Which of the following best defines a service?

A service is best defined as an intangible product that cannot be owned. This definition emphasizes key characteristics of services, such as their inability to be physically possessed or stored, distinguishing them from tangible goods. Unlike products, which consumers can touch and own, services represent actions, performances, or experiences that provide value to customers without resulting in ownership of any physical item.

In the context of marketing, understanding the nature of services is crucial because it affects how businesses promote, sell, and deliver these offerings. Services typically rely heavily on the interaction between providers and consumers, making elements like customer experience, reliability, and personal touch significant factors in their success. Recognizing the intangible qualities of a service also highlights the importance of managing perceptions and expectations, which are vital in ensuring customer satisfaction and loyalty.

The other choices describe aspects that either belong to product-based offerings, such as tangible goods or warranties, which are supplementary to products rather than standalone services. A warranty, for example, provides assurance concerning a product's quality but does not represent a service in and of itself.