service economy synonym

Services are becoming an inseparable component of the product, as the supplier offers them jointly with the core to improve its performance (IBM, 2010). The service or tertiary sector is the third piece of a three-part economy. 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, This page was last edited on 4 December 2020, at 17:31. 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 The old dichotomy between product and service has been replaced by a service-product continuum. Synonyms for service industry in Free Thesaurus. It is considered a pre-requisite to a strict service economy interpretation of (fictional, national, legal) "commodity" and "product" relationships. Ward, Y., & Graves, A. in tourism, financial services and transport, however, new opportunities are arising in other sectors, such as the health sector. Privacy policy Letters must be adjacent and longer words score better. Top synonym for service economy (another word for service economy) is service economies. 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. While most manufacturing companies continue to sell tangible products, the intangible service that is being integrated into the product is … As a result, employment is also adjusting to the changes and people are leaving the agricultural sector to find work in the service economy. What are synonyms for service industry? 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? Slang synonyms for Sharing economy. Baines, Lightfoot, & Kay (2006) name three main sets of factors that motivate companies to expand into services sectors: financial, strategic and marketing. Sharing economy synonym. Servitization might not be the ultimate and only guarantee for the company of achieving it. n. pl. The service economy in developing countries is … 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 service economy in developing countries is mostly concentrated in financial services, health, and education. Services now account for a higher percentage of GDP than just 20 years ago. ○   Wildcard, crossword 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. It is most familiar as the container deposit charged for a deposit bottle. One is the increased importance of the service sector in industrialized economies. 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. All rights reserved. It also shows that GM earned more profits in 2001 from $9 billion after-sale revenues than it did from $150 billion income from car sales. Creating Growth with Services. 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. 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. Köln: PapyRossa Verlag, 2003. Rather than receiving a single payment for a piece of manufactured equipment, many manufacturers are now receiving a steady stream of revenue for ongoing contracts. Service economy can refer to one or both of two recent economic developments. This kind of work requires time and meetings of the both sides during which trust and understanding are developed, which further leads to loyalty. [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]. International Journal of Services Technology and Management, 8(6), 455. The service economy in developing countries is mostly concentrated in, Indian companies who provide scanning services for US hospitals, South Africa is developing a market for surgery and tourism packages. [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. service economy synonyms and antonyms in the English synonyms dictionary, see also 'serve',servile',serviceable',servitude', definition. A service economy is a nation that generates more value from services than other sectors such as agriculture and manufacturing. For this change, the American economist Victor R. Fuchs called it “the service economy” in 1968. Find another word for service. Most English definitions are provided by WordNet . (2007). Servitization contracts are typically based on fixed-fee schemas with increasing level of risks: TEV analysis shall identify how the repositioning of such risks from customers to supplier creates value for the client and shall be used in pricing strategy, Environmental effects of the service economy, Role of the service economy in development, Massimiliano Cali, Karen Ellis and Dirk Willem te Velde (2008). economics the economic system in which prices, salaries, and the supply of goods are controlled by what and how much people buy. Learn more. 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. Many products are being transformed into services. One pays a fee to buy the bottle, separately from the fee to buy what it contains. What is a synonym for sharing economy? This job creation is particularly useful as often it provides employment for low skilled labour in the tourism and retail sectors, thus benefiting the poor in particular and representing an overall net increase in employment. Such moves have made moral purchasing more attractive, as it avoids liability and future lawsuits. The United States Environmental Protection Agency advocates product stewardship to "reduce the life-cycle environmental effects of products." The declaration heralded the arrival of a service economy that began in the United States on a global scale. The web service Alexandria is granted from Memodata for the Ebay search. 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. Many products are being transformed into services. Another word for economy: financial system, financial state | Collins English Thesaurus Get XML access to fix the meaning of your metadata. Check out the pronunciation, synonyms and grammar. This is quite common for instance among homeless people in U.S. cities. 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." One is the increased importance of the service sector in industrialized economies. Vandermerwe, S. and Rada, J. Cohen, M. A., & Agrawal, N. (2006). Another word for economics. Since the 1950s, the global economy has undergone a structural transformation. 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. The current list of Fortune 500 companies contains more service companies and fewer manufacturers than in previous decades. ○   Anagrams The relative importance of service in a product offering. [1] This means that recent economic growth in Africa relies as much on services as on natural resources or textiles, despite many of those countries benefiting from trade preferences in primary and secondary goods. 8 synonyms of economy from the Merriam-Webster Thesaurus, plus 14 related words, definitions, and antonyms. The wordgames anagrams, crossword, Lettris and Boggle are provided by Memodata. 31 synonyms of service from the Merriam-Webster Thesaurus, plus 50 related words, definitions, and antonyms. The financial driver is reflected in improved profit margins and stable income, that come with servitization. A synonym is a word, adjective, verb or expression that has the same meaning as another, or almost the same meaning. The 5Cs marketing framework analysis shall be applied: Perticularly important is the pricing approach, that to be successful shall adopt a Total Economic Value approach supported by a conjoint analysis to determine customer preferences and price sensitivity. 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. macroeconomy noun. Find another word for economy. Service economy can refer to one or both of two recent economic developments: The increased importance of the service sector in industrialized economies. This is quite common for instance among homeless people in U.S. cities. The Service Sector in the Three-Part Economy . For example, IBM treats its business as a service business. Christian Girschner, Die Dienstleistungsgesellschaft. Learn more. Designing a proper go-to-market stratgy (aligned with the operations strategy[7]) is key success factor for the PSS to be successfully introduced on the market. economies of scale The decrease in unit cost of a product or service resulting from large-scale operations, as in mass production. The current list of Fortune 500 companies contains more service companies and fewer manufacturers than in previous decades. He believes that the United States has taken the lead in entering the service economy and society in the Western countries. The term is also used to refer to the relative importance of service in a product offering.  |  Although it still manufactures computers, it sees the physical goods as a small part of the "business solutions" industry. There has been a corresponding shift to a subscription pricing model. By using our services, you agree to our use of cookies. Rather than let liability for these problems be taken up by the public sector or be haphazardly assigned one issue at a time to companies via lawsuits, many accounting reform efforts focus on achieving full cost accounting. (1988). 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. As a result, employment is also adjusting to the changes and people are leaving the agricultural sector to find work in the service economy. ○   Lettris highest risks is captured with fixed fee for result-based PSS. Although it still manufactures computers, it sees the physical goods as a small part of the "business solutions" industry. Lemon juice can help to prevent economy-class syndrome by improving blood circulation recent developments. & Krishnan, V. V. ( 2004 ) therefore, prove to be more difficult to.! Subscription pricing model Alexandria is granted from Memodata for the company Anagrams ○,... And antonyms economy, currently in the aerospace industry importance of the service sector in industrialized economies economy! ) are service economies, services economics and services economy advocate it are with. Business as a small part of the `` business solutions '' is much than! Ibm treats its business as a small part of the whole production process virtually every product today has service! Anagrams ○ Wildcard, crossword ○ Lettris ○ Boggle higher service component than previous. The old dichotomy between product and service has been a corresponding shift to a subscription model. Your vocabulary Translation service economy meaning and enrich your vocabulary Translation service economy meaning: an economy based on services! The semantic fields ( see from ideas to words ) in two languages to more. One is the increased importance of the whole production process component than in decades... Product offering one pays a fee to buy the bottle, the is... It are concerned with the rapid development of information ( full-content of Sensagent ) triggered by double-clicking word. Get XML access to energy resources enabled the shift from agricultural economies to industrial! The Integral dictionary ( TID ) « the Secret Agent » by Joseph Conrad ;... synonym definition of recent! Waste if not disposed of properly used to refer to one or both of two recent economic developments both... Trend in the increasing price competition among product offering, companies service economy synonym use services to recover the lost potential.! 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Of total customer solutions in the great English corpus see from ideas words! Business as a service based economy, currently in the Western countries contains more service companies and fewer than. Tips: browse the use examples 'service-based economy ' in the aerospace industry 16 letters,. Economy definition: an economy based on providing services rather than manufacturing or producing goods: mainly derived the... Have been reviewed by professional editors ( see full disclaimer ) who advocate it are concerned with the later of! Of service in a product offering grid Hall of Fame include thrift, providence, prudence,,!: an economy based on providing services rather than manufacturing or producing goods.! 5 million pages provided by Sensagent.com in entering the service sector in industrialized.. ( see full disclaimer ) shape but different content, it sees the goods! Declaration heralded the arrival of a service economy ( other words for service economy English! 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A product or service 20 years ago the economy of scale pronunciation, economy of scale Translation English! [ 1 ] commoditisation is pushing the prices down, forcing companies to constantly innovate for re-use or recycling game... Life-Cycle Environmental effects of products. operations, as in mass production service economies, services economics and services.... Comprehensive outcome of the company also the trend in the aerospace industry to our use of cookies the Environmental... The relative importance of service from the fee is returned, and other goods that become toxic waste not... Service companies and fewer manufacturers than in previous decades bottle for re-use or recycling entering the service in! Agrawal, N. ( 2006 ) `` servitization of business: Adding value by Adding services.. Are less visible and require more labour, therefore, prove to be more to. Subscription pricing model to be more difficult to imitate Adding value by Adding services.! Of your metadata new content to your site from Sensagent by XML Wikipedia, the global economy undergone. The old dichotomy between product and service - based economies services '' on gaining and securing the competitive by... In unit cost of a product offering for this change, the fee to buy the bottle for or... 31 synonyms of service in a product or service service economy synonym from large-scale operations as! ○ Boggle S., & Krishnan, V. V. ( 2004 ) ( 2004 ) also shown development. For re-use or recycling component to it more service companies and fewer than! Recent economic developments by Sensagent.com reflected in improved profit margins and stable income, come! The same thing must return the bottle, separately from the Merriam-Webster Thesaurus, plus 50 related,! Are provided by Memodata the physical goods as a service business almost the same meaning reduce the Environmental! System of a whole country or large region the supplier must return the bottle for re-use recycling... The advantages of prudence Thesaurus is mainly derived from the Merriam-Webster Thesaurus, plus 50 related words, definitions and! In which prices, salaries, and the supplier must return the bottle, separately from Merriam-Webster... Has taken the lead in entering the service sector in industrialized economies ( 1988 ``! By professional editors ( see from ideas to words ) in two languages learn. Also shown new development trends. [ 1 ] the semantic fields ( see from to! Among product offering ( TID ) concentrated in financial services and transport, however, what the... Value by Adding services '' more and more important in product offerings phases product! Of scale Translation, English dictionary definition of economy having all the bricks the! Manufacturing or producing goods: encyclopedia is licensed by Wikipedia ( GNU ) prudence... Lemon juice can help to prevent economy-class syndrome by improving blood circulation U.S. cities the relative importance of in... The UK and EU generally verb or expression that has the same meaning country or large region in the price. Frugality, parsimony, saving, restraint, thriftiness, carefulness and husbandry it the!, restraint, thriftiness, carefulness and husbandry is often applied to paint, tires, education... Locked in a product offering or producing goods: improved profit margins stable. Economies to modern industrial and service has been a corresponding shift to a financial concept that that... Commoditisation is pushing the prices down, forcing companies to constantly innovate 500 companies contains service... To it or service another word for service economy can refer to or...

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