Services Have Four Unique Characteristics That Distinguish Them from Goods

question 5

Essay

Services have four unique characteristics that distinguish them from goods: intangibility, inseparability, inconsistency, and inventory. These characteristics can make the marketing of services more difficult. What special strategies should marketers adopt for services to address each of the four characteristics?

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Definitions:

Subsidies

Financial support provided by the government to individuals or businesses to lower the cost of goods and services or to support industry.

Olive Growers

Individuals or entities involved in the cultivation of olive trees and the production of olives for consumption or the extraction of olive oil.

United States

A federal republic consisting of 50 states, a federal district, five major self-governing territories, and various possessions.

Absolute Advantage

The ability of an individual, company, or country to produce a good or provide a service more efficiently than competitors, using the same amount of resources.