Service Based Industry Essay

These are the few examples of industries and its approximate market sizes.
Service Based Industry
Service based industry is the part of the economy that creates tangible services. Service industries include everything else banking, communications, wholesale and retail trade, all professional services such as engineering, computer software development, and medicine, nonprofit economic activity, all consumer services, and all government services, including defense and administration of justice.
A services-dominated economy is characteristic of developed countries. In less-developed countries most people are employed in primary activities such as agriculture and mining.
Service based industries mainly focus on getting the work done on priority in a particular stipulated period of time. The main moto of certain industries is to take inputs from the customers and manufacture the goods accordingly and then deliver to the consumers in an efficient way.
There are many sub divisions for service based industries namely goods which are manufactured and are directly given to the consumers or in another way they will be given to franchise where the good will be sold to the customers directly.
Alternately, the services division activities can be described by their economic activities as physical, intellectual, aesthetic, and other experiential activities. Physical activities involve working with objects examples include repairing cars, landscaping, cutting hair, or preparing a meal. Intellectual activities involve providing education or training, such as at a university or trade school. The aesthetic activities entail providing consumers with artistic or visual experiences museums, theater performances, art shows, and musical performances are examples.
The service industry depends on the economy of the country as well, this depicts how the growth of the service based industries would be and more over the important part of the service based industry is to make the business in on-going process, because if the business comes to a stagnate state where no consumers are buying or willing to take any of the products then the growth will take a hit which intern leads to lot of revenue loss and which indirectly affects the economy's growth.
The jobs for service based industries are more and is always on demand as the innovative ideas will be given by young people rather than people who have more than 15-16 years of experience in any industry. The focus is mainly on giving the best idea which can be implemented in a short span depending on the goal of the business, which varies with different service based industries.
For example, consider a professional IT project where the investment from the clients will be in billions and they require a lot of resources who are very much skilled in the particular aspects and master it in an efficient way.
In a similar way when a service based company say a goods manufacturing company will be responsible for giving the goods to the wholesale dealers and those dealers in-turn provide this to the consumers which is an example of b2c service based industry.b2c is when there are no platforms provided to market for example amazon