Penrose contends that while services manage the regular operations of the company and make it easier to take advantage of new opportunities, they also produce ideas for new markets, products, and services.
An (intangible) act or use that a customer, business, or government is prepared to pay for is referred to as a service. Barbers, doctors, attorneys, mechanics, banks, insurance businesses, and other professionals are a few examples. Public services are those that are funded by the entire society (a nation-state, fiscal union, or region).
Service providers profit from resources, expertise, innovation, and experience to the benefit of service consumers. Services can be viewed as intangible activities or performances that the service provider offers to the client in exchange for payment.
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