Service Is An Important Part Of The Global Economy Essay

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Services are intangible activities or benefits that an organization provides to satisfy consumers’ needs in exchange for money or something else of value (Kerin, Hartley 322). Service are an important part in the global economy. Services are now apart of the GDP. There are four elements of services which are intangibility, inconsistency, inseparability, and inventory. Intangibility means it can not be touched, held, or seen before the purchase. These services help consumers to get information or show the benefits of their product. Inconsistency is developing, pricing, promoting, and delivering services is complicated because the quality of service is often inconsistent. This is because these services require people to do them, and different people work differently. Inseparably have problem of consistency. Consumers can not separate the delivered of the service from the service itself. The amount of interaction between consumer and the service depends on the extent to which the consumer must be physically present to review the service. Finally, there is inventory which are different from products and are perishable. The four I’s provide mulplie services that ompanies are not cleary service-based or product-based. Companies bring ti the market ranges from the tangble to the intable. The range of product-dominant to service-dominat ofeering is called service continuum. Services can be classified as equipment-based or people based. This is know as the service continuum.
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