Govt.(Government) and Private Bank viva terms

121viva

Govt. (Government) and Private Bank viva terms

1. What is a bank?

Answer: Bank is an intermediary financial institution that deposits cash from the people and various institutions by giving small interest and lends to them taking a high interest.

2. What is banking?

Answer: All the activities of the bank are called banking.

3. What is a commercial bank?

Answer: A bank that is established for the purpose of making a profit by taking deposits and giving loans is called a commercial bank.

4. What is the portfolio of a commercial bank?

Answer: The portfolio of a commercial bank is the income earned by an investor who invests his total capital in various financial assets at a proportional rate.

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5. How many state-owned commercial banks in Bangladesh?

Ans: 6 (1.SBL, 2.JBL, 3.ABL, 4.RBL, 5.BDBL, 6.BASIC Bank)

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6.What is Scheduled Bank?

Answer: A bank licensed by Bangladesh Bank complies with all the rules and regulations such as minimum capital, CRR, SLR, provision, return, etc. Cash reserve Ratio (CRR) and Statutory liquidity ratio (SLR)

7.What is a specialized banking system?

Answer: The banking system that is operated to achieve special goals in the special economic sector is called a specialized banking system.

8.Name two development banks in Bangladesh.

Answer: Bangladesh Krishi Bank, Rajshahi Krishi Unnayan Bank.

9. How many government-owned specialized banks in Bangladesh?

Answer: 3 (1.BKB, 2 RAKUB, 3 PKB)

10. What is a development bank?

Ans: Unnayan Bank refers to specialized public and private financial institutions which provide medium and long-term funds for the formation and expansion of various industrial enterprises.

11. How many private commercial banks in Bangladesh?

Answer: 41 (33 Conventional + 8 Islamic Shariah-based banks)

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12. How many foreign-owned commercial banks in Bangladesh?

Answer: 9

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13. What is the interest rate?

Answer: The interest rate is the percentage of money given for borrowing.

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14. What is the bank rate?

Answer: The rate at which the central bank lends to scheduled banks is called the bank rate. At present, the bank rate in Bangladesh is 5%.

15. What is the bank rate policy?

Answer: The rate at which the central bank lends to commercial banks is called the bank rate policy.

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16. What is a loan policy?

Answer: The bank accepts the accumulated money of the people as a deposit and re-grants a certain portion of this deposit to the people as a loan. Such a policy is called a loan policy.

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17. What is monetary policy?

Answer: Monetary policy is the policy of money supply and debt control of a country.

18.What is an open market policy?

Answer: The method of controlling debt by selling hundi, shares, debentures, etc. in the open market by the central bank is called open market policy.

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19. What is an actual deposit?

Answer: The part of a bank that deposits its own capital with the central bank is called an actual deposit.

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20 What is money laundering?

Answer: If money is transferred illegally from the country to abroad or from abroad, it is called money laundering.

21. What is international banking?

Answer: When the activities of a commercial bank extend beyond the domestic borders to the international arena, it is called international banking.

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22. What is the name of the Central Bank of England?

Answer: Bank of England.

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23. What is the name of the central bank of the United States? Answer: Federal Reserve Bank.

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24. What is the name of the Central Bank of India?

Answer: Reserve Bank of India

25. What is financial intermediation?

Answer: At present in different countries commercial banks, saving banks, lending companies, insurance companies, etc. transfer funds from savers to investors. This process is called financial intermediation.

26. What is a garnishment order?

Answer: A garnishment order is an order issued by a court against a bank. When an order is issued by a court against a creditor (a bank customer) to close his account, it is called a garnishment order.

27. What is a smart card?

Answer: The card through which transactions or transactions can be done at any time without money is called a smart card.

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28. What is microcredit?

Ans: Microloan means a small loan that is usually given to the poor through banks or other institutions.

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29. What is the capital market?

Answer: The market in which long-term bonds are bought and sold is called the capital market.

30 What do you mean by stock exchange?

Answer: A stock exchange is a place where the bonds of various stock companies, government, and semi-government institutions are traded.

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31. What is the money market?

Answer: The market in which short-term loans are exchanged is called the money market.

32. What is the stock market?

Answer: The integrated market in which shares are bought and sold is called the stock market.

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33. What is liquidity?

Answer: Liquidity is the amount of money that the bank keeps in cash to meet the immediate needs of the depositors.

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34. What is discounting?

Answer: Discounting is the process of determining the present value of a certain amount of money due at a particular time in the future.

35. What is offshore banking?

Answer: The service banking that develops in the offshore center of international banking is called offshore banking.

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36. He mentioned two advantages of offshore banking in Bangladesh.

Answer: There are two advantages of offshore banking in Bangladesh: 1) to create interest-free foreign capital flow; 2) Establishment and development of local capital intensive industries.

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37. What does the central bank mean?

Answer: The bank which is at the top of the money market and controls and manages the affairs of other banks is called the central bank.

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38. Who is called the last refuge of lending. Why?

Answer: The central bank is said to be the last resort for lending. If the government of the country or any commercial bank is in a financial crisis, the central bank helps. Gives loans in case of emergency. That is why the central bank is called the last refuge of lending.

39. What is the structure of the Bangladesh Bank?

Answer: Bank of Bangladesh is a wholly state-owned bank.

The bank is entrusted with a 'Board of Directors under the direct control of the Ministry of Finance of the Government. The board is nominated by the government with one governor, two deputy governors, and eight directors.

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40 What is the work of Bangladesh Bank?

Answer: Banknote circulation, debt control, government banks, bankers of other banks, etc.

41. Who is the current Governor of Bangladesh Bank?

Answer: The current Governor of Bangladesh Bank is Fazle Kabir (12th).

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42. What is the prescribed currency?

The notes and coins issued by the central bank on behalf of the government are the prescribed currency.

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43. What is SDR?

Answer: SDR is an average currency man of some countries which launched the International Monetary Fund in the late seventies.

44. What is the Euro Dollar?

Answer: The single currency introduced by the European Union is called Euro Dollar.

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45. Say the full form of the SDR.

Answer: Special Drawing Rights

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46. Say the full form of CIB.

Answer: CIB's full form Credit Information Bureau

47. What is the markup policy?

Answer: When an organization determines the price of its own service based on the pricing policy of another organization, it is called mark-up policy.

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48. What is a clearing house?

Answer: The institution which is engaged in settling debts between different banks is called Nikash Ghar. In other words, A clearing house is a system in which the balance of all checks and hundis brought to a particular place is added and subtracted against each other's claims. It is a place for daily transaction settlement.

49. Who controls the clearing house?

Answer: Bangladesh Bank.

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50. What are debentures?

Answer: A deed is an agreement between the lender and the borrower which mentions the amount of loan, interest rate, term, etc.

Govt. (Government) Bank viva terms

Private Bank viva terms 

Some Important Terms For Job Interview

PLEASE SOLVE THESE QUESTIONS BEFORE APPEARING ON JOB INTERVIEW
1. What is the difference between GNP and GDP?
2. How to calculate inflation? Current inflation?
3. What is called a Non-performing Loan? After how many months after the overdue a loan is called a non-performing loan?
4. Loan write-off?
5. What is called repo? reverse repo? excess reserve? bank rate? call money rate? DIBOR? mention all the present rates of these terms?
6. Consider an area where there is not a bank present to serve financial services. In that area, who will serve financial services?
7. How networking capital is calculated? ROE? ROA? Acid Test?
8. What is called Bankers Acceptance?
9. What is called a liquid bank? Demand for liquidity?
10. Law of demand? law of supply?
11. SWIFT? how is it operated? BFTN? how is it operated? RTGS?
12. What is called the central bank? its functions? Main function? Present reserve? Reserve is maintained with which banks and how? Per capita income?
13. Tell something about the IMF?WTO? World Bank? their present head?
14. What is GDP and GNP? their differences? present rate? which one is considered to determine the growth rate of a country- GDP or Per capita income? and why?
15. Is it possible to include the income of a family in the calculation of GDP and GNP? If not why? If yes, how?
16. What is called monetary policy & fiscal policy? What are the monetary policy tools?
17. What is called the money supply? Monetary base? Fiat money?
18. What is the present foreign exchange reserve? How these reserves are maintained?
19. What is ISBP? What are incoterms? Which incoterms are frequently used in Bangladesh and why?
20. What is macroeconomics & microeconomics?
21. Contribution of GDP in the various sector – Service
22. Difference between the allocation of budget and contribution of budget
23. What is the relation between equity and asset?
24. : Philips curve's explanation?
25. Balance of payment? Balance of Trade? Current account? Capital account?
26. What is Financial tunneling? What is called leverage? Difference between gearing and leverage?
27. Which method used by BB when providing loans?
28. What is the open market operation? What is the camel rating?
29. What is called the budget? Present Budget which? For which sector's highest allocation is made? What was the budget size in the year 1971?
30. Golden rules of accounting? What is an off-balance sheet item? What is called contingent asset and liability?
31. What is a non-cash expense?
32. Difference between investing and financing?
33. What is the time value of money? NPV? IRR? Which one is better? And why?
34. Difference between discounting and NPV?
35. What is called capital budgeting?

The Description of Monetary Policy

The Description of Monetary Policy

The description areas are following

1. Definition of monetary policy;
2. Objectives of monetary policy;
3. The instrument of monetary policy of the Central Bank;
4. Classification of monetary policy;
5. The necessity of monetary policy;
6. Monetary policy vs. credit policy;
7. Difference between monetary policy and credit policy.

Monetary Policy

The monetary policy defines managing the money of a country by controlling the supply of money and also the credit amount that is called monetary policy. Generally, the central bank of every country formulates the goals of monetary policy and applies it in various sectors. In the description of monetary policy, monetary policy is very essential for a stable economy.

Objectives of Monetary policy

The goals and objectives of monetary policy depend on the condition of the economy of this country. Because the situation of the economy of this country is related to the goals or objects of monetary policy. Here given some important goals or objects of monetary policy:-

1. The stability of value:
2. The stability of the exchange rate:
3. Neutral monetary policy:
4. Control business cycle:
5. Increase Employment
6. Improve investment:
7. Economic development:
8. Full Employment:

The instrument of Monetary Policy of the Central Bank

In the description of monetary policy, the main and foremost goals or objects of the instruments of monetary policy of the central bank are full employment and economic stability. This is the main target of the monetary policy of the central bank. The central bank uses some important instruments of monetary policy. Here given below:-

1. Controlling the issuance of money:
2. Bank rate:
3. The ratio of minimum reserve:
4. Open market operation:
5. Controlling the supply of credit:
6. Ethical pressure:
7. Direct supervision:

Classification of Monetary Policy

In the description of monetary policy, there are three types of monetary policy.

The monetary policy of expansionary or availability: Which monetary policy issues or creates the increase or availability of the money supply is called the monetary policy of expansionary or availability. In the description of monetary policy, the monetary policy of expansionary or availability creates the supply of loans easily. The central bank reduces bank rate and reserve ratio and also purchases debenture or operates the open market policy to increase the supply of money. Generally, the central bank executes this policy for reducing the huge number of unemployment problems or depression.

The monetary policy of contraction or rigid: Which monetary policy reduces the supply of money in the market is called the monetary policy of contraction or rigid. The monetary policy of contraction or rigid is the opposite of the monetary policy of expansionary or availability. The central bank increases the bank rate and the reserve ratio and also sells debenture or operates the open market policy to reduce the supply of money. Generally, central bank executes this policy for reducing the extremely large rate of inflation.

Neutral/Indifference Monetary Policy: Neutral/Indifference monetary policy is that policy where there is no economic change in production, national income, and employment is called neutral/indifference monetary policy. Neutral/Indifference monetary policy executes in the stable economic policy. but not in progress economic policy.

The necessity of Monetary Policy

1. The stability of value
2. Lessening of income discrimination
3. Increase saving and investment
4. Optimum production
5. Optimum money supply
6. Remove bad poverty cycle
7. Reduce business cycle
8. Acquisition of full employment
9. Rapid Development

Read more article of  Definition of Different Kinds of Money

Difference between monetary policy and credit policy. 

Are monetary policy and credit policy the same?

Monetary policy vs. credit policy

Answer: In a general sense, there is no difference between monetary policy and credit policy. But in practically monetary and credit policies are not the same. In the description of monetary policy, There are differences in definition, area, and activities. The following is given the explanation:-

1. Definition: Monetary policy means principles to reduce or increase money by the central bank. On the other hand, the principles of the central bank are taken to reduce or increase the power of giving a loan to the commercial bank.

2. Activities: Monetary policy is a large activity of the central bank. In the contrary, Credit policy is a narrow activity.

3. Concept: Monetary policy is a full concept of the economy of a country but credit policy is a part of monetary policy.

4. Importance: Monetary policy is very important in the economy or we can’t think economy without monetary policy. Credit policy is essential not more than monetary policy.

Difference between monetary policy and credit policy.

Monetary policy vs. credit policy differences are shown in the table

Monetary Policy	Credit Policy
The monetary policy defines managing the money of a country by controlling the supply of money and also the credit amount that is called monetary policy.	The principles of the central bank are taken to reduce or increase the power of giving a loan to the commercial bank.
Monetary policy is a large activity of the central bank	A credit policy is a narrow activity.
Monetary policy is a full concept of the economy of a country	Credit policy is a part of monetary policy.
Monetary policy is very important in the economy or we can’t think economy without monetary policy.	Credit policy is essential not more than monetary policy.
Monetary policy is used to control the money supply.	Credit policy is not used to the supply of money.

                                                                                                                                                                 

Monetary policy and credit policy are not the same but they are interrelated to each other in the economy of a country.

 Read More 17 Essential Good Qualities of an Interviewee   

16 Financial Terms For Preparation on Interview Board

16 Financial Terms For Preparation on Interview Board

These are given below:-

1.Finance
2.Capital Budgeting
3.Capital Structure
4.Capital Rationing
5.Cost of Capital:
6. Pay Back period
7.Average Rate of Return
8.Net Present Value(NPV)
9.Internal Rate Of Return
10.Profitable Index
11.The capital asset pricing model (CAPM)
12.Risk
13.Return
14.Uncertainty
15Business Risk
16.Financial Risk 

Explanation of Financial Terms For Preparation on Interview Board

1. Finance:'Finance' has been originated from the Latin word"Finis".Finance is the combination of different activities like raising of funds, investments of funds, and management of funds to accomplish the objects of an individual or of a firm. Finance is called the lifeblood of an organization.
2.Capital Budgeting: Capital budgeting is the functions related to the long term investment decisions of a firm.
3.Capital Structure: Capital Structure is the composition of long-term liabilities, specific short-term liabilities like banknotes, common equity, and preferred equity which make up the funds with which a business firm finances its operations and its growth.
4.Capital Rationing: Capital rationing is a process of allocation of funds to viable projects to ensure the maximum utility of funds.
5.Cost of Capital: Cost of capital means the minimum required rate of return of a firm.
6. Pay Back period: Payback period is a capital budgeting technique that measures the number of years required for the CFAT to pay back the original outlay required in an investment proposal.
7. Average Rate of Return: The average rate of return(ARR), method of evaluating proposed capital expenditure, is also known as the accounting rate of return method.
Or
The average rate of return is measured to divide the average income after tax by the average investment.
8.Net Present Value(NPV): Net present value constitutes the difference between the present value of its cash inflows discounted by the firm's cost of capital and the initial investment of the firm.
9.Internal Rate Of Return

10. Profitable Index: Profitable Index, another technique of capital budgeting, is the ratio of the present value of future cash inflows at the required rate of return, to the initial outlay.
11. The capital asset pricing model (CAPM): The capital asset pricing model is a model that provides a framework to determine the required rate of return on an asset and indicates the relation between return and risk of the asset.
12. Risk: Risk can be called as the disagreement in the actual returns originating from an investment over its working life, in relation to the measured return as forecast at the time of the initial capital budgeting decision.
13.Return: Return is the expectation or the achievement from an investment over a period of time.
14.Uncertainty: Uncertainty, unavoidable, and unmeasurable, is called when the unknown accident occurs.
15 Business Risk: Business risk means the possibility to reduce future profit in business.
16. Financial Risk:  Financial risk, avoidable, and measurable, is the possibility of failing to pay interest and principal in the future for using debt.

#Financial Terms,#Preparation on Interview Board,
#16 Financial Terms For Preparation on Interview Board

17 Essential Good Qualities of an Interviewee

17 Essential Good Qualities of an Interviewee

These are given below:-

1.Proficiency in Communication
2. Work with Honestly
3.Sufficient Knowledge To The Post
4.Knowledge About the Organization
5.Determination to Your Speech
6.Outstanding Personality
7.Decorate Yourself
8.Psychological Maturity
9.Problem-solving Attitude
10.Easily Adaptation
11.Control Anger Emotional and Arrogance
12.Listening and then Reply
13.Trusted Person
14.Creativity
15.Calm and Quiet
16.Quick Decision
17.Physical Stamina

Interviewer and interviewee, Good Qualities of an Interviewee

Difference between interviewer and interviewee.

Interviewer: Who takes viva on the interview board is called interviewer.

Interviewee: Who takes part in the interview board is called interviewee. Applicant or candidate is called the interviewee. 

The vivid description of 17 Essential Good Qualities of an Interviewee

1.Proficiency in Communication: Fast and foremost good qualities of an interviewee, proficiency in communication must be followed in every day to day life. We have to communicate proficiently in various people through multiple ways such as phone, land phone, email, face to face meet, and so on. Carefully listening and fluently speaking must in the interview board. Give feedback timely.

2. Work with Honestly: In your personal life, you have to make oneself honesty. Every employer wants to know honesty. Your service will be done honestly. In the interview board, every interviewee must expose that you are to honesty to your service. That’ create a good impact on the employer. So it another essential good quality of an interviewee.

3.Sufficient Knowledge To The Post: Sufficient knowledge among the good qualities of interviewee, efficient performance in the interview board must have to know about the post. You have to know the activities, duties, responsibilities, and nature of the post. So, sufficient knowledge to post the post must for every interviewer.

4.Knowledge About the Organization: Sufficient knowledge about the organization must for every interviewee. In the interview board, the interviewer asks for the organization and its mission and vision. It also wants to know the establishment and activities. To be a good performance in the interview board you have to search in Google to know the organization.

5.Determination to Your Speech: Another essential Good quality of an interviewee, What are you saying in the interview board to be full of confidence and determination. Your confidence and determination are the power of success in the interview board. You have to confident that you will do best for the post.

6.Outstanding Personality: Personality, Another essential Good quality of an interviewee, means the combination of attitude, patience, behavior loyalty, and some environmental factors. Great personality makes you the best performance in the interview board. But personality doesn’t create one-day it comes from childhood and environmental basis. So be good at your natural and psychological factors.

7. Decorate Yourself: Your appearance is your face value in the interview board. So decorate yourself as handsome and comfortable. But you shouldn’t be stylish and nastic. It creates a negatives impact on the interview board. Decorate yourself like polite and modest.

8.Psychological maturity: In an interview board, you have to psychologically mature and modest.Your speech and movement of the body will expose your psychological maturity. So a sound mind and sound knowledge can bring you the perfect performance in the interview board.

9. Problem-solving Attitude: An interviewee must be a problem-solving attitude in the interview board. Organization activities are changing day to day work. The new problem comes to solve by the staff. The interview board tries to know problem-solving quality. Get the job you have to be problem-solving quality and be sound to the analytical ability.

10.Easily Adaptation: In the interview board you have to be easily adaptable. You won’t be created as an unknown person in front of the interviewer. Be cool and expose that you don’t come the first time. Everyone is known to you. After that, you will answer the interviewer questions easily and properly. Quickly adaptation is very essential for the interview board.

11.Control Anger Emotional and Arrogance: In the interview board, you have to think that you have come to get the job and don’t expose anger, arrogance, and emotion. These will create a bad impact on the interviewer. To control anger and arrogance in the interview board.

12.Listening and then Reply: Do not talk too much on the interview board. Careful about what interviewer wants to know from you. So listening first and give an answer as they want to know.

13.Trusted Person: Every interviewer justifies your trust to the work and the organization. An untrusted person cannot’ get a better post. The interviewer shows the quality of trust to other people and the organization. Be careful to talked-about the important issues.

14.Creativity: Your creativity, another essential good quality of an interviewee is another power of the professional field. In the interview board, the interviewer will test your creativity or ready wit knowledge. Which questions are the kinds of you have taken quickly?

15.Calm and Quiet: Always be calm and quiet in personal life. In the interview board, you have to face some critical solving problem issues then are calm and quiet.

16.Quick Decision: In the interview board, you have to face some analytical quick decision to an interviewer.

17.Physical Stamina: Physical stamina is another important good qualities for the interviewee in the interview board. Without stamina, the interviewer feels sick and be worried. So don’t be exited in the interview board

Read again and again to perform your best as you wish. If you like this, please share and comment.

Definition of Different Kinds of Money

Definition of Different Kinds of Money

There are different kinds of money in this world. In different countries, money has different names.

1.Narrow Money

2.Broad Money
3.Black Money
4.Legal Money
5.Optional Money
6.Standard Money
7.Token Money
8.Fiat-money
9.High Power Money
10.Bank Money
11.Actual Money
12.Near Money

13.Money Of Account

1.Narrow Money

1. What is the narrow money?

2. What is the definition of narrow money?

Narrow money is a kind of money which has high liquidity generally in public hand without a bank. So narrow money means the amount of cash in public hand and the sum of demand draft of a bank. Narrow money is more helpful in the medium of exchange. That's why narrow money is very useful in market activities.
So Narrow Money Equation: M1=C+DD
Where,
M1 means narrow money
C means cash in public hand.
DD means a demand draft in a commercial bank.

 

2.Broad Money

1. What is the definition of broad money?

Broad money is the sum of narrow money and term deposit (Fixed deposit) in a fixed time. Here broad money is less liquidity than narrow money. Because of using a term deposit needs a high time than narrow money. That's why it can't be possible as a medium of exchange in the time urgent need. Various economic specialists have said that broad money is involved in national income(NI).In fiscal policy and implementation of the plan, the broad money concept is widely used.

So Broad Money Equation: M2=C+DD+TD or, M2=M1+TD

Where,

M1 means narrow money

C means cash in public hand.

DD means a demand draft in a commercial bank.

TD means Term Deposit(Fixed Deposite) in a bank.

3. Black Money

1. What is Black Money?

2. What is the definition of black money?

Generally, black money means that kind of money is not included in national income in a fiscal year. The money which is not shown to avoid tax in a fiscal year is called black money. Many organizations and persons are not interested to show some money in the income statement ignore the income tax. So the required return is concealed for tax evasion by any organization. Finally, black money, corrupted money, is stated that the money is concealed for tax evasion by the organization or person in a fiscal year is called black money.

4.Legal Money

1. What is legal money?

Legal Money which is issued and control by the government law and regulation of a c nation and the general public has to be accepted as a medium of exchange by the law is called legal money. Example, USD($) in the USA, Pound(£) in the UK. Generally, the central bank executes the money of a nation.

5.Optional Money

The mone which is helpful for the transaction but not committed to accepting according to the rules of government monetary policy is called optional money. Such as check, prize bond, and so on. This money is not obligatory for the medium of exchange.

6.Standard Money

The money which has the same value of its visible price and intrinsic value is called standard money. In the transaction, we use this type of money regularly.

7.Token Money

The money which is visible or metal's value higher than the intrinsic value is called the token money. Often, we use this type of money.

8.Fiat-money

Fiat-money which is controlled by the law of a nation but have no physical value is very useful in demand and supply transaction.

9.High Power Money

1. What is high power money?

High power money is a broad concept in the economy. High power money can be defined as the sum of issued paper currency and metallic currency by the central bank-reserve of money by the central bank and others reserve in the central bank. Its called super money.

So, High power money B=C+R

Where, 

B=High power currency

C=Issued by the central bank(paper and metallic currency)

R=Strong reserve in the central bank.

10.Bank Money

Sometimes bank issues some notes being used as the medium of exchange is called the bank money. Such as check, bank draft, etc.

11.Actual Money

The money which is used as a financial transaction in day to day life is called actual money. There are two kinds of actual money.

(a)Metallic Money

(b)Paper Money

12.Near Money

The assets which are not used as a medium of exchange but these can be turned into money in need is called the near money.such as treasury bill, savings, govt bond, etc.

13.Money of Account

1. What is the money of the account?

2. What do you understand by the money of the account?

The name of money of a nation is called and calculated by designation is named money of account such as Dollar of USA, Pound of UK.

The definition of Different Kinds of Money is very urgent to know before appearing on the interview board.

What are the differences and explanations between products and services?

What are the differences and explanations between products and services?

Definition and Explanation of Products and Services

Definition and Explanation of Product

The product which has a physical existence, tangibility, taste weight, fragrance that is able to fill up the needs, and wants contenting of a people is called product/goods. The product can be touched or seen. Because it has a physical existence. The product can be stored or preserved for a longer period of time. Firstly, the product is produced and then it is consumed or used. In the product, the elements of the marketing mix are the product, price, place, and promotion.Examples:-tv fridge,car etc.

Definition and Explanation of Service

Service which is intangible and untouchable only helpful and useful that is able to fill up the needs and wants of men is called service. Service can not be seen or touched. Because it has no physical existence. Service is impossible to separate from a person. Service can not display for public attraction. Service ownership changing is impossible. Examples:-doctors service, law service, etc

Key Difference points of products and service

1.Tangibility

2.Inseparateablity

3.Variability

4.Perishability

5.Distribution Channel

6.The Number of Middlemen

7.Storing

8.Ownership Transfer

9.Taste, Weight, And Fragrance

10.Consumer Personal Presence

11.Production And Consumption

12.Display in Shelf

13.Value

14.Quality Control

15.Marketing System

16.Marketing Mix

17.Dependency

18.Examples

What are the differences and explanations between product and service?

Key Differences Explanations

1.Tangibility: The product can be touched or seen. Because it has a physical existence. On the other hand, service can not be seen or touched. Because it has no physical existence.

2.Inseparateablity: The product can be separated from the producer or seller. But service is impossible to separate from a person.

3.Variability: There is no variability in the same product quality. On the other hand, service is different from the same person quality.

4.Perishability: The product has no perishability. It is permanent in nature. But, service is perishability and duration is limited.

5.Distribution Channel: The product distribution channel is longer. On the other hand, The service distribution channel is very small

6.The Number of Middlemen: Generally, the number of middlemen is used in large. In the service area, there is a smaller number of middlemen used.

7.Storing: The product can be stored or preserved for a longer period of time. But service can not be stored or reserved for a time.

8.Ownership Transfer: Product ownership can change at any time. Service ownership changing is impossible.

9.Taste, Weight, And Fragrance: There have taste, weight, and fragrance of a product. There have no taste, weight, and fragrance of service.

10.Examples:Examples:-tv fridge,car etc. On the other hand, doctors service, law service, etc

The differences and explanations between products and services:-

Products/Goods	Services
The product which has a physical existence, tangibility, taste weight, fragrance that is able to fill up the needs and wants contenting of a people is called product/goods.	Service which is intangible and untouchable only helpful and useful that is able to fill up the needs and wants of men is called service.
The product can be touched or seen. Because it has a physical existence.	Service can not be seen or touched. Because it has no physical existence.
The product can be separated from producer or seller.	But service is impossible to separate from a person.
There is no variability in the same product quality.	Service is different from the same person's quality.
Product has no perishability. It is permanent in nature.	Service is perishability and duration is limited.
The product distribution channel is longer.	The service distribution channel is very small.
Generally, the number of middlemen is used in large.	In this area, there is a smaller number of middlemen used.
The product can be stored or preserved for a longer period of time.	But service can not be stored or reserved for a time.
Product ownership can change at any time.	Service ownership changing is impossible.
There have taste, weight, and fragrance of a product.	There have no taste, weight, and fragrance of service.
Firstly, the product is produced and then it is consumed or used.	Production and consumption are going at the same time for service.
The product can be displayed for public attention	Service can not display for public attraction.
The value of the same product does not differ largely.	But service value differs from the same person's quality.
In the product, the elements of the marketing mix are the product, price, place, and promotion.	There are 7 marketing mix elements in the service.
The quality of the product is controlled very strongly.	But the service quality is not controlled strongly.
Product promotion is very easy.	Service promotion is so difficult.
Without service, the product can't be imagined	The product can not create service.
Examples:-tv fridge,car etc.	Examples:-doctors service, law service etc

Conclusion: The product which has a physical existence, tangibility, taste weight, fragrance that is able to fill up the needs, and wants contenting of a people is called product/goods. On the other hand, Service which is intangible and untouchable only helpful and useful that is able to fill up the needs and wants of men is called service. But they are interrelated to each other.

Read More:
13 Different Kinds of Money, Definition of Different Kinds of Money

16 Financial Terms For Preparation on Interview Board

NRB BankPost: Management Trainee Officer (MTO)

NRB Bank

Post: Management Trainee Officer (MTO)

NRB bank circular

Post: Management Trainee Officer (MTO)

Educational Requirements: Four year Honors/Master's degree from any Govt. approved the university

Compensation & Other Benefits

Monthly consolidated pay of BDT 45,000.00 during one year probation period

 After probation as Senior Officer with a monthly gross salary of BDT 55,000.00

Last date of application: June 15, 2018

Apply now@ http://ers.bdjobs.com/applications/nrbbank/

Circular link: http://hotjobs.bdjobs.com/jobs/nrbb/nrbb19.htm