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The Financial Express

New service development

Published: June 19, 2016 21:49:55 | Updated: October 24, 2017 04:32:34


New service development

THE new service development process involves recognising chances and opportunities in a fast changing technological environment. It concerns all the activities involved in realising new service opportunities including product or service design, business model design and marketing. Service development is mostly seen as a growing enterprise through a number of marketing techniques. Innovative technology provides important opportunities for new service development. It is important to keep services and processes up to date. Contingency theory is a class of behavioural theory that claims that there is no best way to organise a corporation to lead a company or to make decisions. Instead, the optimal course of action is contingent upon the internal and external situation. Development is very abstract and can be linked with some of the following keywords: technological improvement, cost reduction, general welfare, improved relations and movement in a positive direction. Service development is mostly seen as developing an enterprise through a number of techniques. The said techniques may differ but in fact all of them are about traditional marketing. Drawing on contingency theory, an idea central to new service development, is that different service, market and technology combinations can require different marketing strategies and business models to make them a success.
To chart the factors that are involved and create synergy between them, new service development draws heavily upon the fields of technology and business networks. Innovative technology provides important opportunities for new service development. For a company to stay competitive it is important to keep services and processes up to date. Continuous investment in innovation for both services and processes makes it more difficult for others to gain a large technological functionality advantage. Technological development can occur through making decisions about acquiring, exploiting and managing technologies. These decisions should be made by involving research and development staff, purchasing staff and marketers.
Maisha Farhana
East West University, Dhaka
maisha.farhana@gmail.com
 

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