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Fastest Growth Expected in Knowledge-Based Industries Many New Jobs are Well-Paid Positions Requiring Good Educational Qualifications
Its current participation in export (service) accounts for 2.45% in the world trade activities.
Contribution of service countrys GDP is 54.6%. sector in
Sub sectors 1. Trade and hotels, tourism services 2.Transpot, storage and communication. 3. Banking, insurance and other financial services
GDP contribution
7%
8% 54.60%
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Tourism and Travels Hospitality( Hotels, Motels , Resorts). Catering And Restaurant Industry. Consultancy Services. Insurance . Health care and Hospital management. Housing and Construction Industry. Burial permission and dispose off agencies. Communication. Entertainment. Banking Services. Transportation and Logistics. Theme parks. Leisure activities industry.
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Legal Agencies. Maintenance Services. Information Technology Services. Research and Development. Investment Advisers. Accounting and Tax Services. Electricity, Gas and Sanitary Services. Real Estates. Personnel Services. Social Organizations. Other Service Providers.
Financial
services banks, insurance . Telecommunications Health services Tourism Travel & transport Information technology Retailing
Business Trends
Advances in IT Globalization
New markets and product categories Increase in demand for services More intense competition
Success hinges on: Understanding customers and competitors Viable business models Creation of value for customers and firm
Business Trends
Advances in
IT
Globalization
Business Trends
Advances in
IT
Globalization
Rising consumer expectations More affluence Personal Outsourcing Increased desire for buying experiences vs.
things
Business Trends
Advances in
IT
Globalization
Push to increase shareholder value Emphasis on productivity and cost savings Manufacturers add value through service and
sell services
More strategic alliances Focus on quality and customer satisfaction Growth of franchising Marketing emphasis by nonprofits
Business Trends
Advances in IT
Globalization
Growth of Internet Greater bandwidth Compact mobile equipment Wireless networking Faster, more powerful software Digitization of text, graphics, audio, video
Business Trends
Advances in
IT
Globalization
Increased international travel International mergers and alliances Offshoring of customer services Foreign competitors invade domestic markets
Services involve a form of rental, offering benefits without transfer of ownership Services are an act or performance offered by one party to another. (Performances are intangible, but may involve use of physical products.)
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3. 4.
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Based on differences in nature of service act (tangible/intangible) and who or what is direct recipient of service (people/possessions), there are four categories of services:
People Processing
Customers must:
physically enter the service factory
Managers should think about process and output from customers perspective
to identify benefits created and non-financial costs: - Time, mental, physical effort
Possession Processing
Customers are less physically involved compared to people processing services Involvement is limited Production and consumption are separable
Mental Stimulus Processing Ethical standards required when customers who depend on such services can potentially be manipulated by suppliers Physical presence of recipients not required Core content of services is information-based
Can be inventoried
Information Processing Information is the most intangible form of service output, But may be transformed into enduring forms of service output Line between information processing and mental stimulus processing may be blurred.