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Marketing theory makes use of the service-goods continuum as an important concept [5] which "enables marketers to see the relative goods/services composition of total products". [ 6 ] In a narrower sense, service refers to quality of customer service : the measured appropriateness of assistance and support provided to a customer.
Products on shelves at a Fred Meyer hypermarket superstore In marketing , a product is an object, or system, or service made available for consumer use as of the consumer demand; it is anything that can be offered to a domestic or an international market to satisfy the desire or need of a customer . [ 1 ]
"Product Servitization" is a transaction through which value is provided by a combination of products and services in which the satisfaction of customer needs is achieved either by selling the function of the product rather than the product itself, by increasing the service component of a product offer, or by selling the output generated by the product. [18]
Most modern business theorists see a continuum with pure service on one terminal point and pure commodity good on the other terminal point. [2] Most products fall between these two extremes. For example, a restaurant provides a physical good (the food), but also provides services in the form of ambience, the setting and clearing of the table ...
Operations management, by definition, focuses on the most effective and efficient ways for creating and delivering a good or service that satisfies customer needs and expectations. [23] As such, its ties to quality are apparent. The five performance objectives which give business a way to measure their operational performance are: [24] [25]
Value proposition is by definition what the company offer differs from its competitors and explains why the customers buy from the company. Furthermore, it defines the relationship between: the performance attributes of products or services, the fulfillment of the needs of particular customers and the total cost.
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The American Marketing Association defines service marketing as an organizational function and a set of processes for identifying or creating, communicating, and delivering value to customers and for managing customer relationship in a way that benefit the organization and stake-holders.