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Functions of Management in the Food Service Industry Essay Sample

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Functions of Management in the Food Service Industry Essay Sample

The Changing Character of the Financial Service Industry A fundamental force of change is the change of behavior that affects the banks character. According to Jenica , there are five fundamental forces that have transformed the structure of financial markets and institutions and reflect the intense competition financial firms faced today. There are deregulation or reregulation, financial innovation, securitization, globalization and advances in technology.

Banks may limit its regulation that is not necessary or that will affect the safety of banking system. Thus, deregulation as a competitive reallocation may leads to better performances. While reregulation in the theory of Koch and Donald is the process that banks create new regulation or modifying the existing regulation on the banking activities.

Product innovations and technology advances may allow investment banking firm to implement new restriction on their banking activities. For example, Borenstein and Bushnell explain that reregulation may improve in increase efficiency and also benefits in long-term investment.

Financial Innovation Koch and Donald state that Innovation is implemented when a bank wants to enter into a new geographic market, enter into a new product market and also to deliver services in less expensive way. These innovations enables them to circumvent restriction and also to continue expand and achieve growth in their financial service industry. Securitization Securitization is the process of converting assets into marketable securities stated by Koch and Donald For example, mortgages and credit card receivables.

It eventually lowers the prices paid by consumers by increasing the supply and liquidity of these products. Globalization According to Koch and Donald , Globalization is the evolution of markets and institutions where geographic boundaries do not restrict financial transaction or competition so that it can be increasingly global in scope.

When a firm is globalized, firm must recognize business in other countries and also their competitors. For example, according to Goldberg , globalization in banking sector may help bank in moving to a more internationally diversified ownership of banks which is more globalized.

Technology Advance From the study of Koch and Donald , advancement in technology may increase the scope of the global market place and competition. Technological advances can be the payment services where customers conduct banking business through debit and smartcards, telephone banking and the internet.

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Please note that our editors may make some formatting changes or correct spelling or grammatical errors, and may also contact you if any clarifications are needed. The Editors of Encyclopaedia Britannica. Learn More in these related Britannica articles: Its production may or may not be tied to a physical product. Thus, there are pure…. The service sector has grown markedly in Asia since the midth century, and in most countries it now constitutes the most important component of the economy.

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Beginning in the 19th century, industrial employment took primacy over agricultural work in many countries. By the 21st century the service sector had come to represent the fastest-growing….

The work careers of service workers and technical professionals. Most research on the careers and expectations of workers comes from blue- and white-collar workers employed in manufacturing industries.

Yet the manufacturing sector is shrinking in comparison with the service sector. In most advanced industrialized economies, more than…. Automation of service industries includes an assortment of applications as diverse as the services themselves, which include health care, banking and other financial services, government, and retail trade.

More About Service industry 14 references found in Britannica articles Assorted References major reference In marketing: Services marketing Asia In Asia: Services automation In automation: Service industries description In industry: Tertiary industry industrialization In modernization: New developments in economic and social structure information processing In information processing: Information as a resource and commodity logistics In logistics: Service industry logistics productivity measurement In productivity: Output specialization of labour In mass production: Nonmanufacturing examples of mass production statistical quality control In statistics: Statistical quality control View More.

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JÖNKÖP I N G INTERNATIONAL B U S I N E S S SCHOOL JÖNKÖPING UNIVERSITY How does Knowledge Management improve the Service Industry. Importance of the Service Industry to the Economy At the time when the economy was developing apace and the significant change on economic structure was .