service

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service

an economic activity which is performed to meet a personal or business demand. Some services are either specifically personal (for example hairdressing, dentistry), or business (for example factory maintenance, freight forwarding), but a large number are multifaceted, catering for both sectors, for example, household and industrial painting, telephone services.

The provision of most services (for example, window cleaning) involves a number of characteristics which set them apart from the provision of a GOOD (for example, a motorcar), in particular intangibility - the inability of a customer to see, touch, taste or smell the service, and inseparability - the fact that services are produced and consumed at the same time and thus cannot be stored. See also MARKETING MIX, GAP ANALYSIS. See PRODUCT, PERISHABILITY, VARIABILITY.

service

any intangible economic activity (hairdressing, catering, insurance, banking, etc.) that contributes directly (see FINAL PRODUCTS) or indirectly (see INTERMEDIATE PRODUCTS) to the satisfaction of human wants. Services are an important component of GROSS NATIONAL PRODUCT.
References in periodicals archive ?
BEC argued that there was no plan for ERISA purposes; its retirement policy was merely a voluntary, gratuitous service award program under which neither BEC nor Thompson had any obligation to make further payments.
providing control software;Second securing gratuitous service of equipment and staff training;3rd ensure the supply of operating consumables; and furtherFourth in gratuitous loan of warehouse management.
Melania's spokeswoman, Stephanie Grisham, said the first lady's office had "severed the gratuitous services contract with Ms.