StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

The US Service Sector - Essay Example

Cite this document
Summary
This paper 'The US Service Sector' tells us that the article author selected for analysis is called U.S. Service Sector Grows Slow (Bond, 2011). The article discusses the current state of the U.S service sector. Economic indicators illustrate that the service sector in the United States is showing a decline…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER92.5% of users find it useful
The US Service Sector
Read Text Preview

Extract of sample "The US Service Sector"

Many experts are worried about the deceleration in growth in the service sector. Carl Leakey, a Senior Economist at Senior Economist stated, “This survey shows a slow-moving service sector. That is pretty much in line with the market sense that though the economy has improved, it is still not growing very quickly” (Bond, 2011). Despite the worries of many scholars about the service sector, other signs showed major improvement in the U.S. economy such as the latest unemployment figures which showed a national unemployment rate of 8.6%. The labor market is finally growing. These are great news for all Americans as employers should be aggressively recruiting new personnel. The total exports in the U.S are also on the rise. Exporting is one of the primary expansion strategies used by marketers. The inventories of many companies are moving from contraction to expansion. The movement of merchandise from the United States to other countries is a great sign. Most companies in today’s marketplace cannot survive by using solely a domestic strategy. International expansion is one of the most effective ways marketers can achieve growth.

Despite a slight decline in the service sector, other important sectors such as the manufacturing industry showed positive signs. The ISM manufacturing report showed factory activity rising more strongly than expected in November. Some critical industries such as the auto industry showed tremendous results with a rise of 2.3% in comparison with the previous month. The Big 3 auto companies have been able to attract many customers due to their new innovative designs and fuel-efficient vehicles. People are looking for value in their car purchases more than ever before. Despite the growth in manufacturing activity, the commerce department claimed that the sales of overall manufacturing goods fell by 0.4% in November. One of the sectors that showed continued growth during the past three months is the sale of durable goods.

This article showed a lot of information regarding the economy of the United States and emphasizes the importance of the service sector. Due to the importance of service jobs, the United States as a whole has to do a better job of marketing its service industry. The U.S. has the potential to achieve a lot of growth by exporting services to other nations. There are many ways to increase the Amon umber service exports. One of the best ways is to take advantage of tools that have become available due to the rise of the broadband age. In 2010 U.S. eCommerce sales generated $152.1 billion and it is expected to rise to $223.9 billion by the year 2014 (Plunkett Research, 2011). Many services such as business consulting, technical support, and engineering services could be exported easily with the help of the internet. The U.S Chamber of Commerce has to become more proactive in its initiatives to market better the services that the United States can offer to the rest of the world. In 2010 the United States was the world’s top exporter of services with $515 billion (Latimes, 2011). Despite this fact, the U.S. still has a lot of room to grow to consider because the U.S economy is based on the service industry. It is also interesting to know that the grosses domestic product of the country exceeds $14.66 trillion (Cia, 2011).

            Despite some of the signs that indicate the service economy is slowing down the U.S government as well as the business community has to become optimistic about the potential for growth of the service sector. The key element that will enable the U.S. to achieve further penetration in international markets is the use of marketing. One of the best ways to build a reputation that can be spread across international borders is through branding. “The American Marketing Association defines the brand as a name, term, sign, symbol, or design, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors” (Kotler, 2003, pg. 418). Some of the benefits of a branding strategy include greater recognition, higher customer retention, and the ability to charge a premium price.

            The use of online marketing can also be used by U.S. companies to attract new service clients. Online marketing must be integrated into the communication mix of companies to increase the customer reach of companies. It is essential for companies to properly test their strategies before implementing an effective online strategy. “Decision support systems and simulations models will be used to develop and evaluate marketing communication campaigns before real-world introduction” (Valos & Ewing & Powell, 2010).

            The United States is the richest country in the world, and it has one of the most advanced business environments in the world. The human capital available in the U.S. is abundant. The main competitive advantage of the U.S. is in the service industry. Due to the importance of the service industry the U.S. has to look for ways to further expand its horizons. The best way to achieve that goal is by focusing on marketing efforts to attract more international clientele.

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Analysis of U.S. Service Sector Grows Slow Essay”, n.d.)
Analysis of U.S. Service Sector Grows Slow Essay. Retrieved from https://studentshare.org/marketing/1439202-you-are-required-that-you-write-a
(Analysis of U.S. Service Sector Grows Slow Essay)
Analysis of U.S. Service Sector Grows Slow Essay. https://studentshare.org/marketing/1439202-you-are-required-that-you-write-a.
“Analysis of U.S. Service Sector Grows Slow Essay”, n.d. https://studentshare.org/marketing/1439202-you-are-required-that-you-write-a.
  • Cited: 0 times

CHECK THESE SAMPLES OF The US Service Sector

The South Asian Immigrants in the US Economy

Four classes evolved due to the categorization which included the South Asians born in the Indian subcontinent, foreign born Asians other than those of the Indian origin, Non Hispanic blacks who were born n the us, Non Hispanic whites and the Hispanics born in the United States.... The results of the research confirmed that the South Asians present in the us have been majorly affected by diabetes and the figures suggest that the rates of prevalence observed among them were twice in number compared to the other Asians....
30 Pages (7500 words) Research Paper

Offshoring In the US Labor Market

In the US, service sector offshoring has not been that much significantly higher; only 1% of the total services jobs have been offshored so far (Blinder, 2009, p.... The paper written by Alan Blinder focuses on the existing problems associated from offshoring in the us labor market and its various reasons, implications and solutions.... This study concentrates mainly on the routine production sector of the us economy and its related sectors influencing earnings of routine producers....
5 Pages (1250 words) Essay

Service Quality in the UK Retail Banking Sector

Service quality in UK retail banking sector Name Institution LITERATURE REVIEW Service quality in retail banking sector Banks lend similar kinds of services.... There is a strong relationship between service quality and the behavior of customers in the retail banking sector.... Service quality in UK retail banking sector LITERATURE REVIEW Service quality in retail banking sector Banks lend similar kinds ofservices....
3 Pages (750 words) Literature review

Quality as a Factor in Manufacturing and Service Sectors of Business

The paper "Quality as a Factor in Manufacturing and service Sectors of Business" will analyze the topic of the cost of quality by using the phenomenon of lean production or lean manufacturing to prove that quality does not always have to lead to the increased cost of production and labor.... Due to this, they have continued to live on the good old notion that the more quality manufacturing and service would become, the more costly production and labor could be....
6 Pages (1500 words) Essay

Working Relationships between the National Health Service and the Independent Sector in the UK

This essay stresses that the NHS and the independent sector in the United Kingdom enjoy a symbiotic relationship.... As the paper, Working Relationships between the National Health Service and the Independent sector in the UK, highlights the level of making a choice is high despite the relatively small numbers of patients being given the choice by General Practitioners.... The independent sector has assisted the NHS minimize waiting time and increase capacity....
4 Pages (1000 words) Essay

Correlation Between Employee and Customer Satisfaction in the UK Hospitality Service Sector

The paper 'Correlation Between Employee and Customer Satisfaction in the UK Hospitality service sector' aims to examine the relationship between employee gratification and client comfort in the UK hospitality industry, the factors underlying the dependency of a customer on employee satisfaction.... 2011In simple words, because customer service largely depends on the employees who provide services to the ultimate customers in the service sector, it is essential to identify and assess the factors underlying the relationship between employee satisfaction and customer satisfaction....
7 Pages (1750 words) Research Proposal

The Impact of Offshoring on the UK Service Sector

This research will begin with the statement that offshoring the labor force is an attractive way for a firm to reduce costs through the dislocation of their service sector to countries where the cost of labor is less than the home country.... These jobs have in large part come from the financial service sector and the call center business has been particularly impacted.... India plans to have 1 million workers in the business skills sector by the end of 2007....
4 Pages (1000 words) Essay

The Public Service Sector in the UK and Australia

The paper "The Public service sector in the UK and Australia" tells that the public service sector is meant to serve the public.... The government operates the public service sector intending to provide social services to the people.... However, they are accountable to the public, which employs and pays them, employers, over in the public sector time not wakened to this realization for a long dimension.... As the health sector, some sectors have not been able to offer the public the required services....
12 Pages (3000 words) Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us