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Services
Any activity or benefit that one party can offer to another that is essentially intangible & does not result in the ownership of anything. Its production may or may not be tied up to a physical product.
Services Vs Goods
Services
Intangible Heterogeneous Produced in Buyer Seller interaction Production, distribution & consumption takes place simultaneously Consumers participate in production Cannot be stored Transfer of ownership cannot take place
Goods
Tangible Homogenous Produced in factory All three are separate & independent
Consumers dont generally participate Can be stored Transfer of ownership does take place
Characteristics of Services
Classification of Services
It is required to design & apply marketing techniques to completely satisfy the customer & increase profits & identify new emerging services.
Classifications can be done on following basis:
Classification by Industry Classification by Target Effect Skill level of service provider (Professional/ Nonprofessional) Labor intensiveness (People-based/Equipment-based) Degree of customer contact (High / Low) Goal of the service provider (Profit /Nonprofit)
Classification By Industry
a. b. c. d. e. f. g. h. i. j. k. l. Entertainment industry Education Telecommunications Finance & Insurance Transportation Public utilities Government services Health Hospitability Industry Business services Telecommunications Trading
2.
Mental Stimulus Processing: Services aimed at mind of customer e.g. Education, information, entertainment, consulting, psychotherapy
Possession Processing: Services aimed at physical possession & tangible assets e.g. repair & maintenance, laundry, repair services, landscaping, house cleaning services Information Processing : Services for intangible assets e.g. Banking, legal consultation, brokerage, financial services.
3.
4.
Doctor
Engineer
Accountant
Labor intensiveness
Mechanic Electrician Labor Plumber Artisan