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What is Understanding Service Industries about?

Services are economic activities that create intangible benefits for customers rather than physical products. They are characterized by intangibility, inseparability, heterogeneity, and perishability. Due to these characteristics, standardizing and mass producing services can be challenging. Firms must address these challenges through strategies related to people, processes, physical environment, pricing, product, promotion, and place in order to effectively deliver services to customers.

Author

Vishal Bhanushali

Language

EN