0Business Services – Brief Notes
Definition:
Business services refer to those services that are used by business enterprises to conduct their activities smoothly, without producing any tangible product.
Characteristics of Business Services:
- Intangibility – Cannot be touched or seen, only experienced.
- Inconsistency – Services vary from provider to provider and customer to customer.
- Inseparability – Production and consumption occur simultaneously.
- Inventory (Perishability) – Services cannot be stored.
- Involvement – High level of customer participation.
Types of Business Services:
- Banking Services
- Accepting deposits, providing loans, fund transfers, etc.
- Types: Commercial Banks, Cooperative Banks, Central Bank.
- Insurance Services
- Protection against risk of loss.
- Types: Life Insurance, Health Insurance, Marine Insurance, Fire Insurance.
- Transportation Services
- Movement of goods and people.
- Modes: Land, Air, Water.
- Warehousing Services
- Storage of goods to maintain price and supply.
- Communication Services
- Exchange of information through postal and telecom services.
- Banking Services
- Accepting deposits, providing loans, fund transfers, etc.
- Types: Commercial Banks, Cooperative Banks, Central Bank
- Insurance Services
- Protection against risk of loss.
- Types: Life Insurance, Health Insurance, Marine Insurance, Fire Insurance.
- Transportation Services
- Movement of goods and people.
- Modes: Land, Air, Water.
- Warehousing Services
- Storage of goods to maintain price and supply.
- Communication Services
- Exchange of information through postal and telecom services.
