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BUSMKT 1040 Chapters 9 and 10 Services (1).pptx

BUSMKT 1040 Chapters 9 and 10 Services (1).pptx - Chapters...

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Chapters 9 & 10 Services: The Intangible Product
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The Service Sector Includes for profit businesses, government agencies, nonprofits Jobs range from high-paid professionals and technicians to minimum-wage positions Service organizations can be any size--from huge global corporations to local small businesses In most countries, adds more economic value than agriculture, raw materials, and manufacturing combined In the USA -- world’s largest economy -- services account for roughly 70% of GDP and 80% of jobs
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What is a Service? An economic activity that does not result in ownership A process that creates benefits by facilitating a desired change in customers themselves, physical possessions, or intangible assets An act, deed or performance offered by one party to another (performances are intangible, but may involve use of physical products) Goods – objects, devices or things Products – goods, services, people, ideas, etc…
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The challenges of services come from… Intangible Services cannot be touched, seen, tasted, or felt in the same way as goods Inconsistent (Variable/Heterogeneous) Services are less standardized and uniform than goods - a characteristic known as heterogeneity. Because services are
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