The term service industry encompasses a large number of professions that work together to provide a common service to its consumers. The service industry in question can be of various types like banking, retail, hospitality, advertising, film, marketing or publishing. Service industry analysis thus entails an intricate examination of the various aspects of the industry thereby judging the efficacy and quality of the services provided by the industry.
Sample Service Industry Analysis
Service industry analysis submitted by: Javier Rolland
Date of submission of analysis: January 21, 2012
Service Industry analyzed: hospitality services
Service area in question: New York City
Services provided: the hospitality service industry encompasses restaurants, lodging, event planning, transportation, theme parks, cruise line and other services that are all dedicated to boost the tourism industry of the area.
Description of the service industry: the New York City hospitality industry has almost become a global billion-dollar industry that employs almost 20% of the citizens of the city. The industry further houses several small industries like hotels, resorts, restaurants, nightclubs, bars and coffee shops, transportation, travel, recreation and entertainment sectors, souvenir shops, so on and so forth that work together to contribute to the economy of the area.
Factors affecting profitability of the industry:
The profitability of the hospitality service industry depends on:
- Customer satisfaction
- Healthy client relation
- Effective brand management and marketing
- Efficient operations.
- Above par staff behavior
- Productive partnership and alliance building.
- Providing personal services to clients.
- Designing customized schemes and plans to safeguard customer interests.