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Describe the following sectors in which Santander UK plc operates: - sector of industry - sector of economy. - Scottish Highers Business Management - Question 1 (a) - 2023
Question 1 (a)
Describe the following sectors in which Santander UK plc operates: - sector of industry - sector of economy.
Worked Solution & Example Answer:Describe the following sectors in which Santander UK plc operates: - sector of industry - sector of economy. - Scottish Highers Business Management - Question 1 (a) - 2023
Step 1
sector of industry
Answer
Santander UK plc operates primarily in the tertiary sector, providing a variety of services, especially in the banking and financial services domain. This sector is crucial as it focuses on offering services rather than goods, engaging directly with consumers and businesses to facilitate transactions, loans, and other financial products.
Step 2
sector of economy
Answer
In the sector of the economy, Santander UK plc is classified under the private sector, which means it is owned by private individuals or shareholders. Its primary objective is profit making, operating under competitive conditions and contributing to the economic growth of the country by facilitating financial services and investments.