WELCOME TO SERVICE (ECONOMICS)!
…a fresh perspective at the intangible business.
A service is a set of singular and perishable benefits delivered from the accountable service provider, mostly in close co actions with his service suppliers, generated by functions of technical systems and/or by distinct activities of individuals, respectively, commissioned according to the needs of his service consumers by the service customer from the accountable service provider, rendered individually to an authorized service consumer at his/her dedicated cause, and, finally, consumed and utilized by the triggering service consumer for executing his/her upcoming business or private activity.
A service is the intangible equivalent of an economic good which is the provision of an economic activity where the buyer does not generally, except by exclusive contract, obtain exclusive ownership of what is being purchased. In the light of such transaction, the befits if priced are held to be self evident in the willingness of the buyer to make effective demand.
Service providers participate in an economy without restricting themselves of carrying stock or the need to concern themselves with bulky raw materials by composing and orchestrating the appropriate level of resources, ingenuity, skills and experience for effective benefits for service consumers.
More so, their investment in expertise does require consistent service marketing and upgrading in the face of competition which has equally few physical restrictions. Many so-called services, however, require large physical structures and equipment, and consume large amounts of resources, such as transportation services and the military.
In a narrower sense, service refers to quality of customer service: the measured suitability of assistance and support provided to a customer. This is often the case in retailing.
There are difference between physical goods and intangible services. However, it is important to note that these differences are not discrete categories. Most business theories see a range with pure services on one side and pure commodity on the other side.
Most products fall in between these two classes, and most business organization that are seen to be engaged in the sale and distribution of physical goods are also seen offering services. For instance, a restaurant that provides physical good, which is food, also provide services in form of setting and clearing of the table, and services in form of ambience. Though some utilities deliver physical goods like water utilities which deliver water, they are usually regarded and treated as services.
To maximize profit let there be value in the way and manner you offer your service to your targeted service consumer. Poor service rendition can spell doom for your business. But high quality service delivery will make you an indispensable and dependable service company in your area of operation.
The service session of this site is tailored to offer you with high quality information to make your service delivery business strategic, organized, well branded, valuable and profitable. Therefore, I employ you to pay attention to the quality service information provided in this session.
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