Briefly define the term servitization|My homework helper
Posted: January 30th, 2023
- In your own words, briefly define the term servitization.
- How does servitization redefine a firm’s relationship with its customers
SOLUTION
Servitization is the shift of a company’s focus from selling products to offering services as the primary means of generating revenue. It involves providing customers with a solution to their problem, which often includes both a product and a service.
Servitization redefines a firm’s relationship with its customers by creating a more collaborative and customized approach to meeting their needs. Rather than just selling a product, companies work closely with customers to understand their specific requirements and offer a tailored solution. This approach leads to increased customer loyalty and satisfaction, as well as a stronger, more long-lasting business relationship.
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