Podcast
Questions and Answers
What distinguishes services from goods?
What distinguishes services from goods?
- Wider distribution network
- Longer shelf life
- High production cost
- Intangibility (correct)
What does 'inseparability' in services mean?
What does 'inseparability' in services mean?
- Services can be stored for future use
- Services have a longer duration of use
- A service can only be provided if there is a customer willing to purchase and experience it (correct)
- Services can be easily separated into different components
What does 'perishability' refer to in the context of services?
What does 'perishability' refer to in the context of services?
- Services have a longer shelf life compared to goods
- Services can be easily stored for future use
- Services are produced and consumed simultaneously, making them perishable (correct)
- Services have a constant demand regardless of consumer interest
What does 'macro environment' focus on?
What does 'macro environment' focus on?
What does 'fiduciary responsibility' refer to in the financial services industry?
What does 'fiduciary responsibility' refer to in the financial services industry?
Flashcards
Intangibility of Services
Intangibility of Services
Services are intangible, meaning they cannot be physically touched or held.
Inseparability of Services
Inseparability of Services
Services require a customer to be present for them to be provided.
Perishability of Services
Perishability of Services
Services are consumed as they are produced, meaning they cannot be stored or saved for later use.
Macro Environment
Macro Environment
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Fiduciary Responsibility
Fiduciary Responsibility
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Study Notes
Distinctions between Services and Goods
- Services are intangible, while goods are tangible and physical products
- Services are often customized, whereas goods are standardized
- Services are often produced and consumed simultaneously, whereas goods are produced first and then consumed
Characteristics of Services
Inseparability
- Inseparability means that services are typically produced and consumed at the same time
- This characteristic makes it difficult to separate the production and consumption of services
Perishability
- Perishability refers to the fact that services cannot be stored or inventoried
- Services are highly perishable, meaning that if they are not used, they are lost forever
Macro Environment
- The macro environment focuses on external factors that affect an organization, including economic, social, technological, environmental, and political factors
- These factors are beyond the control of an organization, but can still impact its operations and performance
Fiduciary Responsibility
- Fiduciary responsibility refers to the obligation of financial institutions to act in the best interests of their clients
- This responsibility involves managing clients' assets and making decisions that prioritize their needs and goals
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