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Identify and discuss the distinguishing characteristics of services. What problems do these characteristics present to marketers?
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PART A Question 1. Identify and discuss the distinguishing characteristics of services. What problems do these characteristics present to marketers? (40% of marks) The service industry has becoming the dominating fraction in the GDP for many of the leading nations in the past few years. 80% of the USA's and 74% of the UK's GDP is in services and not manufacturing, which it has been for many years before1. This change can be seen as a result as a large increase in the disposable income of the consumers, who are often encouraged to spend rather than save. Consumers also have more time off work and are inclined to spend their time in leisure activities that have become so readily available in so many places around the globe, such as restaurant meals and weekend hotel breaks. Greater discretionary income has increased the need and demand for financial services. Deregulation has been the catalyst in...
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