Service Characteristics and BPO Scope Explained
Definition and Characteristics of Services
A service is any activity, process, or performance offered by one party to another, which is intangible in nature and does not result in ownership of anything. Services are designed to meet customer needs, deliver value, and often involve direct interaction between the service provider and the consumer.
The Goods-Service Continuum
- 100% Pure Goods: Example: Soap
- 50% Goods + 50% Service: Example: Hotel service
- 100% Service: Example: A lecture
Expert Definition
According
Read MoreEffective Risk Management Strategies for Business Success
Risk management is the ongoing, strategic process of identifying, assessing, and responding to potential threats that could harm an organization’s capital, earnings, or reputation. In insurance, it is the method used to decide which risks to keep and which to “transfer” to an insurance company.
1. Objectives of Risk Management
The objectives are generally divided into two categories: those focused on the period before a loss occurs and those focused on the period after.
Pre-Loss Objectives
- Economy:
Financial Systems and Microfinance in Developing Economies
Financial System and Economic Development
The Role of Financial Systems
- Demand for financial services: Driven by the activities of non-financial firms in the real sector.
- Monetary policy in development: Regulates economic activity and inflation. An increase in money supply leads to an increase in loanable funds, fostering investment and lowering interest rates.
Characteristics of Developed vs. Developing Markets
- Developed economies feature highly organized, interdependent, and efficient money and credit
Strategic Operations and Supply Chain Management Principles
Operations and Supply Chain Management Fundamentals
Chapter 1: COVID-19 Supply Chain Disruptions
The pandemic caused significant factory shutdowns, labor shortages, and demand fluctuations. Other impacts included port congestion, air freight reduction, border restrictions, and supplier disruptions. These events highlighted Just-In-Time (JIT) production vulnerability and raw material shortages (critical material bottlenecks), leading to a massive shift toward e-commerce and increased online shopping.
Read MoreGlobal Marketing Strategies: Core Concepts and Frameworks
Chapter 1: Introduction to Global Marketing
Key Concepts & Details
- We live in a global marketplace (e.g., Apple, McDonald’s, Samsung) but also local markets (e.g., top smartphones in China are domestic: Huawei, Vivo, Oppo, Xiaomi).
- Companies go global for survival as competitors enter home markets with lower costs and better products.
- Product/Market Growth Matrix (Ansoff) for global expansion:
- Market Penetration: Increase sales of existing products in existing markets (e.g., Starbucks loyalty app)
Hardin vs Ostrom: Tragedy of the Commons & CHANS
Garrett Hardin (1968) and Elinor Ostrom (1990) both try to explain how to prevent the tragedy of the commons, especially in coupled human and natural systems (CHANS), where human actions and ecological systems interact. However, they propose very different solutions because they have different views about human behavior and governance.
Hardin’s perspective on open resources
Hardin argues that when a resource is shared and open to everyone, individuals will overuse it. He assumes that people act as
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