Service + Value and co-creation Flashcards
Name four ways in which services are different
Intangibility
Inseparability
Variability
Perishability
Which are the 7 Ps of service marketing?
- Product
- Place
- Price
- Promotion
- People
- Process
- Physical Evidence
Name four points to keep in mind regarding development of professional services
The outcome of the production process is difficult to define
Services are often produced jointly by buyers and suppliers
Low degree of property rights
High likelihood of leading to long term relationships
Name three phenomena central to value co-creation
Encouraging/allowing customer participation in the value- creating process
Seeking & encouraging customer participation in product and/or service development
Joint production of customer experiences by service providers and service receivers
Name two current trends that one could say warrant paying more attention to value co-creation
- Consumers have more choices that yield less satisfaction
* Companies have more strategic options that yield less value
Name three ways in which the role of customers is changing
From isolated to connected
From unaware to informed
From passive to active
Which are the components of the DART-model?
Dialogue – not only listening but learning together
Access – to information & resources, allow participation
Risk assessment – if consumers are co-creators do they also assume the risk?
Transparency – reducing asymmetries regarding prices, costs, profit margins, etc.
Describe institutional innovations and cultural innovations, respectively
Institutional innovations refer to innovations that change the way in which business is done
Cultural innovations refer to innovations in the cultural rather than functional or emotional area
