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SERVICES
A service is an act of performance that one party can
offer to another that is essentially intangible and does
not result in the ownership of anything. Its production
may or may not be tied to a physical product.
-Philip Kotler
In simple words, Service is an economic activity that
is tangible, cannot be stored and does not result in
ownership. Services are consumed at the point of
sales.
Service sector
The service sector, also called the tertiary sector, The
other two are the primary sector, which covers areas
such as farming, mining and fishing; the secondary
sector which covers manufacturing and making
things. The service sector provides a service, not an
actual product that could be held in your hand.
Activities in the service sector
include retail, banks, hotels, realestate, education, he
alth, socialwork, computer services, recreation, media
, communications, electricity, gas and water supply
CHARACTERISTICS OF SERVICES
Intangible - It cannot be touched.
Inseparability - Services cannot be separated
from the service providers.
Heterogeneity A service is one-time
generated, rendered and consumed and can
never be exactly repeated.
Perish ability Once a service is consumed
then it cannot be consumed again.
Advantages/ importance
Flexible hours: provide great flexibility over their day to day
schedule.
Steady work: service industry jobs will always be in demand
as people continue to look to these business to meet their
various demand unlike mfg based jobs that are being
eroded by technological advances that make human
presence less crucial.
Entry into entrepreneurism: as large corporate downsize
their staff and people seek to gain more control over their
career destinies, where as service industry allows them
multiple option for becoming entrepreneur and they can
set their own pay rates and schedules
Services
tangible
intangible
homogeneous
heterogeneous
A thing
An activity or process
Transfer of ownership
No transfer of ownership
Demographic change
Social change
Economic change
Political change
Technological change
SERVICE INDUSTRY
Telecommunication
Hospitality industry/Tourism
Mass media
Healthcare/hospitals
Public health
Information technology
Wholesale and Trade
Transportation
Education
Government services
Financial services
Banking
Insurance
Investment management
FMCG
Professional services
Accountancy
Legal services
Management consulting
Consulting
Retail sales
Real estate
challenges
Intangible
Consumed simultaneously
Developing trust
Competition
Sale staff
Thank you