Business Services - Class 11 Business Studies - Chapter 4 - Notes, NCERT Solutions & Extra Questions
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Extra Questions - Business Services | NCERT | Business Studies | Class 11
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Define services and goods.
Goods are tangible items that can be seen, touched, and owned, such as electronics, clothing, and food.
Services are intangible activities or benefits provided to customers, such as banking, education, and healthcare. Services cannot be stored or owned.
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Describe various types of insurance and examine the nature of risks protected by each type of insurance.
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Comprehensive Class 11 Business Services Notes: Key Concepts and Summaries
Introduction to Business Services
Business services play a crucial role in facilitating various operations and ensuring the smooth functioning of business activities. Understanding these services is essential, especially for Class 11 students who are diving deeper into the commercial world. This article provides comprehensive notes on business services, covering key concepts, types, and their significance.
Characteristics of Business Services
Business services are marked by unique characteristics that set them apart from goods. Here are the five key features:
Intangibility
Business services are intangible; one cannot touch or see them but can experience them, such as a doctor's treatment or a banking service.
Inconsistency
Services are inconsistent as they can vary each time they are delivered, based on the provider and consumer interaction.
Inseparability
Services are produced and consumed simultaneously, making it impossible to separate the service's production from its consumption.
Inventory (Less)
Services cannot be stored for future use; they are perishable and must be used when available.
Involvement
Customers participate in the delivery of services, influencing how the service is provided.
Types of Business Services
Business services can be broadly classified into several categories, each essential for different aspects of business operations.
Banking Services
Banks provide various financial services, including accepting deposits, extending loans, and offering cheque facilities. Banks can be divided into commercial banks, cooperative banks, specialised banks, and the central bank.
Functions of Commercial Banks
- Acceptance of deposits
- Lending of funds
- Cheque facility
- Remittance of funds
- Allied services
E-Banking
E-banking utilises electronic media to provide banking services, enabling transactions such as managing accounts and paying bills over the internet.
Benefits of E-Banking
- 24/7 service availability
- Convenience of transactions from any location
- Enhanced financial discipline with transaction records
- Increased customer satisfaction through accessibility
Insurance Services
Insurance helps in managing risks by providing financial compensation for losses due to unforeseen events.
Types of Insurance Policies
- Life Insurance: Provides financial protection against life's uncertainties such as death and retirement.
- Health Insurance: Covers medical expenses for illnesses and injuries.
- Fire Insurance: Covers losses caused by fire damage.
- Marine Insurance: Protects against losses in sea voyages involving ships, cargo, and freight.
Principles of Insurance
- Utmost good faith
- Insurable interest
- Indemnity
- Proximate cause
- Subrogation
- Contribution
- Mitigation
Warehousing Services
Warehouses store goods systematically to maintain their quality and ensure their availability as needed.
Types of Warehouses
- Private Warehouses
- Public Warehouses
- Bonded Warehouses
- Government Warehouses
- Cooperative Warehouses
Functions of Warehousing
graph TD;
A[Warehousing Functions]
A --> B[Consolidation]
A --> C[Break the Bulk]
A --> D[Stock Piling]
A --> E[Value Added Services]
A --> F[Price Stabilisation]
A --> G[Financing]
Communication Services
Effective communication services are crucial for maintaining business links and exchanging information swiftly and accurately.
Types of Communication Services
- Postal Services: Include mail facilities, parcel transmission, and various postal schemes.
- Telecom Services: Consist of cellular mobile services, fixed line services, cable services, VSAT services, and DTH services.
Transportation Services
Transportation involves moving goods from the point of production to the consumer, essential for bridging the location gap in business.
Types of Transportation
- Rail
- Road
- Air
- Sea
Difference Between Services and Goods
Services and goods differ in several aspects:
- Nature: Goods are tangible objects, whereas services are intangible activities.
- Type: Services are heterogeneous, while goods are homogeneous.
- Intangibility: Services cannot be touched, unlike goods, which are physical items.
- Inconsistency: Services vary in quality, whereas goods can be standardised.
- Inseparability: Services are produced and consumed simultaneously, unlike goods.
- Inventory: Services cannot be stored, while goods can be.
- Involvement: Customers are directly involved in service delivery but not in the production of goods.
graph LR;
A[Services] -->|Intangible| B[Goods]
A -->|Inconsistent| B
A -->|Inseparable| B
A -->|No Inventory| B
A -->|Customer Involvement| B
Conclusion
Business services underpin the modern economy, playing a critical role in the efficient execution of business operations. From banking and insurance to warehousing and transportation, each service adds value. Understanding these services ensures businesses can leverage them effectively to stay competitive and optimally meet their operational needs.
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