ACADEMIC BOOSTER PROGRAMME
Laxmi Institute of Management have conducted webinar on Business Service by Prof. Priyal Dave for the students of 11th commerce on 12 August 2021.
What is Business Services?
Business services can be defined as various tasks and activities that help maintain a business, despite not delivering any tangible product. An example of business service can be information technology which assists numerous other business services like procurement, finance and shipping. In today’s world, most of the trades are interested in these exclusive services and cover a major part of the industry.
It can be classified into five characteristics:
Intangibility: With reference to business services introduction, services do not have any physical form i.e. they can only be practiced, instead of produced.
Inconsistency: Services do not have any consistency. They need to be exclusively done each time.
Inseparability: Both consumption and production takes place at the same time for services.
Inventory: A person cannot stock services for future use; it has to be delivered when demanded. This is one significant difference between goods and services, as the former can be stored for later use.
Involvement: Customer involvement is required in providing any kind of service.