Posted in Marketing and Strategy Terms, Total Reads: 420
Definition: Service Industry
A service industry is the one which produces intangible products and offering rather than physical goods and services. The service industry produces revenues from the service it provides to different producers and vendors.
The service industry has industries like hotels, IT, transport etc. in it. An example of service industry would be that of consulting provided by a firm to its clients on various things like how to restructure its firm, how to carry out investments etc. From B2C perspective, an example would be that of hospitals which provide treatment to the patient for his betterment. Here the treatment being offered to the patients is a kind of service.
In India service industry is a great contributor in the GDP. Service sector is growing rapidly and is expected to be a major contributor in the GDP.