Service business
A business that earns most of its revenue by performing work or providing expertise, access, or support rather than selling physical goods.
Service: An intangible activity performed for another party that provides value without transferring ownership of a physical product. The service is the primary offering from which this business earns revenue.
Service delivery: The process of performing and providing a service to customers. It is the operating activity through which the business fulfills its core promise.
Consulting: The practice of advising organizations or individuals using specialized analysis and expertise. Consultancies sell diagnosis and recommendations, often through projects or retainers.
Manufacturing: The transformation of materials or components into finished physical goods. Manufacturers primarily earn revenue from goods rather than performed work.
Service economy: An economy in which services account for a large share of output and employment. Service businesses collectively form a major part of this broader economic structure.
Service design: The practice of planning services around users, staff, processes, and supporting systems. Its methods shape how an offering works across customer interactions.
Professional services: Expert services requiring specialized knowledge, such as legal, accounting, or engineering work. These businesses commonly monetize expertise through projects or ongoing engagements.
Managed services: Ongoing outsourced operation of a client's business or technology functions under agreed terms. This model converts continuing responsibility into recurring service revenue.
Product business: A business whose primary offering is a physical or digital product sold to customers. Its revenue centers on product sales, unlike a service-led business.
Intangibility: The property of being unable to physically inspect or possess an offering before or after purchase. Customers often judge service quality through promises, reputation, and experience rather than inspection.