Service Industry… for the business leaders of the future!!!
In the present viable business world service companies play a significant and dynamic role in the financial and economic development of a country. A vast number of studies were used to identify the significance of service quality. Considering that many service companies offer undifferentiated services in a rival marketplace, they are paying more attention to service quality in order to gain a competitive advantage as the world has altered over the last few years, principally within the service industry. Service industry – from retail transactions to market operations – have been transformed by technology and continue to evolve, but there is a very real possibility that the industry’s digital enslavement could have material impacts for individual companies and even enlarge into systemic concerns. A successful service business must attain new customers and get existing customers to continue overriding the products and services provided rather than whirling to competitors where, service quality is regarded as a critical success factor for organizations to distinguish from competitors. Service institutions across the world are reexamining how they are meeting their customer’s needs today and mounting business plans needed to make parallel them purposefully to remain viable and cost-effective in the future. Service quality has become an important factor for success and recognition in the service sector. In order to survive in this intensively competitive sector, service companies need to identify factors that ensure long-term success, while service providers that excel in quality service can have a distinct marketing edge since improved levels of service quality are related to higher revenues, increased cross-sell ratios, higher customer retention and expanded market share. Likewise, provision of high quality services enhances customer retention rates, helps attract new customers through word of mouth advertising, increases productivity, leads to higher market shares, lowers staff turnover and operating costs, and improves employee morale, financial performance and profitability. A substantial number of empirical studies on service quality were sighted in the literature, however most of these studies measured service quality by replicating or adapting the SERVQUAL model noting that most service institutions are alike in the services provided to their customers, and as they grow there is a tendency for service to give way to volume delivery to enhance profitability.