Question

What do you mean by business services? Explain the types of business services.

Answer 1

Business services are those services that are used by the business enterprise to carry on business activities more smoothly. Following are the types of business services:-

1. Transport:- It facilitates the movement of goods from one place to another.
2. Warehousing:- Provides coverage from various types of risks
3. Advertising:- Provides information to consumers.
4. Banking:- A bank is an institution which attracts money on deposit for the purpose of being lent to industry or trade. Bankers are not merely moneylenders. A bank lends what it borrows from others. A bank is buyer and seller of money. A bank earns a margin of profit by lending money which it borrows.
5. Insurance:- Insurance is a device for transfer of risks of individuals to an insurer, who agrees for a consideration (called the premium) to assume, to a specific extent, losses suffered by the insured."
6. Telecom:- Telecom services are the backbone of every business activity. In the absence of telecom services, every business activity will remain as a dream only. There are lots of developments in convergence of telecom, IT, electronic and media industry worldwide.