The good and services are important ingredients of economy,they differ widely and sometimes are closely part of a packages, Services are sort of more so intangible economic activities in which no transfer or possession of ownership take place ,when services are sold ,the typical services provides intangible products like-accounting,banking,consulting,cleaning,education,insurance,treatment,transportation and other host of activities which other want to outsource from service provider to get his task bifurcated for smooth execution .
The pricing needs to evaluate cost ,which includes labor cost,overheads etcand fixing price depends upon market condition of that particular type of service and ones value proposition ,which allows one to seek higher prices.
The predominant agricultural societies ,where large part of population resides in rural areas with low literacy and aesthetic sense limited to few festivals ,in such states demand of services remained more confined to primitive essential requirements.And with advent of technologies and fast movement of data’s ,individuals,goods,structures services have enlarged exponentially.
– a valuable assistance,help,expertise,comfort performed to satisfy requirement of consumer,organisation or other institutions could be termed as service.
-a commercial activity that gets work performed in an expert manner by an individual or team for benefit/requirement of its consumer.
With all round growth in economic activities with tech,has created requirement of out sourcing and expertise ,things had become so complicated that any individual,organisation in particular alone cant discharge all functions that one has obligation to perform while pursuing own path,that has made service sector contribution in G.D.P ahead of all other aspects of economic activity,further with generation of wealth ,new aesthetics sense and requirement to fulfill subtle impulse and higher strata of needs like self realization etc has opened door for newer and newer services.
The pricing in repair is not for turning the nut but it is for knowing which nut to turn,a service consumer is paying for the results as well as host of hidden factors ,the local knowledge,competence and skills have cost and require fair efforts and time to acquire ,which is usually reflected in its pricing.
The pricing of services apart from other things is influenced by brand value of service provider,quality,reliability,authenticity etcas providing of services is more dependent on skill sets ,in this field nuances plays key role in defining and determining value of services provided in niche areas.