Explain what is a service business and provide 2 reasons
A service business is a business that provides intangible products or services to customers, rather than selling physical products. Examples of service businesses include restaurants, hair salons, consulting firms, and financial advisory services.
Two reasons why service businesses are important and valuable are:
1. Relationship building: Service businesses often rely on building strong relationships with their customers to thrive. This can lead to repeat business, referrals, and loyalty from clients. By providing excellent customer service and personalized experiences, service businesses can create lasting connections with their customers.
2. Flexibility and adaptability: Service businesses are typically more agile and adaptable than businesses that sell physical products. This flexibility allows service businesses to quickly respond to changes in customer demand, market trends, and competitive pressures. They can also easily customize their services to meet the specific needs and preferences of each individual customer.