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• Service is an act or performance that one party can
offer to another that is essentially intangible and
does not result in any ownership of anything. Its
production may or may not be tied to physical
products.(Philip Kotler)
• It is based on relationship and value.
• It may be used to market a service or product.
Upward trend in disposable
Income increasing in the past 20 years:
income
Disposable Personal Income in India
increased to 71640930 INR Million in
2011 from 60158160 INR Million in 2010
Developing country
Liberalization
Job Opportunities
Demand increases with disposable income
Increasing Specialization
Technology
Cost effective
Expert and professionals
Development of services, financial, banking
Changing
Development of corporate culture
Lifestyle
Jogging, gym centre
Adapting western culture: foreign
brands
Increasing Literacy
Rate Professionalism
in education
Information explosion
Government
Regulations
Consumer protection,
KYC
In recent times the service sector is increasing
at a very fast pace. After the liberalization in
the year 1991, the contribution of service
sector is continuously increasing in the growth
of our economy.
However, agriculture is still dominating the
Indian economy. Service sector are growing
not only in volume but also in sophistication
and complexity. The growth of service
industry is the result of combination of several
reasons, they are,
The Services Sector contributes the most to
the Indian GDP. The Sector of Services in
India has the biggest share in the country's
GDP, it accounts for more than 50%
contribution
The various sectors under the Services
Sector in India are construction, trade, hotels,
transport, restaurant, communication and
storage, social and personal services,
community, insurance, financing, business
services, and real estate.
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