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Services marketing is a specialized branch of marketing which emerged as a separate field of study in the early 1980s, following the recognition that the unique characteristics of services required different strategies compared with the marketing of physical goods.
The service ecosystems concept is similar to the service systems concept of service science (Service science, management and engineering, e.g., Maglio et al. 2009), defined as "a configuration of people, technologies, and other resources that interact with other service systems to create mutual value". However, the service ecosystem definition ...
Marketing strategy refers to efforts undertaken by an organization to increase its sales and achieve competitive advantage. [1] In other words, it is the method of advertising a company's products to the public through an established plan through the meticulous planning and organization of ideas, data, and information.
Marketing concept: This is the most common concept used in contemporary marketing, and is a customer-centric approach based on products that suit new consumer tastes. These firms engage in extensive market research, use R&D (Research & Development), and then use promotion techniques. [46] [47] The marketing orientation includes:
He mentioned four concepts of corporate strategy each of which suggest a certain type of portfolio and a certain role for the corporate office; the latter three can be used together: [45] Portfolio theory: A strategy based primarily on diversification through acquisition.
McCarthy's marketing mix has since become one of the most enduring and widely accepted frameworks in marketing. [22] McCarthy's 4 Ps has remained influential in marketing theory and practice, serving as a cornerstone for analyzing and optimizing marketing strategies in various industries. [23]
The service–profit chain is the central concept in a theory of business management which links employee satisfaction to customer loyalty and profitability.It was proposed in an article in the Harvard Business Review in 1994 by James L. Heskett, W. Earl Sasser, and Leonard Schlesinger, [1] and was later the subject of the book The Service Profit Chain – How Leading Companies Link Profit and ...
The service recovery paradox (SRP) is a situation in which a customer thinks more highly of a company after the company has corrected a problem with their service, compared to how they would regard the company if non-faulty service had been provided. The main reason behind this thinking is that successful recovery of a faulty service increases ...