The Four Things a Service Business Must Get Right

Based on the differences between service businesses and product businesses, the article „The Four Things a Service Business Must Get Right“ presents an approach of how a firm should define its service excellence in order to design a compelling offering and how to manage the workforce in order to deliver it at an attractive price.

To ensure this, a firm needs to make sure to combine the following four elements as clever as possible and not focuse on making a single one of these great in isolation:

1. The Service Offering

2. The Funding Mechanism

3. The Employee Management System

4. The Customer Management System

Successful service companies should ideally have a working plan that incorporates all four elements of service design as the business in the end depends more on their interconnection rather than on any one element.

This article helped us while defining our value curve. We realized that not all of our attributes can be of perfect excellence - even if we want them to be. There are and there need to be a certain amount of attributes of our product which which aren't "done well" in order to account for the other ones which are done even bette (at excellence).