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Reasons For Growth of Service Sector

The document outlines several reasons for the growth of the service sector, including demographic, economic, political/legal, social, and technological factors. Demographic reasons include an increasing and aging population as well as urbanization. Economic reasons are the growth of the corporate sector, stock market, liberalization policies, and rising consumer purchasing power. Political/legal factors involve liberalization opening new industries and trade blocs. Social trends consist of smaller families, more single-person households, working women, discretionary income, and changing lifestyles. Technological advancements in areas like IT and telecommunications also support growth in the service sector.

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Shilpa Thakur
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2K views7 pages

Reasons For Growth of Service Sector

The document outlines several reasons for the growth of the service sector, including demographic, economic, political/legal, social, and technological factors. Demographic reasons include an increasing and aging population as well as urbanization. Economic reasons are the growth of the corporate sector, stock market, liberalization policies, and rising consumer purchasing power. Political/legal factors involve liberalization opening new industries and trade blocs. Social trends consist of smaller families, more single-person households, working women, discretionary income, and changing lifestyles. Technological advancements in areas like IT and telecommunications also support growth in the service sector.

Uploaded by

Shilpa Thakur
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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REASONS FOR GROWTH OF SERVICE SECTOR

DEMOGRAPHIC REASONS: Increase in population. Considerable increase in life

expectancy Movement of population from rural to the urban areas

Reasons for growth of service sector


ECONOMIC REASONS

The growth of corporate sector and stock market Economic liberalisation Resource mobilisation Increase in consumer purchasing power and spending patterns

REASONS FOR GROWTH OF SERVICE SECTOR


POLITICAL AND LEGAL

REASONS Liberalisation has opened many service industries Formation of trading blocs

REASONS FOR GROWTH OF SERVICE SECTOR


SOCIAL REASONS

Increase in single person household Smaller families Working Womens More discretionary income More time for travel and entertainment Changing life styles

REASONS FOR GROWTH OF SERVICE SECTOR


TECHNOLOGICAL REASONS

Recent development in Information technology Telecommunication Entertainment and data transmission

Environmental trends and Emerging Service Markets


ENVIRONMENTAL TRENDS SERVICE MARKETS

CONSUMER AFFLUENCE Hotels, restaurants, travel , entertainment, clubs, repairs and servicing, health care, carpet and dry cleaning, domestic services, banking and investment, retailing, insurance

WORKING WOMEN

Domestic services, travel, nurseries, fast food restaurants, financial services, marriage counseling, retailing, personal care. Hospitals, nursing homes, entertainment, travel resorts, leisure services, investments, banking. Travel, legal aid, tax counselling, professional services,

GREATER LIFE EXPECTANCY COMPLEXITY OF LIFE

Environmental trends and Emerging Service Markets


ENVIRONMENTAL TRENDS YOUTH OR YOUNG POPULATION SERVICE MARKETS Entertainment, leasing, fast food, travel, picnic resorts, educational institutes, tutorial aids, counselling, retailing, internet, telecommunication Hotels, advertising, legal services, recruitment services, management counselling, health care, airlines, travel booking, courier services, insurance, banking, marketing research. Repairs and servicing, training, education, sharing services Expert advice, specialists.

CORPORATE CROWD

PRODUCT INNOVATION GROWING PRODUCT COMPLEXITIES

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