Features of Business Service?

Introduction: - Business services are those services which help in successful running of a business. Business services are provided to customers supporting their needs sometimes through the support for a business process or directly supporting a business or product delivered to end customers. Some of the examples of business services are Banking, Insurance, Transport, Warehousing and Communication. Business cannot be imagined in the absence of these services.

The following are some of the features of a Joint Stock Company

1.      Intangible: - Services cannot be seen, touched and smelled as they are intangible. They can only be felt. Like the building of a bank is visible but the banking services can’t be seen, yet people can take benefits of the bank.

2.      Heterogeneous: - Services lack in homogeneity. Like the behavior of a bank employee (a provided service) it can be good towards one customer and harsh towards the other. So, it is not essential that the services provided by a person or an organization are homogeneous.

3.      Non-Stocking: -Services cannot be stocked. E.g. a bank employee goes on strike on 10th January, now it is not possible to stock the services which they can give on that day and get double work done on 11th January. That’s why it is said that demand and supply of services go hand in hand. In other words services are perishable.

4.      Non-Transferable: - Business services are non-transferable nature. Thus, unlike the products there is no exchange of ownership in services. E.g. A patient visits a doctor; he takes the treatment by paying the fees. The patient cannot purchase the ownership of services by paying the fees. If he again falls ill, again he has to visit the doctor.

5.      Participation of Customers: - To avail (gain) the benefit of services, the participation of a customer is indispensable. E.g. a transport company is ready to take you on a tour; a bus is ready and waiting for the passenger. Now, if the passenger wishes to avail this service, he has to travel in the bus. Without the participation of the customer, it is not possible to avail the benefit of the service.