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Transcript of Quaternary sector
The tertiary and quaternary sectors are the largest part of the UK economy, employing 76% of the workforce Quaternary sector components Industry The quaternary sector of the economy is a way to describe a knowledge-based part of the economy It includes information generation and sharing information technology consultation education research and development financial planning media culture government Information technology (IT) is the acquisition, processing, storage and dissemination of vocal, pictorial, textual and numerical information by a microelectronics-based combination of computing and telecommunications. It requires two componetens. computers networks which connect computers The phrase research and development (also R and D or, more often, R&D), according to the Organization for Economic Co-operation and Development, refers to "creative work undertaken on a systematic basis in order to increase the stock of knowledge, including knowledge of man, culture and society, and the use of this stock of knowledge to devise new applications" New product design and development is more often than not a crucial factor in the survival of a company. In an industry that is changing fast, firms must continually revise their design and range of products R&D investment generally reflects a government's or organization's willingness to forgo current operations or profit to improve future performance or returns, and its abilities to conduct research and development. It is of special importance in the field of marketing where companies keep an eagle eye on competitors and customers in order to keep pace with modern trends and analyze the needs, demands and desires of their customers. Unfortunately, research and development are very difficult to manage, since the defining feature of research is that the researchers do not know in advance exactly how to accomplish the desired result. As a result, higher R&D spending does not guarantee "more creativity, higher profit or a greater market share Management Consulting:
Management consultants are business consultants that specialise in providing companies and start-ups with expertise in setup and development, operations, finance, economics, market analysis, marketing, and branding. Effective management consultancy requires forward thinking tempered by pragmatism and real world business experience. IT Consulting:
IT consulting is a relatively young field that focuses on providing businesses with the tools necessary to best leverage information technology. In addition to providing experience and advice, an IT consultant will often implement, deploy, and administer IT systems on behalf of the company. Marketing Consulting:
Marketing Consulting assists firms to sell their products and services. Marketing Consultants have a deep knowledge and a solid experience in how to plan the optimal marketing mix. Corporate Finance:
Corporate Finance Consulting support start-ups, small businesses and public traded companies to achieve the perfect financing structure with the right mixture of debt and equity. Mass media refers collectively to all media technologies, including the Internet, television, newspapers, and radio, which are used for mass communications, and to the organizations which control these technologies. it includes Newspapers Movies Radio Television Connecting the world to individuals and reproducing the self-image of society The mass media have an important role in modern democratic society as the main channel of communication. The population relies on the news media as the main source of information and the basis on which they form their opinions advirtisement Education in the largest sense is any act or experience that has a formative effect on the mind, character or physical ability of an individual. In its technical sense, education is the process by which society deliberately transmits its accumulated knowledge, skills, and values from one generation to another. Primary education Primary (or elementary) education consists of the first 5–7 years of formal, structured education. secondary education secondary education comprises the formal education that occurs during adolescence. Higher education Tertiary education is normally taken to include undergraduate and postgraduate education, as well as vocational education and training. Colleges and universities are the main institutions that provide tertiary education. Services are important because: They are facilitators of domestic growth –In 2003, contributed on average 68% of the global GDP They anchor and support the entire goods production process by providing value-added inputs for competitive industrial development They are increasing as a percentage of world trade and FDI –constitute approximately 36% of world trade and FDI in services is reaching over 60% of all investment flows worldwide They contribute to job creation –services activities have become primary creators of new jobs, accounting for over 90% of new jobs globally since mid-1990s They are vital to poverty alleviation and key to realizing the MDGs both: directly –in terms of enhancing the availability and affordability of education, health, energy, ITC services-; and
Indirectly –by alleviating poverty and empowering women through entrepreneurial and employment creation opportunities in services enterprises Misconceptions about services: When a developing country or transitional economy has scarce resources, the development priority should be industry, not services –this is based on idea that services are primarily to satisfy final demand. Developing countries do not have a comparative advantage in services exports; and having a negative balance in their trade in services is normal Developing and transition economies benefit from services trade liberalization primarily through attracting increased FDI and exporting labour, and not through making their own domestic service sector more competitive If domestic demand for services is low, the focus on developing the services sector will fail Prerequisites for Stimulating Services Growth: Stimulate demand for quality services A strong proactive policy framework and a coherent domestic regulation Meet regional and international standards Reinforce the inter-linkages among service sub-sectors to produce dynamic effects Establish effective mechanisms of co-ordination in planning and implementation conclusion It has been argued that high rates of education are essential for countries to be able to achieve high levels of economic growth. Education in the Developing World A study conducted by the UNESCO International Institute for Educational Planning indicates that stronger capacities in educational planning and management may have an important spill-over effect on the system as a whole. lack of good universities, and a low acceptance rate for good universities, is evident in countries with a high population density. In some countries, there are uniform, over structured, inflexible centralized programs from a central agency that regulates all aspects of education Information technology research and development Education mass media consultation Importance of Information Technology in the Business Environment Information technology has transformed the way companies do business. Manual business functions have been automated with the development of personal computers, business software and Internet-based intranets. While companies may develop internal business technology to increase the effectiveness of business functions, they may also use personal digital products to enhance operations. Developing different uses for information technology and various computer-related devices can help companies develop a competitive advantage. Facts Companies often use information technology in their business operations because of consumer expectations. Many consumers conduct copious amounts of research prior to spending money on goods or services. This research is often done on Internet websites and with information from other electronic databases or resources. Companies that do not provide a digital footprint on the Internet for consumers conducting research may discover that their products are not be included in this review process. Features Information technology allows companies to reach a larger group of consumers in the economic marketplace. Resources such social media networks, e-mail marketing, pop-up banner ads on Internet websites and other technology-based items can help companies saturate the economic marketplace. Companies may also be able to use these resources to reach a younger target market or demographic group. Younger consumers are often more attached to information technology products than older consumers. Considerations:
Companies may use information technology to develop business relationships with other companies. Many retail operations use websites to sell goods or services to consumers. Companies may partner with these retailers to sell their goods over the Internet through an established retail chain's website. Companies that have traditionally been unable to sell products directly to consumers, such as manufactures or producers, may use website retailers for moving products rather than a traditional supply chain. Significance:
Leveraging information technology in business operations can create a significant competitive advantage for companies. High technology may allow companies to advance new ways for producing goods or services at cheaper costs. Companies may then be able to pass these cost savings on to consumers, generating a low price point for products. Companies may also be able to develop specific business technologies that the other companies are unable to duplicate, resulting in an operational competitive advantage. Warnings:
Companies using copious amounts of information technology in business operations or marketing strategies may face consumer backlash from these impersonal methods of conducting business. Consumers may decide that companies using too much information technology are more interested in saving costs than generating longstanding relationships in the economic marketplace. Companies may be able to avoid this negative perception by using more employees to create a personal approach when dealing with customer situations rather than using technology. Service sector Quaternary sector of industry