Question

Discuss the Five Industries Driving the U.S. Economy. What are the management responsibilities across all industries? What are the management responsibilities unique to each industry? Do you see yourself as a manager in any one of these industries?

Answer 1

Part 1:

The five largest industries in the USA, which are driving the USA economy, are:

• Health
• Business Products and Services
• Financial Services
• IT Services
• Construction

Part 2:

The management responsibilities across these industries are:

• Ensuring efficiency and productivity
• Maintaining quality
• Recruiting the right people and train them
• Having a motivated workforce
• Delivering products and services according to the needs of the consumers
• Mobilizing financial resources and allocating them to the best usages
• Developing and implementing strategies
• Ensuring customer satisfaction and maintaining customer relationship
• Communicating with all internal and external stakeholders
• Creating value for all stakeholders

Part 3:

The management responsibilities unique to each industry are as follows:

Health :

• Ensuring healthcare guidelines of the designated regulators
• Ensuring healthcare ethics

Business Products and Services:

• Maintaining B2B relationship
• Developing and maintaining B2B marketing and distribution channel

Financial Services

• Developing and selling sophisticated financial products
• Hedging and managing financial risks
• Financial modeling to optimize investment returns

IT Services

• Keeping track of technological trends
• Forecatsing future trends in technology

Construction

• Ensuring construction-related guidelines of designtaed authority
• Ensuring safety and security norms of the industry

Part 4:

I would like to be a manager in the IT industry. I think the industry has a lot of future potentials as many exciting technologies such as the Internet of Things (IoT), robotics, artificial intelligence, etc. will flourish in the future. Also, my skills are more aligned with this industry as I am a technology enthusiast.