MKTG470_Chapter 01

MKTG470_Chapter 01 - WhyStudyServices?

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Why Study Services? Services dominate economy in most nations—from  huge global corporations to local small businesses Most New Jobs are Generated by Services Many manufacturing firms moved to marketing stand-alone services Well-Paid, Requiring Educational Qualifications Jobs range from high-paid professionals and  technicians to minimum-wage positions Importance of service sector in economy is growing  rapidly: Services account for more than 60 percent of GDP worldwide Almost all economies have a substantial service sector Strongest growth area for marketing
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Services Dominate the U.S. Economy  Services, 68% Agriculture, Forestry, Mining, Fishing, 2.3% Manufacturing and Construction, 17.3% Government, 12.4% (mostly Services) INSIGHTS Private sector service industries account for over two-thirds of GDP Adding government services, total is almost four-fifths of GDP
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Estimated Size of Service Sector in  Selected Countries
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Changing Structure of Employment as  Economic Development Evolves Industry Services Agriculture Time, per Capita Income Share of Employment
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Value Added by Service Industry  Categories to U.S. GDP Other (except government) 3.6% Accommodation and food services 4.0% Arts, entertainment, and recreation 1.5% Healthcare and social assistance 10.4% Educational services 1.3% Professional and business services 17.3% Wholesale trade 8.9% Retail trade 10.3% Transportation and warehousing 4.4% Information 7.1% Finance and insurance 12.6% Real estate and rental and leasing 18.7%
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Some Newer Service Industries  Profiled by NAICS Codes But Not SIC Casino Hotels Continuing Care  Retirement Communities Diagnostic Imaging  Centers Diet and Weight Reducing  Centers Environmental Consulting Golf Courses, Country  Clubs Hazardous Waste  Collection HMO Medical Centers Industrial Design Services Investment Banking and  Securities Dealing Management Consulting  Services Satellite  Telecommunications Telemarketing Bureaus Temporary Help Services
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Why Study Services? Powerful forces are transforming service  markets Government policies, social changes, business trends,           advances in IT, internationalization These forces are reshaping Demand Supply The competitive landscape Customers  choices, power, and decision making
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Transformation of the Service Economy Government Policies Business Trends Social Changes Advances in IT Globalization Innovation in service products & delivery systems, stimulated by better technology Customers have more choices and exercise more power Success hinges on: Understanding customers and competitors Viable business models Creation of value for customers and firm New markets and product categories Increase in demand for services More intense competition
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This note was uploaded on 10/17/2011 for the course MKTG 470 taught by Professor Dr.valenti during the Spring '11 term at Nicholls State.

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MKTG470_Chapter 01 - WhyStudyServices?

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