Business Services
Madhya Pradesh Board · Class 11 · Business Studies
Quick revision notes for Business Services — Madhya Pradesh Board Class 11 Business Studies. Key concepts, formulas, and definitions for last-minute revision.
Key Topics to Revise
Nature and Characteristics of Services
- Services are intangible activities that provide satisfaction without transferring ownership of physical goods
- Services are experienced rather than owned - you can seek advice from a doctor but cannot purchase the doctor
- Five distinctive characteristics of services (Five I's): Intangibility, Inconsistency, Inseparability, Inventory (less), Involvement
Types of Services
- Business Services: Used by enterprises for conducting business activities (banking, insurance, transportation)
- Social Services: Provided voluntarily for social goals (healthcare, education by NGOs)
- Personal Services: Experienced differently by different customers (tourism, restaurants)
Banking Services
- Banking involves accepting deposits and lending money for profit
- Types of banks: Commercial, Cooperative, Specialized, Central Bank
- RBI is India's central bank that supervises all other banks
Insurance Services
- Insurance spreads risk of loss among many people exposed to similar risks
- Basic principle: Pay small periodic premium to avoid large potential loss
- Seven principles: Utmost good faith, Insurable interest, Indemnity, Proximate cause, Subrogation, Contribution, Mitigation
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