Service - GCSE Business Management Definition

A service is an intangible offering provided by a business without transferring ownership of any physical goods. Services can include banking, education, healthcare, and entertainment. Unlike goods that are tangible and can be stored or transported, services are consumed at the point of delivery and are often characterised by customer interaction and personalisation.

Understanding services is crucial for GCSE Business students, as they account for a significant proportion of the economy. They require unique strategies in marketing, delivery, and customer service to ensure customer satisfaction and business success.