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Business services are a recognisable subset of economic services, and share their characteristics. The essential difference is that businesses are concerned about the building of service systems in order to deliver value to their customers and to act in the roles of service provider and service consumer. [1]
Service industries are those not directly concerned with the production of physical goods (such as agriculture and manufacturing). Some service industries, including transportation, wholesale trade and retail trade are part of the supply chain delivering goods produced in the agricultural and manufacturing sectors to final consumers.
The service economy in developing countries is mostly concentrated in financial services, hospitality, retail, health, human services, information technology and education. Products today have a higher service component than in previous decades.
The services sector treats services as intangible products, service as a customer experience and service as a package of facilitating goods and services. Significant aspects of service as a product are a basis for guiding decisions made by service operations managers. [4]
Businesses in other industries, such as banks and retailers, can employ individuals or teams to offer professional services for their customers. Major cities such as London and New York are leading global centres for professional services firms.
Industry experts anticipate an additional 15% to 20% price drop in diamonds over the next 12 months. The diamond industry is ‘in trouble’ after prices sunk 6% this year. A jewelry CEO blames ...