name and explain the 5 I of business services
Answers
Answer:
Business services divided into five characteristics are mentioned below.
(1) Intangibility
These are intangible assets, they cannot be touched.
They don’t have their physical presence.
A person can only experience it.
It is important to provide quality service to the customer, so that customer can feel the favourable experience.
Example: Teaching by teachers, doctor’s treatment to patients etc.
(2) Inconsistency
There is no consistency in the services as like in physical products.
Each time the service has to be performed exclusively.
Demands and expectations of the different customers are different.
Every time the service provider has to modify the service accordingly.
(3) Inseparability
Production and consumption are simultaneous in case of services.
If we produce the goods today, it can be sold later.
(4) Inventory
Services cannot be stored for the future.
It has no physical component.
Demand and supply for the service are very close to each other.
Service has to be provided to the customer as and when it is asked by them.
Example: Mc Donald’s burger can be stored but the taste can only be experienced.Airways ticket can be stored, the journey can be experienced.
(5) Involvement
Services are provided according to the requirement of customers.
It has the involvement of customers in the service providing process