Business services are a broad category of activities that support businesses but don’t necessarily produce a tangible product. Many large firms rely on these activities to help with production, cost, marketing and other functions that would be difficult or costly to accomplish in-house.
Business Services (International Trade)
The business services sector is an important part of the world’s economy. It includes professional, scientific and technical services that support the operations of a wide variety of industries.
It also includes a range of non-financial services, such as advertising and marketing, consultation, travel and facility services, waste handling, security services, staffing and shipping. It’s also home to many large companies, such as ADP, Allegis Group, ManpowerGroup and TUI Group.
Designing a service that meets customers’ needs and desires is a major challenge for service-business managers. They must focus on the experiences their customers will associate with their services and compete based on those experiences rather than product attributes.
The business services industry is undergoing rapid change as technology and digitalization transform the sector. Startups and new players are rapidly emerging across the globe, providing business solutions that are innovative, flexible and sustainable.