SERVICE INDUSTRY Meaning and
Definition
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The service industry is a sector of the economy that primarily involves the provision of various intangible goods and services, instead of tangible products. It encompasses a wide range of businesses that focus on delivering assistance, support, or convenience to customers or clients. These services can be provided either directly to individuals or to other businesses, and typically involve the exchange of time, knowledge, skills, or expertise for monetary compensation.
Examples of service industry businesses include hospitality and tourism, retail, healthcare, education, professional services (such as accounting, legal, or consulting), financial services (such as banking or insurance), transportation, entertainment, and many others. This industry tends to emphasize customer satisfaction and requires a high level of interpersonal interaction and communication skills.
The service industry is characterized by its intangibility, perishability, heterogeneity, and inseparability. Intangibility refers to the fact that services cannot be touched, held, or easily measured compared to physical products. Perishability means that services cannot be stored or saved for future use, and their availability is limited to the time they are provided. Heterogeneity reflects the unique quality of each service encounter due to variations in customer expectations, service providers, and circumstances. Inseparability recognizes that services are often produced and consumed simultaneously, and the customer's experience is heavily reliant on interactions with service personnel.
The service industry plays a significant role in modern economies, contributing to employment opportunities, economic growth, and overall societal well-being.
Top Common Misspellings for SERVICE INDUSTRY *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for SERVICE INDUSTRY
- aervice industry
- zervice industry
- xervice industry
- dervice industry
- eervice industry
- wervice industry
- swrvice industry
- ssrvice industry
- sdrvice industry
- srrvice industry
- s4rvice industry
- s3rvice industry
- seevice industry
- sedvice industry
- sefvice industry
- setvice industry
- se5vice industry
- se4vice industry
- sercice industry
Etymology of SERVICE INDUSTRY
The word "service" comes from the Old English word "sērvice" which originally meant "religious ritual or ceremonial act". It derives from the Latin word "servitium" meaning "slavery" or "servitude". Over time, the word "service" evolved to refer to an act of serving or helping others.
The term "industry" comes from the Latin word "industria" meaning "diligence, activity, or hard work". In its original sense, "industry" referred to any productive human activity.
The term "service industry" emerged in the mid-20th century to describe economic sectors focused on providing services rather than producing tangible goods. It encompasses various sectors such as hospitality, tourism, healthcare, finance, retail, and more. The etymology of "service industry" thus combines the concept of serving others with the broader idea of productive human activities.
Similar spelling words for SERVICE INDUSTRY
- service ceiling,
- service contract,
- service cutback,
- service station,
- service elevator,
- service agency,
- service abroad,
- service stripe,
- service provider,
- service entrance,
- service bureau,
- serviceableness,
- service routine,
- service staff.
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