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Service Definition
What exactly is a service? Services are a type of product that consists of intangible
activities, advantages, or satisfactions that are sold but do not result in ownership of
anything.
Intangibility, inseparability, variability, and perishability are the four characteristics of
service
The Value of Services in the Global Economy
Without a question, the importance of services has expanded tremendously in recent
years and continues to grow rapidly in the global economy. They now account for more
than 65 percent of the global gross domestic output (read more at CIA World Factbook).
The service sector contributes more to economic growth in developed countries than any
other.
Figure 5.1: Characteristic of Services
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