Service Innovation Essay

1828 Words4 Pages
bulb-icon

Recommended: Difference between products and services

2. 3 Risks of Service Innovation when applying high potential opportunities of innovations, risk priority will be used in the measurement of innovations context.There are two efficient assessments which are feasibility and impact. Feasibility is to define the probability of performing innovation and the impact is to express anticipated innovation force(Geum, et al., 2011). Murray and Schlacter(1990) pointed out product innovations is different with service innovations in significant approaches, owing to less testable and tangible service products, the bigger changing in performance and predicted risks that relate to the process of service innovation. Fang, et al.( 2010)the innovation is referred to the risks of company.The risk of company that shows variety in the prices of stock consists of two parts:idiosyncratic risk and systematic risk. Gaspar and Massa(2006) suggested thatIdiosyncratic risk can be considered as the residual risk related to the company’s benefits after illustrating systematic risk and is also significant to the the holders of debt, customers, employees, suppliers.
The risks of service innovatuon take many chanllenges to the industry of service, such as new chances.with the fast development of service innovation, company need to always notice these risks and make it to be priority. Innovative services can take many chances to win their competitors.
2. 4 Service Productivity
Service productivity can be considered as amount of employees are divided by dollar sales (Rust and Huang,2012). Lovelock and Wirtz(2011) mentioned that the advancement of service productivity can be obtained through shorting the resources needed to stipulate a effective level about inputs. Service productivity have many ements that are in...

... middle of paper ...

...and collect in Singapore and the range of people will be performed through 150 students of PSB Academy and other different workers. The time to delivery questionnaire to respondents until collecting results can be implemented within one week. If they cannot respond on time, reminders are needed to inform them quickly. This report will be used the questionnaire due to previous study uses it. Choosing the possibility sampling type because of it can generalise the questionnaire’s results and also can reduce the sampling error. In the types of probability，simple random sample will be choose to use in this questionnaire due to it can define effectively population and choose randomly within population. Additionally, about the analysis methods, questionnaire will apply the statistics to analyse the results. The table will be used to analyse the specific data in chapter 4.

Show More
Related

  • Comcast Essay

    3033 Words  | 7 Pages

    The first chance a company is a new product may not be what the clienteles want and see it as the necessity. This risk is severe when you base your concepts for new merchandise merely on an impulse, or without conducting sufficient market investigation. Businesses that are not in touch with their clienteles are also likely to issue with the product. One issue that is often met by product designers is determining on what features must be encompassed in the product. There problem that occurs among merchandise because it has too little features and having too much. The second risk is product growth procedure may include mechanical hurdles and functioning risks that must be overcome. The corporation may be developing completely new merchandise that will deliver new and better assistance to clients. The item may also select to adapt its existing product by adding new features that will make it more interesting to the market. The third risk is a financial risk. A new product that you have established may not be able to produce sufficient demand at a price that will transport revenue for the business. The cost of production, as well as the costs of advertising the product, may not be enclosed by the selling value. The company needs first to identify what the risk is how they really will affect everyone involved. The company must do a risk assessment. This assessment will help the company be able to understand the weight of the risk will have on the company. The company will need to prioritize the risk in order of importance. The final step is to mitigate planning, implement, process motoring of the risk that will be affected. The company need create surveys for employees and for customers to see what feature should be offered with the new product. These elements are essential and will show how customer friendly it will be for customers. The company needs to make sure the customers

    Read More

  • If Disney Ran Your Hospital

    2487 Words  | 5 Pages

    Zeithaml, Valarie A, Berry, Leonard L, & Parasuraman, A. (1996). The behavioral consequences of service quality. Journal of Marketing, 60(2), 31. Retrieved April 1, 2011, from ABI/INFORM Global. (Document ID: 9401886).

    Read More

  • SWOT Analysis Of IKEA

    1715 Words  | 4 Pages

    Since market and profit advantages are continuously eroding by time, company has to be innovative and should be continuously competitive.

    Read More

  • Analysis of Illy Coffé Company Expansion in International Countries

    1950 Words  | 4 Pages

    ...incipal risk is related with level and number of competitors, the most important are in order: Starbucks, McDonalds and The coffee bean and Tea leaf. To face competition Illy should keep in mind “differentiation through innovation”.

    Read More

  • Operations Management: McDonald's Competitive Advantage

    3031 Words  | 7 Pages

    Chase, R. and Apte, U. (2007). A history of research in service operations: What's the big idea?.Journal of Operations Management, 25(2), pp.375--386.

    Read More

  • Virgin Galactic: Company Overview

    1820 Words  | 4 Pages

    “Service concept plays a key role in service design and development. It defines the how and what of service design and it helps mediate between customer needs and the organisation’s strategic intent.” (Goldstein, 2002) Hesket (1986) defines the service concept as the way the “organization’s would like to have its services perceived by its customers, employees, shareholders and lenders”. This means how the organisation wants itself and the goods and services that it sells to be seen by the people involved in the organisation.

    Read More

  • Disruptive Innovation: The Theory Of Disruptive Innovation In Business

    1496 Words  | 3 Pages

    Business leaders see disruptive improvement as important for bringing benefits to customers and society, as the disruptive innovator produces a better offering (often at a lower price) while at the same time creating new value and spurring additional improvements beyond the early iterations of its product or service.

    Read More

  • Data Collection and Analysis: Questionnaire

    1194 Words  | 3 Pages

    The research carried on both quantitative approach and qualitative approach. It began with quantitative approach—questionnaire. Bryman and Bell (2003) asserted that mail or postal questionnaires are most popular forms of questionnaires. Another form—self-completion questionnaire was also common because of the overlap with postal questionnaire to some extent.

    Read More

  • Organizational Impact Paper

    893 Words  | 2 Pages

    Innovation is what gives an organization the competitive advantage the business will need to be successful in the market. Innovations are ideas that can impact the strategy, process, products and services that an organization has to offer to its customers. Three organizations that have an enormous impact on innovation are United Parcel Service (UPS), Hewlett-Packard and The Coca-Cola Company.

    Read More

  • Disruptive Innovation: Innovation And The Innovation Process

    1867 Words  | 4 Pages

    The main objective of writing this paper is in practice, the management of innovative process takes into account the most important criteria that reflect the substance of innovation and arising directly from the definition of "disruptive innovation". Such criteria include the degree of novelty and substantive content.

    Read More

  • Service Is Important Essay: The Importance Of Service

    1988 Words  | 4 Pages

    I believe in service. When you think of service, what thoughts pop into your mind? I think of doing yard work for someone else and delivering a meal to those in need. I think of helping others and being kind. I think of acts done in love. I feel that the importance of service is greatly understated in today's society, especially as the need for it grows and grows.

    Read More

  • Alternative Service Delivery Essay

    2084 Words  | 5 Pages

    The lack of service delivery is a vital subject that is tackled by countless residents and government officials. Thus, distinct methods are needed to safeguard that services are delivered below the leadership of local government. The purpose if this essay is to converse about the reasons why governments commence on Alternative service delivery mechanisms. This will be accomplished by bestowing definitions of precise concepts by also considering technological improvements as Alternative service delivery methods. Furthermore, this essay will recognize alongside suitable examples, the acts played by voluntary associations and private contractors in advancing competent and effectual ability to deliver services.

    Read More

  • Innovation In Business

    1411 Words  | 3 Pages

    Innovation in business is a key aspect of staying viable in an ever changing climate of competition. One must continuously provide insight and solutions to issues, known and presently unknown through investigation and collaboration. Within this paper we will look into four businesses and their use of innovation in attempt at a better business or greater market share. The innovative businesses of interest are: Taco Bell, Zipcar, Dollar Shave Club and Kickstarter.

    Read More

  • Key Factors to a Successful Business

    1896 Words  | 4 Pages

    One of the most integral qualities of an entrepreneur as well as that of a successful business is the degree of innovation it possesses. Innovation refers to the creation of new ideas, improvement of existing production processes, and effective problem solving. Innovation allows for increased efficiency in a business, which in turn increases its supply potential and productive capacity. Being innovative may involve either improving upon old methods o...

    Read More

  • Importance Of Service Management

    518 Words  | 2 Pages

    The Service Management Excellence is not a short term phenomenon. It provides principles and techniques that will endure in the long run. Excellent service is not a yoke; it is imbedded in the way exceptional organizations ...

    Read More

More about Service Innovation Essay

Open Document