Explain service along with its nature. Identify the factors for growth of service as fastest growing sector of the World trade.
Answers
The four most commonly ascribed to services are: Intangibility – services are to a large extent abstract and intangible. Heterogeneity – services are non-standard and highly variable. Inseparability – services are typically produced and consumed at the same time, with customer participatioon in the process.
Factors Contributing to The Growth of Service Sector
GOVERNMENT POLICIES: It is Govt. which makes mandatory for price levels, distribution strategies, defining procedure attributes.
SOCIAL CHANGES.
BUSINESS TRENDS.
ADVANCES IN IT:
INTERNATIONALISATION AND GLOBALIZATION:
According to the International Monetary Fund, business and professional services have been the fastest-growing sector of world trade from an export earnings perspective since the General Agreement on Trade in Services was launched in 1995, with an average annual growth rate of 7.6%.
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