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Services and its Characteristics Video Lecture | Business Studies (BST) Class 11 - Commerce

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FAQs on Services and its Characteristics Video Lecture - Business Studies (BST) Class 11 - Commerce

1. What are services in commerce?
Ans. Services in commerce refer to intangible products that are provided to consumers or businesses. They are activities, benefits, or satisfactions that are offered for sale, such as transportation, healthcare, education, or banking.
2. What are the characteristics of services in commerce?
Ans. The characteristics of services in commerce include intangibility (they cannot be seen or touched), inseparability (they are produced and consumed simultaneously), variability (they can vary in quality), perishability (they cannot be stored or saved), and lack of ownership (customers do not own the service).
3. How do services differ from goods in commerce?
Ans. Services differ from goods in commerce in several ways. Goods are tangible products that can be seen and touched, while services are intangible. Goods can be stored or saved, while services are perishable. Goods are produced and consumed separately, while services are produced and consumed simultaneously.
4. What are some examples of services in commerce?
Ans. Examples of services in commerce include transportation services (such as taxi or airline services), healthcare services (such as doctor visits or hospital stays), education services (such as teaching or tutoring), financial services (such as banking or insurance), and professional services (such as legal or consulting services).
5. How do the characteristics of services impact their marketing and delivery?
Ans. The characteristics of services impact their marketing and delivery in various ways. For example, the intangibility of services requires marketers to use tangible cues, such as branding or physical evidence, to communicate their value. The inseparability of services means that customers are often involved in the production process, requiring effective customer service. The perishability of services necessitates capacity management to match supply and demand. The lack of ownership of services may require marketers to focus on building customer loyalty and satisfaction.
37 videos|146 docs|44 tests
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