MANAGEMENT

Detailed explanation-1: -Services are intangible items that have monetary value and satisfy customers’ needs and wants. Examples of economic services are banks, movie theaters, and accounting services.

Detailed explanation-2: -Intangible items that have monetary value and satisfy your needs and wants are services. Intangible means you cannot physically touch an item. Services involve a task, such as cooking a hamburger or cutting hair. Banks, dry cleaners, and accounting offices all provide economic services.

Detailed explanation-3: -Tangible items (you can touch) that have monetary value; and satisfy your needs and wants. Intangible items (can’t touch) have have monetary value and satisfy your needs and wants.

Detailed explanation-4: -Services are intangible because they can often not be seen, tasted, felt, heard, or smelled before they are purchased. A person purchasing plastic surgery cannot see the results before the purchase, and a lawyer’s client cannot anticipate the outcome of a case before the lawyer’s work is presented in court.

Detailed explanation-5: -Define “Marketing”. The process of developing, promoting, and distributing products, or goods and services, to satisfy customers’ needs and wants. Goods are tangible items such as sports equipment. That is, you can touch and feel them. Services are intangible products, such as going to a movie.