The main objective of this paper is to review various service quality concepts and identify its implications to past and future business situations based on the review of literature. Few of quality models reported between 1982 and 2001 and their significances are analyzed in this paper. Each of them has its own characteristics and reservations when it comes to service implementation. It varies from service to service, business to business, organization to organization and management to management. The models are compared in terms of its competitive advantage. The development of literature in the field of service quality has been improving and given an insight to managers, researchers and practitioners to take it to next level. It gives a new direction and dimension to make it rich and even more superior. This paper finally explores new ways in the service quality research and practical effectiveness of delivering quality service to increase customer satisfaction, customer retention and profitability of a firm.