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Overview

The U.S. economy is going through some major changes, and that’s creating a lot of uncertainty for people in the workforce. Jobs that were seen as secure just a few decades ago have all but disappeared, and new industries are springing up to replace them.

In today’s world, there is a huge shift in the type of business that dominates the global economy. There is a massive growth in service companies, which are businesses that sell services rather than tangible products.

More than half of the companies on the Fortune 500 are service companies. More than 75% of working Americans work in this sector, which is growing rapidly.

However, services are not just part of the service sector; they’re also growing in other sectors. For example, retail sales rely on customer service to make a profit. A department store like Dayton’s sells products but its revenues come from how much customers buy and how well the salespeople sell them.

McDonald’s is also successful because it offers great customer service with its popular fast food. In addition, the company has expanded its services to include more than just traditional products. For example, computer software often comes with added services such as technical support and upgrades.

Levi’s is another good example of a company that uses personalization to make its products more desirable. After customers visit Levi’s stores, they have their measurements taken so that when the finished product arrives at their homes, it fits perfectly. This level of service makes the product even better than competitors’.

Big Idea #1: It’s difficult to market services because they’re intangible and their quality varies.

Services are different from physical products. They can’t be seen or touched, nor can they be mass-produced. This makes them very difficult to market effectively.

In the past, products were sold simply because they had to be. But today, companies are realizing that customers don’t only want a product; they want an experience and a story behind it. They’re looking for something more than just what’s on the surface. For example, Porsche is known as one of the best car manufacturers in the world for building high-performance sports cars with sleek designs. It uses marketing campaigns that focus heavily on brand image rather than product features because its customers aren’t buying just any car—they’re buying into a lifestyle and an identity associated with their favorite car manufacturer.

Companies that sell services can’t display their products the same way as companies that sell physical goods. Therefore, they must rely on more abstract advertising techniques to get their message across.

Some companies also have difficulty marketing their services because they don’t always know what the quality of those services will be. Unlike physical products, which are manufactured in a standardized way and can be monitored for quality, service quality is not consistent because it depends on who works with you.

If a staff member is rude to a customer, then that customer will be wary of choosing any service from that company again.

Big Idea #2: Ensure your service exceeds customer expectations.

In today’s market, customers expect better service than in the past. Companies like McDonald’s have raised the bar by providing cleaner, faster and more consistent services than their competitors. To compete with them, you need to ensure that your service is up to par with theirs.

The best way to evaluate the quality of a service is by how much it exceeds customer expectations. For example, a restaurant will be judged positively if the food comes quickly and matches what was ordered. On the other hand, poor service or incorrect orders will result in negative feelings about the establishment.