Q.State any four features of business services.

Business services are intangible support activities — banking, insurance, transport, warehousing, communication — that help trade and industry run smoothly. Their key features are intangibility, inseparability, perishability, heterogeneity (variability), simultaneity of production and consumption, and no ownership transfer.

Business services are those services that are needed to conduct business activities. Unlike goods, they are performances or activities, not physical products. Banking, insurance, transportation, warehousing and communication are the main business services that facilitate the smooth flow of trade and commerce.

Features of business services

1. Intangibility

Services cannot be seen, touched, tasted or stored like goods. They can only be experienced or felt. For example, a customer cannot touch a bank's service — only experience its benefit.

2. Inseparability (Simultaneous production and consumption)

A service is produced and consumed at the same time. The service provider and the customer must usually be present together, so a service cannot be separated from its source.

3. Perishability

Services cannot be stored, saved or carried forward for future sale. If a service is not used when available (an empty seat on a bus, an idle hotel room), its value is lost forever.

4. Heterogeneity (Variability) …