Types & Characteristics of Service Marketing, A review

Abstract

The term "service economy" is being used more and more to describe the current state of the global economy. This is essentially the result of the expanding significance of the service sector as a proportion of total economic activity in the economies of the vast majority of developed and emerging nations. In point of fact, the expansion of a nation's service sector has traditionally been seen as a reliable indicator of that nation's overall economic development. According to the lessons that can be learned from the study of economic history, every growing country has inevitably gone through a transition in which the primarystay of their economy shifted from agriculture to industry and finally to the service sector. This alteration has also resulted in a modification to the definition of commodities and services in and of themselves. Goods and services are no longer recognised to exist in two distinct categories. Rather, services now increasingly represent an essential component of the product, and the interconnection of products and services is portrayed on a goods-services continuum. Rather of representing an integral part of the product, services now increasingly represent an integral part of the product.