The world of 21st century is an arena that promotes fast growth, tremendous development and high competition. The high level of internet connectivity in various corners of the world, along with the existence of the open economies has provided the platform for demand of products and services of international standards. The luxury sector, especially the hospitality sector always demands international standards and qualities of services mostly because of its need to maintain a homogenous quality and standard of high level of customer service at all of its location of presence.
It is important to say that in the steady cycle of economic peaks and troughs that has continued to affect the business prospects of various countries in the recent times; the luxury hospitality sector has always maintained a steady level of growth all the time. The reason behind it can be attached to the fact that the luxury sector always experiences an inelastic demand mostly because of its significant choosing of its target audience, which are mostly comprised of the elite and extremely rich people.
Brief on Service Marketing
Services can be defined as a concept which represents intangible actions and attributes that are performed by individuals or a team of individuals for the purpose of providing superior level of value perception to the consumers in regards to their individual requirements of value of tangible or intangible nature (Rao, 2011, p. 5). Talking a little more about services, it can be said that because of its characteristics, services are a little different from the products. In case of services, the characteristics like the intangibility, homogeneity, inseparability and perishability exists.