What Does It Mean When We Say Services Are Intangible

question 179

Essay

What does it mean when we say services are intangible? How do marketers of services overcome the problems associated with intangibility?

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Definitions:

Financial Statement

Documents that provide an overview of a company's financial condition in both short and long term including balance sheet, income statement, and cash flow statement.

Pronouncements

Official statements or declarations issued by regulatory bodies, often related to accounting standards and financial reporting requirements.

Convergence

In financial and accounting terminology, convergence refers to the growing harmonization of International Financial Reporting Standards (IFRS) and United States Generally Accepted Accounting Principles (GAAP), aiming to create a single set of global standards.

Initiatives

Specific actions or strategies undertaken by an organization to achieve particular objectives.