New Service Development Introduction

    Competitive intensity and customer expectations are increasing in nearly all service industries. Thus, success lies not only in providing existing services well but also in creating new approaches to service.

    Because of the outcome and process aspects of service often combine to create the experience and benefits obtained by customers, both aspects must be addressed in new service development.

    For a company already engaged in marketing some of the services, the strategic decisions about new services can be conveniently shown based on a matrix for expansion.

    New service development concerns all the activities involved in realizing new service opportunities, including product or service design, business model design, and marketing. Service development is mostly seen as growing an enterprise through a number of marketing techniques.

    The two main questions necessary to this approach are:

    1. How do we find, reach, and approach customers?
    2. How do we keep these customers satisfied with new possible services?

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