Define services. Discuss the service characteristics and the implications that they create for marketers of financial services.  

Services refer to the non-material and non-physical activities or benefits that are offered to the customers by the service provider. Services are intangible, variable, perishable, and inseparable, which means they cannot be touched, seen or tasted, they are different every time they are offered, cannot be stored or inventoried, and cannot be separated from the service provider. Services are different from physical products as they cannot be touched or seen like physical products. Marketers of financial services need to understand the service characteristics and their implications for effective service delivery and customer satisfaction.

Service Characteristics:

Intangibility: Services are intangible, meaning they cannot be seen, touched or tasted. Customers cannot preview a service before consumption, making it difficult for the customers to evaluate the service quality. The intangible nature of services makes it challenging for service providers to market their services, as they cannot display the product attributes or characteristics to the customer.

Variability: Services are highly variable, meaning they are different every time they are offered, making it difficult for service providers to maintain the consistency of the service quality. Service quality is a critical factor in the success of a service business, and variability can lead to dissatisfied customers and loss of business.

Perishability: Services are perishable, meaning they cannot be stored or inventoried for future use. Service providers must match the demand and supply of services to avoid __________ ___ ___ _____ ________ ________ ____ ____.
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