Services are intangible acts or performances provided by one party to another. They do not result in ownership of a physical product. Services can be classified in various ways, including people-based or equipment-based delivery, whether the client is present or absent, and whether the purpose is personal or business needs. Services differ from goods in that they are intangible, inseparable from their production and consumption which usually happen simultaneously, can vary significantly in quality, and are perishable if not provided at the right time and place.