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Questions and Answers
What distinguishes services from goods?
What does 'inseparability' in services mean?
What does 'perishability' refer to in the context of services?
What does 'macro environment' focus on?
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What does 'fiduciary responsibility' refer to in the financial services industry?
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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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Description
Test your knowledge of financial services marketing with this final exam reviewer. Explore key concepts such as marketing approaches, intangibility, and inseparability in the context of improving business performance and satisfying customer needs. Get ready to ace your exam with this comprehensive review.
