Many companies in the service sector are highly dependent on their marketing efforts to achieve further growth. Many experts are worried about the deceleration in growth in the service sector. Carl Leahey, a senior Economist at Senior Economist stated, “This survey shows a slow-moving service sector. That is pretty much in line with the market sense that though the economy has improved, it is still not growing very quickly” (Bond, 2011). Despite the worries of many scholars about the service sector there are other signs that showed major improvement in the U.S. economy such as the latest unemployment figures which showed a national unemployment rate of 8.6%. The labor market is finally growing. These are great news for all Americans as employers should be aggressively recruiting new personnel. The total exports in the U.S are also on the rise. Exporting is one of the primary expansion strategies used by marketers. The inventories of many companies are moving from contraction to expansion. The movement of merchandise from the United States to other countries is a great sign. Most companies in today’s marketplace cannot survive by using solely a domestic strategy. International expansion is one of the most effective ways marketers are able to achieve growth. Despite slight decline in the service sector other important sectors such as the manufacturing industry showed positive signs. The ISM manufacturing report showed factory activity rising more strongly than expected in November. Some critical industries such as the auto industry showed tremendous results with a rise of 2.3% in comparison with the previous month. The Big 3 auto companies have been able to attract many customers due to their new innovative designs and fuel efficient vehicles. People are looking for value in their car purchases more than ever before. Despite the growth in manufacturing activity the commerce department claimed that the sales of overall manufacturing goods fell by 0.4% in November. One of the sectors that showed continued growth during the past three months is the sale of durable goods. This article showed a lot of information regarding the economy of the United States and it emphasize in the importance of the service sector. Due to the importance of service jobs the United States as a whole has to do a better job of marketing its service industry. The U.S. has the potential to achieve a lot of growth by exporting services to other nations. There are many ways to increase the amount of service exports. One of the best ways is to take advantage of tools that have become available due to the rise of the broadband age. In 2010 U.S. ecommerce sales generated $152.1 billion and it is expected to rise to $223.9 billion by the year 2014 (Plunkett Research, 2011). Many services such as business consulting, technical support and engineering services could be exported easily with the help of the internet. The U.S Chamber of Commerce has to become more proactive in their initiatives in order to market better the services that the United States can offer to the rest of the world. In 2010 the United States was the world’s top exporter of services with $515 billion (Latimes, 2011). Despite this fact the U.S. still has a lot of room to grow considering the fact that 80% of the U.S economy is based on the service industry. It is also interesting to know that he
The article I selected for analysis is called U.S. Service Sector Grows Slow (Bond, 2011). The article discusses the current state of the U.S service sector. Economic indicators illustrate that the service sector in the United States is showing a decline. The Institute for Supply Management’s non manufacturing index fell to 52 in November from 52.9 in October…
One can witness the development and expansion that the world is experiencing in every facet of life, whether it is social, political, and economic development or technological and scientific advancements. Besides, these innovations in such vast fields are leaving an indelible imprint on to the entire populace of the world, thus, making the world a global place where all the people can communicate and travel promptly within no time (Feenstra & Taylor, pp.
Sector Analysis Name Date It has become extremely important for corporations and managers to continuously innovate and think new ways of churning more money. If a firm or a manager fails to innovate and does not come up with new ways of profit extracting, the ideas will eventually become obsolete and the business will stop making any money at all.
Australia ranks the lowest in terms of land area of continents but is the sixth largest country in the world. (CIA, 2013). In the eighteenth and nineteenth century six colonies were established in Australian island, which in 1901 merged to become “the Commonwealth of Australia” (CIA, 2013).
After confronting with this situation the board of directors of an insurance company has asked the chief operating officer to submit a report that would include ways of meeting with the impact of this spending cut by the government while still being sensitive to the needs and health of the patients and the community.
These include core research and development activities which are called as renewal services, while those that contribute to maintenance and management of sub systems such as accounting are known as routine services. Network services include those that facilitate communications, exchange of knowledge and flexibility in resource allocation.
There are different kinds of service industries, which provide all kinds of services. They are as follows: -
3. Business Organizations: these firms provide services like airlines services, hotel services, bank services, insurance companies, audit firms, law practices, research firms, IT consultant firms and advertising firms etc.
All grizzly bears have thick fur that shields them from cold and moisture (Potts, 1997, pp. 7-8).
Figure 1. The grizzly bear has fur that has grayish tips. From “Grizzly Bear,” by J. Eastcott and Y. Momatiuk, n.d.,
As the report stresses reorganization of the production process has been practiced in the motor manufacturing and clothing industry for the last four decades. Offshoring started in 1960s and 1970s in the manufacturing sector whereby firms moved the labour-intensive tasks to overseas countries that offered cheap labour.
8 pages (2000 words)Essay
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