Business Services

• Introduction to Business Services

  • Meaning of services (Intangible, distinct from goods)
  • Role of services in business operations
  • Difference between Goods and Services
    • Intangibility
    • Inseparability
    • Inconsistency
    • Inventory (Loss/Non-storability)
    • Non-transferability

• Nature of Services (The 5 I's)

  • Intangibility (Cannot be touched)
  • Inconsistency (Heterogeneous, varies by provider)
  • Inseparability (Production and consumption happen simultaneously)
  • Inventory (Cannot be stored for future use)
  • Involvement (Participation of the customer)

• Types of Business Services

  • Banking Services
  • Insurance Services
  • Communication Services
  • Transportation Services
  • Warehousing Services

• Banking Services

  • Meaning of a Commercial Bank
  • Types of Bank Accounts
    • Savings Account
    • Current Account
    • Recurring Deposit (RD) Account
    • Fixed Deposit (FD) Account
  • Banking Services/Products
    • Bank Overdraft and Cash Credit
    • Loans and Advances
    • E-Banking (Electronic Banking)
      • NEFT (National Electronic Funds Transfer)
      • RTGS (Real Time Gross Settlement)
      • ATM (Automated Teller Machine)

• Insurance Services

  • Meaning and Fundamental Principle (Pooling of Risk)
  • Key Terms
    • Insured (Policyholder)
    • Insurer (Insurance Company)
    • Premium (Consideration amount)
    • Policy (Contract document)
  • Fundamental Principles of Insurance
    • Utmost Good Faith
    • Insurable Interest
    • Indemnity
    • Proximate Cause
    • Subrogation
    • Contribution
    • Mitigation
  • Types of Insurance
    • Life Insurance (Protection + Investment)
    • Fire Insurance (Protection against fire damage)
    • Marine Insurance (Protection for cargo, hull, freight)
    • Health Insurance & Other types

• Communication Services

  • Meaning and Importance
  • Postal Services
    • Mail services
    • Financial services (PPF, NSC, Savings certificates)
    • Allied services (Speed Post, Business Post)
  • Telecom Services
    • Cellular mobile services
    • Fixed line services
    • VSAT services
    • DTH services

• Transportation Services

  • Meaning (Movement of goods and people)
  • Modes of Transport
    • Road Transport (Door-to-door, flexible)
    • Rail Transport (Best for bulky goods over long distances)
    • Water Transport (Inland and Ocean, cheapest for international trade)
    • Air Transport (Fastest, best for perishable/valuable goods)

• Warehousing Services

  • Meaning (Storage of goods)
  • Functions of Warehousing
    • Consolidation
    • Break the bulk
    • Stockpiling
    • Value-added services
    • Financing
  • Types of Warehouses
    • Private Warehouses
    • Public Warehouses
    • Bonded Warehouses
    • Government Warehouses
    • Cooperative Warehouses