Chapter-1
Introduction
A. Overview of the service sector and its contribution in the Economy
There are three sectors that together make the economy of a country, namely primary sector (like farming, fishing, etc.), secondary sector (like manufacturing, etc.) and tertiary sector (services provided) .The tertiary sector provides services which are intangible in nature. Services include activities like retail shops, banking, hospitality, real estate, education, health, social work, etc.
The service sector is a very crucial part of the economy. Service sector in India has grown up by 55% in India’s GDP 2006-2007. Service Sector business’s is now increasingly focuses on so called “knowledge economy”. They need to keep ahead of other businesses
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Overview of the industry and its contribution in the Service Sector
A bank is defined as a financial institution that provides banking and other financial services to their customers. A firm which provides fundamental banking services, such as accepting deposits and providing loans is commonly understood as a Bank. There are also non banking firms that provide certain banking services without meeting the legal definition of a bank. Banks are a subset of the financial services industry.
A system which offers cash management services for customers, reporting the transactions of their accounts and portfolios, throughout the day is known as a Banking System. In India the banking sector, should not only be hassle free but it should be able to meet the new challenges posed by the technology and other external and internal
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Contributing to its high growth are many critical sectors, amongst which ‘financial services sector’ is unarguably one of the most distinguished sectors of Indian economy. The role of financial sector in shaping fortunes for Indian economy has been even more critical, as India since independence lacked prowess of a resilient industrial sector. This prompted India to depend on other sectors for its sustenance. These other sectors mostly constituted of ‘financial service sector and ‘agricultural sector’. India’s watershed decision to nationalise 14 commercial banks in 1969 validated how critical was ‘financial sector’. Its importance after economic reforms of 1992 has grown only manifolds to the extent that today it presently contributes to over 6% of India’s GDP. Dynamic growth of financial services sector during post reform age has helped it in assuming such an important place in the economy of India. Unlike in past when financial services sector mainly constituted of banking sector, today financial sector has broaden its reach to include sectors like insurance services, non-banking financial services, co-operatives, pension funds, mutual funds, capital markets etc. especially employment generated by banking and insurance sector every year runs in millions with improved availability of credit, the Indian economy during past two decades has managed to march towards higher economic growth.
Tertiary sector of industry also known as the service sector or the service industry is one of the three main industrial categories an a economy, the others being the secondary industry manufacturing, and primary industry extraction such as mining, agriculture and fishing The tertiary sector of industry involves of providing a services or a product to businesses as well as final consumers. Services may involve the transport, distribution and sale of goods from producer to a consumer as may happen in wholesaling and retailing.
Student Answer: 10. A. Service sector is more appropriate because it acknowledges any entity providing services to individuals while the service industry focuses on Services being provided.B. Some common characteristics of Leading Edge customer-focused organizations are the focus and energy used to identify and satisfying customer needs.17 A. Customer
All Modern IT departments of any size need to do more with less, even as expectations for greater IT service responsiveness to innovativeness demands rise. In addition, the IT departments face increasing challenges with dealing with increased scrutiny to comply with new requirement for the ITIL evaluation model. The following chapter will outline the aim of this project to which aimed at evaluating SAGE IRELAND Service Desk. A number of specific objectives will be examined to present the reader with an understanding of the SAGE IRELAND Service Desk software; it’s compliance to the ITIL evaluation model, how the knowledge gained is used to optimise and improve the service and what impact it has on the company and its customers. The aims and objectives of this project will be described and stated.
Initially the bank’s core banking system was product oriented, but the need of the hour was to develop a customer oriented system, because the challenge is to build customer loyalty, cross sell, and enhance repeat business.
Central Bank of Oman defines bank as “A bank is an institution which deals in debts of his own
Communication modern technological tools that have been enhanced by Information Technology are having an impact on changing the very structure and communication of banking. That is, clients are enabled to make their banking transactions whenever and wherever they want. Bank clients, by just logging on their online account, can transfer any amount of money from their account to any other account, check their last processed banking transactions and apply for loans and other banking services. According to Keyes ( 2000, p.591) 'electronic checks provide consumers with the benefits of convenience and safety while allowing billers to maintain their existing depository relationships with their banks'. Further, e-mails has enabled bank employees to notify their customers of any new enhanced bankin...
It's very well known that a companies success is not only dependant on the possession of a good product or service, but the key aspect to a successful business is excellent customer service. As the market grows, now more then ever companies are emerging, they are offering very similar types of products and services. Successful customer service can be a way a business becomes original and unique, it can be the key to attracting and maintaining loyal customers. Good customer service can start-up a business while bad customer service can harm a company. An average customer that experiences an issue will complaint to 9-10 people about the problem. A customer that received support to their problem and a potential solution will tell at least five
The growth of services sector in our economy is a step forward in the development of Indian economy. In day to day life of an individual the use of mobile phones acts as necessity in getting connected with people for one or the other purpose. India has a largest variety of smartphones available for the users. Because of the fast technologies in smartphones & in market, the networks and services providers of telecom must be updated so as to meet the requirements of people. Indian telecommunication industry is considered to be one of the fastest growing telecom industries in the world. The mounting up of the subscribers reaches to an approximate 800 billion plus users in telecom sector. The industry is growing at as pace in such a way that it will reach a level beyond the telecom markets of USA &
“India was a latecomer to economic reforms, embarking on the process in earnest only in 1991, in the wake of an exceptionally severe balance of payments crisis”(Ahluwalia 2002).The idea being simple ,there was a need to ...
Industrial Sectors All businesses belong to a particular industrial sector. These sectors are divided into three groups, which are Primary, Secondary and Tertiary. Primary Sector- The primary sector involves the extracting of raw materials (natural resources).
The study is primarily designed to find out the continuous issue of the banking system in
Customer Relationships is about building a relationship of trust and convenience. A customer wants the company they are working with to be intuitive. To know their needs before they do. They want to feel respected, they need to believe you are honest and have integrity. This relationship breeds comfort and familiarity and causes the consumer to continue to do business with your company. This relationship that is built develops a personal relationship, like a friendship and it is one that the consumer cannot get from the store down the road and it is that personal touch of sincerity, of knowing their needs, of servitude that will turn them into lifelong branded customers.
The services sector is the single largest contributor to economic growth and employment. It is widely recognized and deliberated upon that the global importance of service sector in terms of its share in Gross Output has been growing progressively in the economies of the world. The objective of this paper is to make an assessment of the importance of the service sector in indian economy.
The lack of service delivery is a vital subject that is tackled by countless residents and government officials. Thus, distinct methods are needed to safeguard that services are delivered below the leadership of local government. The purpose if this essay is to converse about the reasons why governments commence on Alternative service delivery mechanisms. This will be accomplished by bestowing definitions of precise concepts by also considering technological improvements as Alternative service delivery methods. Furthermore, this essay will recognize alongside suitable examples, the acts played by voluntary associations and private contractors in advancing competent and effectual ability to deliver services.
Household Sector includes all members of society who consume goods and services. Households provide the Factors of Production businesses require to be successful - for example land, skills, resources, equipment and innovative ideas. In exchange, business pay wages to households.