Principles Of Marketing
17th Edition
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Kotler, Philip, Armstrong, Gary (gary M.)
Chapter1: Marketing: Creating Customer Value And Engagement
Section: Chapter Questions
Problem 1.1DQ
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Question
Describe the five powerful forces transforming the service landscape and what impact do they
have on the service economy?
Expert Solution
Step 1 Introduction
Service economy is an economy which is primarily driven by the service business. The revenue, growth and the main business activity of the economy consists of services. Services economies are well advanced economies as compared to conventional economies.
The service-based economies consist of services like banking, hospitality, and healthcare. Services based industries are generally progressive, the fortune 500 list of companies consists of more services based companies as compared to others.
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