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Emerging Service Environment

Over the years, the service sector has seen an evolution in the type and quality of services offered to customers. Service providers have grown to realize that change is the only constant thing, and if they do not evolve with …

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Evolution of Service Sector

The various stages through which the service economy has evolved are as follows: 1) Pre-Industrial Stage: Life was characterized as a game against nature. Working with muscle power and tradition, the labor force had been engaged in agriculture, mining, and …

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Meaning and Definition of Service Sector

The service industry forms the backbone of the social and economic development of a region. It has emerged as the largest and fastest-growing sectors in the world economy, making higher contributions to the global output and employment. Its growth rate …

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Significance of Services

The significance of services can be understood with the help of the following points: 1) Upward Trend in the Disposable Income: Since the last ten years, the Indian customers are exhibiting an upward trend in disposable income. The transformation of …

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Goods-Service Continuum

In general, organizational products are a composition of goods and services. According to the goods-services continuum in the figure given below, some products may have either tangible (e.g., salt) or intangible (e.g., teaching) characteristics. However, some products provide both goods …

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Classification of Services

Services can be classified on the basis of the following factors: 1) By Market Segment: As the needs and requirements of different markets are not homogenous, the services are different for different market segments. The following types of services are …

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Goods Versus Services: The Differences

There is a lot of difference between goods and services, and it can be seen through the difference between their various significant features. Goods refer to tangible items that can be touched and demonstrated; they are fascinating and can be …

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Characteristics of Services

Different types of economic activities that are not directly involved in agriculture, mining, or manufacturing/production of goods, are called ‘services.’ With the help of using managerial skills, labor, entertainment, advice, training, intermediation, etc., services deliver human value. They are different …

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Meaning and Definition of Services

Service is provided by the seller to the buyer in exchange for money (economic activity), but it does not provide the ownership of the services provided to the buyer, only values are exchanged. This is the feature that distinguishes services …

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