Posted in Marketing and Strategy Terms, Total Reads: 495
Definition: Service Good Mix
Service- Good mix can be described as a business which involves both tangible goods and intangible services where the quality of the service can be considered more important than the physical product. For example- lodging, training or programming. Today, every product comprises of a service-good mix to some extent. You have to provide a certain level of service with your product to make it more acceptable.
Risk diversification happens if more than one product or service is offered, different market segments are targeted which will create credibility for the brand, thus leading to a sustainable business.
Care should be exercised while expanding the product or service mix. When it is decided to expand the mix, we should consider what all resources would be required by the new product or service and whether the firm has the capability to distribute the new offering or if it is economically viable.The existing offerings should not get a hit & have any adverse impact on the existing offerings. Also, the new Service-good offering should meet the demands of customer.