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Services

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This document explains what services are. It tells us the vital difference between a product and service. Explains the classifications of Services.

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  • January 7, 2016
  • 7
  • 2015/2016
  • Class notes
  • Unknown
  • Lecture 4
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Lecture 4 Services


The importance in understanding Services lies in the fact that it accounts for 78% of
GDP and 85% of employment for UK in the year 2012. The growth has been very
dynamic as it accounted for just 46% of GDP and 44% of employment (UK) in the
year 1948. Common examples of services include wholesale and retail trade,
education and health facilities etc.

What is a Product (Some vital definitions) –

 Corey (1975: 121) stated: “…the product is what the product does: it is the
total package of benefits the customer receives when he buys”.
 Kotler (1980: 352) defined a product as “. . . simply the packaging of a
problem-solving service”.
 Grönroos (1998: 352) defined a product as a “…more or less preproduced
package of resources and features that is ready to be exchanged.”
 For Vargo and Lusch (2004: 9) products are “. . . best viewed as
distribution mechanisms for services”

NOTE: It is important for us to understand what a product is because two major
value-creators for which consumers pay money are products and services. It is said
that whatever cannot be classified as a product is called a service.




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What is a Service (Some Vital Definitions) –

 A service is a deed, a performance, an effort “ (Rathmell, 1966)

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