A service is a transaction in which there is no physical transfer of goods from the seller to the buyer. The benefits of such a service are held to be demonstrated by a buyer's willingness to make the exchange.Readily accepted characteristics of the services are as follows:1) Perishability:Services are perishable in nature.Goods if not sold today, can be preserved for further selling, but in the context of services, it is considered lost not only for today but even for the future.For example, if a seat in aircraft or a bedroom in a hotel remains unbooked, a chair in a cinema halls remains vacant; the business is found non-existent and the opportunity is lost as well. It creates unique strategic challenges and the opportunities come and the firms need to capitalize on the same by using excellence.2) Inseparability:This characteristic is also a challenge that professional needs to face while marketing the services.It focuses on the fact that services are not of separable nature.Services are generated and supplied simultaneously.This feature makes it essential that the service-providers are behaving professionally so that the marketing process is not to pave the avenues for degeneration in the quality. 3) Intangibility:Intangibility is an important consideration that complicates the functionality of a marketing manager, especially while influencing the customers.It is a matter of consumer perception of the services and their expectations, not smelling or tasting the services.The customers expect safe, fast, decent services.As service is an abstract phenomenon, it is a unique strategic challenge for the marketer. Therefore, Perishability, Inseparability, Intangibility only are readily accepted distinguishing characteristics of the services that create unique strategic challenges.Other important characteristics of services are:HeterogeneityOwnershipSimultaneityQuality measurementNature of demand.