"Service Management is a set of specialized organizational capabilities for providing value to customers in the form of services". These specialized organizational capabilities include which of the fo

ITIL defines Service Management as a set of specialised organisational capabilities for providing value to customers in the form of services, and explicitly identifies functions and processes as the core components of those capabilities. Functions provide the organisational structure and roles, while processes define how work is performed to achieve outcomes. Together they operationalise the delivery of service value.

Markets and Customers are external entities that define demand and receive value; they are not the organisational capabilities that constitute Service Management itself.

Applications and Infrastructure are technology resources that services are built upon, not the organisational capabilities - such as functions and processes - that constitute Service Management.

People, products, and technology are components of the ITIL 4 Four Dimensions model, not the specialised organisational capabilities referenced in the classic ITIL Service Management definition.