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Questions and Answers
What are services?
Deeds, processes, and performances provided or co-produced by one entity or person for another.
Which of the following is an example of a service economy?
Service as a product represents a wide range of ______ product offerings that customers value.
intangible
Customer service refers only to the support of a company's physical products.
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What is derived service according to Steve Vargo and Bob Lusch?
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What do GDP and GVA represent?
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What is the impact of technology on services?
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Which service is NOT an example of a service industry mentioned?
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What are services?
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Which of the following is an example of a service economy?
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Service marketing is less important than goods marketing.
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What is customer service?
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What does GDP stand for?
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What does derived service imply?
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Match the following service sectors with examples:
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Study Notes
What are Services?
- Services are intangible deeds, processes, and performances provided or co-produced by one entity or person for another.
- Services cannot be touched, seen, or felt.
- Example of service provided by IBM: repairs and maintenance services, consulting services, training services, web design, and hosting services.
Service Industries, Service as a Product, Customer Service and Derived Service
- Service as a product represents a wide range of intangible product offerings that customers value and pay for.
- Customer Service is the service provided in support of a company’s core products.
- Derived Service: all products and physical goods are valued for the services they provide.
Service-Based Economies
- It is a system that organizes the production and distribution of goods and services.
- Service economy includes restaurants, hotels, and other places where customers pay for consumption or experience rather than physical objects.
- Shift from manufacturing to service-based economies occurs with economic development.
Examples of Service Economy:
- Entertainment: films, music, video games, theater, and live shows
- Safety and Security: security detail, door supervision, and emergency services
- Healthcare: medical, surgical, and cosmetic practices
- Education: teaching or lecturing, private tuition and coaching
- Consumer to consumer: marketplaces and babysitting
- Convenience: product and grocery delivery, taxis, and ride shares
- Professional services: hairdressing and beauty, garden maintenance, cleaning, plumbing, and electrical
- Property management: management for rental property, or third-party fashion rentals
- Financial services: investment advisory and international currency exchange
- Waste management: rubbish collection and recycling services
- Insurance: services that take on another's risks for a fee
- Memberships and clubs: gym memberships and entertainment access, including theme parks
- Design and engineering: initial conceptualization and planning of products before manufacturing
- Tourism: tour operations and booking (travel agents)
Service as a Business Imperative in Goods-Focused Businesses
- Need for effective service management and marketing strategies for companies focused on goods has increased due to competition.
- Companies are choosing to focus on services to gain competitive advantage.
Introduction to Service Marketing
- Services are deeds, processes, and performances provided or co-produced by one entity or person for another entity or person.
- Services are intangible and cannot be touched, seen, or felt.
- Service Industries, Service as a product, Customer Service and Derived Service are all examples of services.
- Service as a product represents a wide range of intangible product offerings that customers value and pay for in the marketplace.
- Customer service is the service provided in support of a company's core products.
- Derived Service is a new logic for marketing that suggests that all products and physical goods are valued for the services they provide.
Service-Based Economies
- A service-based economy is a system that organizes the production and distribution of goods and services.
- It's a system that involves paying for what is consumed or experienced rather than buying physical objects.
- Many advanced economies are increasingly dependent on services and are shifting away from manufacturing.
Examples of Service Economy
- Entertainment: films, music, video games, theatre, and live shows
- Safety and Security: security detail, door supervision, and emergency services
- Healthcare: medical, surgical and cosmetic practices
- Education: teaching or lecturing, private tuition and coaching
- Consumer to consumer: marketplaces and babysitting
- Convenience: product and grocery delivery, taxis and ride shares
- Professional services: hairdressing and beauty, garden maintenance, cleaning, plumbing, and electrical.
- Property management: management for rental property or third-party fashion rentals
- Financial services: investment advisory and international currency exchange
- Waste management: rubbish collection and recycling services
- Insurance: services that take on another's risks for a fee
- Memberships and clubs: gym memberships and entertainment access, including theme parks
- Design and engineering: the initial conceptualization and planning of products before manufacturing
- Tourism: tour operations and booking (travel agents)
Service as a Business Imperative in Goods-Focused Businesses
- Effective service management and marketing strategies are needed in today's competitive business environment.
- Companies are choosing to focus on services because of the following key factors:
- The increasing importance of customer service
- The rise of e-commerce and the need for digital services
- The need to differentiate from competitors
- The growing demand for personalized and customized services
- The increasing complexity of products and services
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Description
This quiz explores the concept of services, distinguishing them from tangible products. It delves into service industries, customer service, and how economies have shifted towards service-based systems. Learn the significance of services in today's marketplaces.
