Evolution of Service: Importance, Competitiveness and Sustainability in the New Circumstances

In the complex business word, service is increasingly getting the centre stage in the economies across the world. The exponential necessity of innovative service in one hand is providing excellent opportunity and on other hand, posing a number of challenges to the firms. In this circumstance, the policy makers of the businesses are aware about the challenges and are keenly interested to develop a general strategy which will enhance their competency in rapidly changing business context. They are actively trying to identify the resources and competencies that are necessary for their competitiveness. This study will investigate and examine the factors that are responsible for the growth of service sector in the increasingly complex business world and propose a strategic direction to harness the competitive edge by configuring their resources with the help of real world example; especially, in developing country context. Growth and sustainability through innovative service is the central theme of this paper.

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