A
service is the non-ownership equivalent of a
good. Service provision has been defined as an economic activity that does not result in
ownership and is claimed to be a process that creates benefits by facilitating either a change in
customers, a change in their physical
possessions, or a change in their intangible
assets.
By composing and orchestrating the appropriate level of resources, skill, ingenuity,and experience for effecting specific benefits for service consumers, service providers participate in an economy without the restrictions of carrying stock (inventory) or the need to concern themselves with bulky raw materials. On the other hand, their investment in expertise does require consistent service marketing and upgrading in the face of competition which has equally few physical restrictions. Many so-called services, however, require large physical structures and equipment, and consume large amounts of resources, such as transportation services and the military.
Providers of services make up the Tertiary sector of the economy.
Services can be paraphrased in terms of their generic key characteristics.
