Marketing of Services in the Context of Globalization
Marketing of Services in the Context of Globalization

Summary/Abstract: Specific features of the globalization process are constant growth of the service sector perform-ance, its role and importance as well as the appear-ance of new specific kinds of services. The service sector is the one contributing mostly to the value and growth of Gross Domestic Product (GDP) of devel-oped market economies. Nowadays a constant in-crease of services share in global transactions is ob-served reaching ¼ of international trade value. As to its annual growth rate it is twice higher than the growth rate of the trade of goods. Services are de-fined as the result of economic activity which can not be touched physically: from banking to entertainment services and accounting [1]. The major factor affect-ing the role and market positioning of services is the progress of information, communication and infor-mation technologies. Recently India has started to be considered the book-keeping office for many multi-national companies. Generally the term consumer services includes financial services, telecommunica-tions, accounting, health and social services, travel, tourism, rest and recreation, cultural services, busi-ness and personal services, insurance and trade ser-vices, etc. This sector accounts for 70 per cent of added value in the European Union, provides 69 per cent employment as well as 710 billion Euro cross-border commerce[2]. Diversification of service prod-ucts is largely observed in the process of globaliza-tion of the world economy. This process is influenced by the following factors: • Development of new technologies for the production of complex products, requiring special accompanying services; • Incessant increase of resources for rest and recreation, travel services and customers’ other pleasures, that result in growth of certain service spheres; • Activity of many companies is connected with relations to foreign partners, which leads to us-age of banks, airway companies, hotels, insurance and consultancy companies. The latter being in the business sector supply services, that are “invisible” and do not result in any product’s acquisition.

• Details
• Contents