Sector Importance
In less than three decades after the end of World War II, manufacturing as a wealth generator has been overtaken by service sector organizations in terms of contribution to Gross Domestic Product (GDP) and as a source of employment. When service providers such as banks and insurance companies sought to achieve higher market share in the 1980s, many adopted marketing principles involving heavy reliance upon advertising and sales promotions that had proven effective for tangible goods companies such as Coca-Cola or Proctor & Gamble. Service sector promotional spending rose dramatically, but many service firms did not enjoy any real growth in market share as a result of their increased emphasis on ...
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