, lobbyists, professors, surgeons, prep schools, hair stylists, consultants, repair shops, industrial maintenance firms, shippers, franchisers, general contractors, funeral directors, caterers, environmental management firms, construction companies, and on and on.
Tangible products differ in that they can usually, or to some degree, be directly experienced—seen, touched, smelled, or tasted, as well as tested. Often this can be done in advance of buying. You can test-drive a car, smell the perfume, work the numerical controls of a milling machine, inspect the seller’s steam-generating installation, pretest an extruding machine.
In practice, though, even the most tangible of products can’t be reliably tested or experienced in advance. To inspect a vendor’s steam-generating plant or computer installation in advance at another location and to have thoroughly studied detailed proposals and designs are not enough. A great deal more is involved than product features and physical installation alone.
All services are intangible .We can only feel the services.
So, Transport, Banking and Insurance are also Intangible