T1

• Service is an act or performance offered by one party to another.
• Service are economic activities that create value and provide benefits for customers at specific times and places, as a result of bringing about a desired change in - or on behalf of - the receipt of the service.
• Wealth of Nation 1776 states "Only physical goods could be owned, acquired, and transfer title to one owner to another with some value of the exchange same money or barter but never a service no matter how noble the latter is."
• Five broad categories: Labor, skills and expertise rentals, rented goods services, defined space and facility rentals, access to shared facilities, and access to and use of networks and systems
• Labor, skills and expertise rentals - people are hired to perform work that customers either cannot or choose not to do themselves
• Rented goods services - to obtain exclusive temporary right to use a physical object that the prefer not to own
• Defined space and facility rentals - obtain the use of a certain portion of a larger facility
• Access to shared facilities - the right to share the use of a facility
• Access to and use of networks and systems - rent the right to participate in a specified network
• Most new jobs are generated by service
• Services dominate the global economy
• The knowledge gain from studying service marketing may create a competitive advantage for your own career, and even encourage you to think about starting your own service business