Another word for service. Harvard Business Review, 84, 129–138. Top synonym for service economy (another word for service economy) is service economies. Ward, Y., & Graves, A. Legal requirements vary: the bottle itself may be considered the property of the purchaser of the contents, or, the purchaser may have some obligation to return the bottle to some depot so it can be recycled or re-used. The web service Alexandria is granted from Memodata for the Ebay search. Privacy policy GE's transportation division encountered a 60% drop in the number of locomotives sold between 1999 and 2002 but did not turn out disastrously because the revenue from services has tripled from $500M to $1.5B from 1996 to 2002. Such moves have made moral purchasing more attractive, as it avoids liability and future lawsuits. Services constitute over 50% of GDP in low income countries and as their economies continue to develop, the importance of services in the economy continues to grow. ○   Wildcard, crossword European Management Journal, 6(4), 314–324. Service economy can refer to one or both of two recent economic developments: The old dichotomy between product and service has been replaced by a service–product continuum. The term is also used to refer to the relative importance of service in a product offering. Add new content to your site from Sensagent by XML. 2 words related to service industry: industry, management consulting. This is seen, especially in green economics and more specific theories within it such as Natural Capitalism, as having these benefits: Product stewardship or product take-back are words for a specific requirement or measure in which the service of waste disposal is included in the distribution chain of an industrial product and is paid for at time of purchase. It is often applied to paint, tires, and other goods that become toxic waste if not disposed of properly. in tourism, financial services and transport, however, new opportunities are arising in other sectors, such as the health sector. The relative importance of service in a product offering. service economy meaning: an economy based on providing services rather than manufacturing or producing goods: . Ro, Cookies help us deliver our services. Advanced economies are locked in a long term trend whereby services are becoming a greater percentage of economic output. Choose the design that fits your site. Zur Kritik einer fixen Idee. United States Environmental Protection Agency, The contribution of services to development: The role of regulation and trade liberalisation, https://doi.org/10.1080/13552600410001470973, https://doi.org/10.1504/IJSTM.2007.013942, https://doi.org/10.1016/0263-2373(88)90033-3, https://www.weeond.com/post/servitization-or-serdigitization-role-of-business-strategy, "Science of service systems, service sector, service economy" on the Coevolving Innovations web site, "Talent in the (new) service economy: creative class occupations?" Learn the definition of 'service-based economy'. Strategic drivers focus mainly on gaining and securing the competitive advantage by the company. Find out more, Environmental effects of the service economy, Role of the Service Economy in Development, Massimiliano Cali, Karen Ellis and Dirk Willem te Velde (2008), an offensive content(racist, pornographic, injurious, etc. The term is also used to refer to the relative importance of service in a product offering. Synonyms for service industry in Free Thesaurus. (1988) "Servitization of business: Adding value by adding services". International Journal of Services Technology and Management, 8(6), 455. One pays a fee to buy the bottle, separately from the fee to buy what it contains. Understand service economy meaning and enrich your vocabulary Translation If not, one has paid the fee, and presumably this can pay for landfill or litter control measures that dispose of diapers or a broken bottle. English thesaurus is mainly derived from The Integral Dictionary (TID). Check out the pronunciation, synonyms and grammar. Most English definitions are provided by WordNet . Finally, commoditisation is pushing the prices down, forcing companies to constantly innovate. The English word games are: This is also the trend in the UK and EU generally. This kind of work requires time and meetings of the both sides during which trust and understanding are developed, which further leads to loyalty. It is considered a pre-requisite to a strict service economy interpretation of (fictional, national, legal) "commodity" and "product" relationships. For example, IBM treats its business as a service business.  |  For example, IBM treats its business as a service business. Collaborators (suppliers and distributors), Company (Internal capabilities, for instance with a, fixed-fee for Product oriented PSS have the lowest level of risks, level of risks increase moving versus usage-based oriented PSS, as an agreed uptime level is the base of pricing. MIT Sloan Management Review. economies of scale The decrease in unit cost of a product or service resulting from large-scale operations, as in mass production. The old dichotomy between product and service has been replaced by a service-product continuum. Synonyms for sharing economy at english dictionary. economy-class syndrome Economy-class syndrome is a serious medical condition caused by blood clots in the legs moving up to the lungs; used especially in connection with long-haul flights. That is, paying for the safe and proper disposal when you pay for the product, and relying on those who sold it to you to dispose of it. However, it shows to be valuable as it is not provided by many suppliers, and it facilitates the usage of the product by the customer. As a result, employment is also adjusting to the changes and people are leaving the agricultural sector to find work in the service economy. Synonyms are other words that mean the same thing. ○   Lettris Although it still manufactures computers, it sees the physical goods as a small part of the "business solutions" industry. The service economy in developing countries is mostly concentrated in financial services, health, and education. Get XML access to fix the meaning of your metadata. Also, since the same fee can be collected by anyone finding and returning the bottle, it is common for people to collect these and return them as a means of gaining a small income. Company Information It is also rare and difficult to imitate as not too many companies have capabilities of providing service to the customer since the producer has better knowledge and experience in the product functioning. This is the financial reflection of the comprehensive outcome - noting the gains and losses to all parties involved, not just those investing or purchasing. Service economy synonyms and Service economy antonyms. In the United States, there have been many class action suits that are effectively product stewardship liability - holding companies responsible for things the product does which it was never advertised to do. This is quite common for instance among homeless people in U.S. cities. They have found that the price elasticity of demand for "business solutions" is much less than for hardware. The current list of Fortune 500 companies contains more service companies and fewer manufacturers than in previous decades.. Services now account for a higher percentage of GDP than just 20 years ago. Change the target language to find translations. Find another word for economy. Contact Us There has been a corresponding shift to a subscription pricing model. Winning in the Aftermarket. Find another word for service. What is a synonym for sharing economy? Antonyms for Economic systems. The current list of Fortune 500 companies contains more service companies and fewer manufacturers than in previous decades. You can also try the grid of 16 letters. The financial driver is reflected in improved profit margins and stable income, that come with servitization. Many products are being transformed into services. This is a sort of economy having all the appearances and some of the advantages of prudence. on the Coevolving Innovations web site, The contribution of services to development: The role of regulation and trade liberalisation, http://en.wikipedia.org/w/index.php?title=Service_economy&oldid=470001014, Indian companies who provide scanning services for US hospitals, South Africa is developing a market for surgery and tourism packages, India, the Philippines, South Africa and Mauritius have experienced rapid growth in IT services, such as call centers, back-office functions and software development, The (new) service economy is not the same as the service sector, described at, An input-oriented approached based on Richard Florida's work at. What does a lawyer, a doctor, a wedding planner, a shoe salesman, an investment banker, a comedian, a waitress, and a college professor all have in common? 31 synonyms of service from the Merriam-Webster Thesaurus, plus 50 related words, definitions, and antonyms. Through-life management: the provision of total customer solutions in the aerospace industry. [1] The service economy in developing countries is most often made up of the following: The export potential of many of these products is already well understood, e.g. [4], Also, the servitization levels the seasonality of the product and increases life cycles of the complex products, examples of which one can see in the aircraft industry, whereby companies stop focusing on the pure product delivery but start introducing maintenance and other aftermarket activities.[5]. In the United States, there have been many class action suits that are effectively product stewardship liability - holding companies responsible for things the product does which it was never advertised to do. In some countries, such as Germany, law requires attention to the comprehensive outcome of the whole extraction, production, distribution, use and waste of a product, and holds those profiting from these legally responsible for any outcome along the way. Services constitute over 50% of GDP in low income countries and as their economies continue to develop, the importance of services in the economy continues to grow. Definition of economy Origin : 1530s, "household management," from Latin oeconomia, from Greek oikonomia "household management, thrift," from oikonomos "manager, steward," from oikos "house" (cognate with Latin vicus "district," vicinus "near;" Old English wic "dwelling, village;" see villa) + nomos "managing," from nemein "manage" (see numismatics). (1988) "Servitization of business: Adding value by adding services". Products today have a higher service component than in previous decades. The United States Environmental Protection Agency advocates product stewardship to "reduce the life-cycle environmental effects of products." 8 synonyms of economy from the Merriam-Webster Thesaurus, plus 14 related words, definitions, and antonyms. With a SensagentBox, visitors to your site can access reliable information on over 5 million pages provided by Sensagent.com. [6] Last but not least working closely with customer and having opinions from a different perspective provides the supplier with valuable insights about the industry enabling him to innovate with a more customer-centric approach. 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