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BusIn - Finals
| Term | Definition |
|---|---|
| Pure Service | The value is entirely in the provider's knowledge, time, or work. You can't touch the main product |
| Quasi-Service | This is where the service model gets tricky. The biggest purchase is the service, but a physical product is needed to make the service happen. The value of the service (the effort, the time, the skill) is much higher than the product's basic cost |
| Mixed-Service | A true blend where you need both a valuable Product and a necessary Service to solve the customer's problem. You are selling a unified solution package |
| Automation | Using chatbots for quick customer answers, handling routine inquiries 24/7 without human intervention |
| Digital Tools | Building apps for easy ordering, payments, and loyalty points that streamline the customer experience |
| Sensors (IoT) | Putting chips in equipment that tell the company to fix something before it breaks—proactive service |
| Intangibility | Services cannot be physically touched, seen, or owned before purchase |
| Perishability | Services cannot be stored, saved, or inventoried for later use |
| Variability | Service quality fluctuates based on provider, timing, and customer interaction |
| Hospitality | All about giving great service and creating special experiences |
| Health(care) Sector | A critical field with many rules. Trust and good quality care are most important |
| Managing Expectations | Meeting customer expectations |
| Consistent Training | Ensuring consistent service quality through effective training and employee interactions |
| Tech Integration | Integrating new technologies while preserving the essential human touch in service delivery |
| Measuring Value | Developing metrics for intangible outcomes and long-term value beyond simple transactions |
| High Contact Services | where the customer must be physically present and actively engaged throughout the service experience. |
| Low-Contact Services | Service model that minimizes direct personal interaction. |
| Reliability | Ability to perform the promised service dependably and accurately |
| Assurance | Knowledge and courtesy of employees and their ability to inspire trust. |
| Empathy | Caring, individualized attention the firm provides to customers |
| Responsiveness | Willingness to help customers and provide prompt service. |
| Efficiency | Minimizing cost and time per unit of service delivered |
| Scalability | The ability to handle increasing workload without proportional increases in cost or quality degradation |
| Service blueprinting | A visual map of a service. It shows everything customers see and do, plus what happens behind the scenes |
| Customer Actions | What customers do during the service. |
| Line of Visibility | What customers see, and what they don't |
| Back-Stage Actions | Staff actions customers don't see. |
| Support Processes | Internal systems that help deliver the service |
| Fixed-Price | Simple, transparent pricing for standardized services |
| Value-Based Price | Price determined by perceived benefit to the customer |
| Dynamic/Surge Price | Price changes based on demand and capacity |
| Subscription | Predictable recurring revenue with high scalability potential |
| Freemium | Free baseline service attracts volume, paid tiers for advanced features |
| Ad-Supported | Revenue from third-party advertising on the platform |
| Tiered Pricing | Multiple price points based on feature sets or usage limits. |
| Revenue model | A company's strategy for earning income, outlining how it will generate money from its products or services. |
| Subscription | Predictable recurring revenue with high scalability potential. |
| Transaction/Usage-Based | Revenue tied to each service usage. |
| Front-Stage Actions | Staff actions customers can see |
| Tangibles | Physical facilities, equipment, and appearance of personnel |
Created by:
RamRamRam