GENERAL KNOWLEDGE

Detailed explanation-1: -Services are inseparable from their production because they are typically produced and consumed simultaneously. This is not true of physical products, which are often consumed long after the product has been manufactured, inventoried, distributed, and placed in a retail store.

Detailed explanation-2: -Simultaneous Production and Consumption Service products are consumed at the same time they are being produced. The tourist attraction is producing entertainment or pleasure at the same time it is being consumed. In contrast, goods products are produced, stored, and then consumed.

Detailed explanation-3: -Services are typically produced and consumed simultaneously. This is an example of the inseparability characteristic of services. Inseparability is the characteristic that a service has which renders it impossible to divorce the supply or production of the service from its consumption.

Detailed explanation-4: -These products can be either in the form of goods or services. Goods are tangible, as in these have a physical presence and they can be touched, while services are intangible in nature. The purpose of both goods and services is to provide utility and satisfaction to the consumer.

Detailed explanation-5: -Perishability: Because services are produced and consumed simultaneously, they cannot be inventoried.