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The Financial Express

Importance of service marketing

| Updated: October 23, 2017 03:14:16


Importance of service marketing

PROPER marketing of services contributes substantially to the process of development. If innovative marketing principles are followed in services marketing, the socio-economic transformation will take place at a much faster pace. If business opportunities are properly utilized by the service sector, it will lead to an all-round development of the economy. The components of the service sector are wide and varied. For example, the service sector includes personal care services, education services, medicare services, communication services, tourism services, hospitality services, banking services, insurance services, transportation services, consultancy services, etc.
Organised and systematic development of the service sector would create enormous employment opportunities. Application of marketing principles in the service sector is instrumental in developing the economy. In USA about 80 per cent of job opportunities are offered by the service sector. So, the significance of the service sector lies in its capacity to create job opportunities. If the service sector is properly developed, it will solve the problem of unemployment in Bangladesh to a great extent. The standard of living of the people in any country would be decided on the basis of quality and standard of products consumed or services availed in the day-to-day life. Any development is transparent only when the living conditions of the masses improve. Standard of living cannot be improved by only offering more opportunities for earnings.
On the other hand, the standard of living is determined by availability of goods and services for citizens. The development of the service industry is sure to promote the standard of living of the people. Now-a-days, almost all services are found technology-driven. Developed countries are making full use of the latest technology while rendering services. World's latest technologies are used by service generating organisations such as banks, insurance companies, tourism, hotel services etc. On the other hand, technologies pursued by some manufacturing organisations may have harmful effects on the environment. In contrast, services industry does not pollute the environment, rather it is making phenomenal development without having any environmental impact.
Eahteshamul-Haque-Sourov
Business Administration Dept.
East West University, Dhaka
[email protected]

 

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