The need for marketing the services is explained below:
1. Formation and Expansion of Job Opportunities
Due to the escalating unemployment issue, it is imperative that fresh employment opportunities be generated by implementing new plans and policies.
There is no denying the fact that the growth of the service sector could create more job openings and pave the way for the advancement of previously untouched or partially developed sectors.
2. Optimum Utilization of Available Resources
One of the most significant aspects of development is its role in ensuring the optimum utilization of available resources. Considering the emerging issues related to improper use or misuse of resources, this is highly crucial.
From this perspective, the service sector is considered pivotal for the economy as effective marketing and promotion can help curb the inefficient use of resources. Therefore, to expand the marketing of the service sector, resources that are typically left untouched or underdeveloped can be utilized.
3. Opening Doors for Formation of Capital
For holistic growth, it’s crucial to amplify the process of capital formation to address the issue of fund scarcity. In this regard, the development of the service sector holds significant importance.
The creation of funds plays a pivotal role in bolstering a nation’s economy. Therefore, the profitable service sectors substantially contribute to the nation’s development.
4. Raising the Living Standards
The primary objective of development is to enhance the living conditions of people and elevate their living standards. Those service organizations that provide improved living standards are considered instrumental in development.
The progress of society in qualitative terms is significantly influenced by the model or structure of development conceived by policy designers. A lackadaisical attitude towards improving living standards in India could result in the nation lagging significantly behind developed countries.
Elevating people’s living standards is feasible only when they not only earn well but also possess knowledge about where and how to spend, what and where to eat, how to enhance their personality, and maintain good health, etc. Making people aware of these aspects can enable service organizations to play their part in improving living standards.
5. Eco-Friendly Technology
In the recent past, the significance of technology in the service sector has been realised. Technology is undoubtedly utilised in every sector, especially in developed nations. Unquestionably, India is also making progress in this direction, albeit in its nascent stage.
The key distinction lies in the fact that the technologies recently employed have negligible or minimal effects on nature. Even though nearly all service sectors, such as banking, insurance, hospitality, communication, education, etc., are technology-oriented, these technologies are not detrimental to the environment.