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Questions and Answers
What characteristic of services indicates that they cannot be stored or produced in advance for future use?
What characteristic of services indicates that they cannot be stored or produced in advance for future use?
Which type of service is primarily provided to achieve certain social goals?
Which type of service is primarily provided to achieve certain social goals?
Why is customer participation essential in service delivery?
Why is customer participation essential in service delivery?
Which of the following best defines the primary function of accepting deposits in banks?
Which of the following best defines the primary function of accepting deposits in banks?
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What is a significant role of banks in the economy?
What is a significant role of banks in the economy?
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Which of the following statements about inconsistency in services is true?
Which of the following statements about inconsistency in services is true?
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What does the term intangibility refer to in the context of services?
What does the term intangibility refer to in the context of services?
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What is one of the essential deposit account types provided by banks for frequent transactions?
What is one of the essential deposit account types provided by banks for frequent transactions?
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Study Notes
Nature of Business Services
- Intangibility: Services cannot be physically perceived; they are experienced through feelings, like healthcare treatment.
- Inconsistency: Variability in service experiences based on individual customer needs; for example, differing customer experiences at a mobile service provider or beauty salon.
- Inseparability: Services are produced and consumed simultaneously; customers must be present to utilize services, such as using an ATM.
- Inventory Loss: Services cannot be stored for future use; for instance, empty hotel rooms or unsold airline seats during off-peak times cannot be saved for later.
- Involvement: Customer engagement is essential in service delivery; for example, clients often tailor services to their specific desires.
Types of Services
- Social Services: Offered voluntarily to achieve social objectives, including healthcare and education provided by NGOs.
- Personal Services: Provide unique experiences to each customer, like tourism or dining in restaurants.
- Business Services: Facilitate business operations, encompassing areas such as banking, insurance, communication, warehousing, and transportation.
Banks
- Importance: Essential for modern business development; they foster savings, mobilize small funds, and allocate them into productive activities.
- Meaning: An institution that handles money and credit, collecting public deposits, supplying credit, and undertaking tasks like credit creation and agency services.
Primary Functions of Banks
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Accepting Deposits: Banks offer various account types tailored to different needs:
- Fixed Deposit Account: Funds held for a specified duration, typically earning higher interest, with withdrawals allowed only after the term.
- Current Deposit Account: Designed for businesses requiring frequent access to funds, allowing deposits and withdrawals on demand.
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Description
This quiz focuses on Chapter 4 of Class 11 Business Studies, covering the nature of business services. Explore key concepts such as intangibility, inconsistency, and inseparability that define service delivery. Test your understanding of how these characteristics impact customer experiences in various industries.
