macroeconomy noun. Service economy can refer to one or both of two recent economic developments: The old dichotomy between product and service has been replaced by a service–product continuum. In the United States, there have been many class action suits that are effectively product stewardship liability - holding companies responsible for things the product does which it was never advertised to do. This is a sort of economy having all the appearances and some of the advantages of prudence. It may not have been reviewed by professional editors (see full disclaimer). Growing needs for services in the B2B industry comes from the customer and his need for not universal but custom-made solutions and this requires understanding his scope of work. The ideal of product stewardship, as administered by the EPA in 2004, "taps the shared ingenuity and responsibility of businesses, consumers, governments, and others," the EPA states at a Web site. Christian Girschner, Die Dienstleistungsgesellschaft. As services are provided on a long-term basis rather than one-time sale they offer more time to build the relationship with the customers and allow supplier to create the brand. You can also try the grid of 16 letters. One is the increased importance of the service sector in industrialized economies. Service economy can refer to one or both of two recent economic developments. If not, one has paid the fee, and presumably this can pay for landfill or litter control measures that dispose of diapers or a broken bottle. Such moves have made moral purchasing more attractive, as it avoids liability and future lawsuits. 31 synonyms of service from the Merriam-Webster Thesaurus, plus 50 related words, definitions, and antonyms. economies of scale The decrease in unit cost of a product or service resulting from large-scale operations, as in mass production. This is also the trend in the UK and EU generally. ○   Boggle. It is most familiar as the container deposit charged for a deposit bottle. English Encyclopedia is licensed by Wikipedia (GNU). The SensagentBox are offered by sensAgent. Servitization of Business: Adding Value by Adding Services. A service economy refers to a financial concept that says that service is becoming more and more important in product offerings. What are synonyms for service industry? Most English definitions are provided by WordNet . Define economy of scale. Such moves have made moral purchasing more attractive, as it avoids liability and future lawsuits. Zur Kritik einer fixen Idee. Definition of economy Origin : 1530s, "household management," from Latin oeconomia, from Greek oikonomia "household management, thrift," from oikonomos "manager, steward," from oikos "house" (cognate with Latin vicus "district," vicinus "near;" Old English wic "dwelling, village;" see villa) + nomos "managing," from nemein "manage" (see numismatics). Antonyms for Economic systems. This is the financial reflection of the comprehensive outcome - noting the gains and losses to all parties involved, not just those investing or purchasing. Lettris is a curious tetris-clone game where all the bricks have the same square shape but different content. What are synonyms for Economic systems?  |  Get XML access to fix the meaning of your metadata. The service economy in developing countries is mostly concentrated in financial services, health, and education. ○   Wildcard, crossword Designing a proper go-to-market stratgy (aligned with the operations strategy[7]) is key success factor for the PSS to be successfully introduced on the market. That is, paying for the safe and proper disposal when you pay for the product, and relying on those who sold it to you to dispose of it. If not, one has paid the fee, and presumably this can pay for landfill or litter control measures that dispose of diapers or a broken bottle. The current list of Fortune 500 companies contains more service companies and fewer manufacturers than in previous decades. service economy synonyms and antonyms in the English synonyms dictionary, see also 'serve',servile',serviceable',servitude', definition. The English word games are: Moreover, it enables the sales team to influence the purchasing decisions, by giving them opportunities to upsell additional product extension or other complementing parts of the product. Although it still manufactures computers, it sees the physical goods as a small part of the "business solutions" industry. Slang synonyms for Sharing economy. The web service Alexandria is granted from Memodata for the Ebay search. It is also rare and difficult to imitate as not too many companies have capabilities of providing service to the customer since the producer has better knowledge and experience in the product functioning. in tourism, financial services and transport, however, new opportunities are arising in other sectors, such as the health sector. If one returns the bottle, the fee is returned, and the supplier must return the bottle for re-use or recycling. Köln: PapyRossa Verlag, 2003. This is the financial reflection of the comprehensive outcome - noting the gains and losses to all parties involved, not just those investing or purchasing. In the United States, there have been many class action suits that are effectively product stewardship liability - holding companies responsible for things the product does which it was never advertised to do. [6] Last but not least working closely with customer and having opinions from a different perspective provides the supplier with valuable insights about the industry enabling him to innovate with a more customer-centric approach. This job creation is particularly useful as often it provides employment for low skilled labour in the tourism and retail sectors, thus benefiting the poor in particular and representing an overall net increase in employment. Servitization contracts are typically based on fixed-fee schemas with increasing level of risks: TEV analysis shall identify how the repositioning of such risks from customers to supplier creates value for the client and shall be used in pricing strategy, Environmental effects of the service economy, Role of the service economy in development, Massimiliano Cali, Karen Ellis and Dirk Willem te Velde (2008). The current list of Fortune 500 companies contains more service companies and fewer manufacturers than in previous decades. Synonyms for Economic systems in Free Thesaurus. One pays a fee to buy the bottle, separately from the fee to buy what it contains. In the management literature this is referred to as the servitization of products. Services constitute over 50% of GDP in low income countries and as their economies continue to develop, the importance of services in the economy continues to grow. Letters must be adjacent and longer words score better. Vandermerwe, S., & Rada, J. Those who advocate it are concerned with the later phases of product lifecycle and the comprehensive outcome of the whole production process. Christian Girschner, Die Dienstleistungsgesellschaft. For example, IBM treats its business as a service business. This is seen, especially in green economics and more specific theories within it such as Natural Capitalism, as having these benefits: Product stewardship or product take-back are words for a specific requirement or measure in which the service of waste disposal is included in the distribution chain of an industrial product and is paid for at time of purchase. Change the target language to find translations. The term is also used to refer to the relative importance of service in a product offering. Synonyms for economic sector in English including definitions, and related words. Legal requirements vary: the bottle itself may be considered the property of the purchaser of the contents, or, the purchaser may have some obligation to return the bottle to some depot so it can be recycled or re-used. on the Coevolving Innovations web site, Measuring value for the customer using conjoint analysis, Organisation for Economic Co-operation and Development, https://en.wikipedia.org/w/index.php?title=Service_economy&oldid=992320534, Creative Commons Attribution-ShareAlike License, The relative importance of service in a product offering. Pine and Gilmore argue that businesses must orchestrate … Find another word for economy. What does a lawyer, a doctor, a wedding planner, a shoe salesman, an investment banker, a comedian, a waitress, and a college professor all have in common? market noun. n-uncount Lemon juice can help to prevent economy-class syndrome by improving blood circulation. With a SensagentBox, visitors to your site can access reliable information on over 5 million pages provided by Sensagent.com. Through-life management: the provision of total customer solutions in the aerospace industry. Company Information Hangman. The United States Environmental Protection Agency advocates product stewardship to "reduce the life-cycle environmental effects of products." Rather than let liability for these problems be taken up by the public sector or be haphazardly assigned one issue at a time to companies via lawsuits, many accounting reform efforts focus on achieving full cost accounting. Moreover, services are less visible and require more labour, therefore, prove to be more difficult to imitate. service economy definition: an economy based on providing services rather than manufacturing or producing goods: . When people use the term service economy, they are refering to one or both of two recent economic developments. For example, IBM treats its business as a service business. All rights reserved. an economy that is based heavily on advanced science and technology, and with a highly skilled and educated workforce.  |  This kind of work requires time and meetings of the both sides during which trust and understanding are developed, which further leads to loyalty. Services are becoming an inseparable component of the product, as the supplier offers them jointly with the core to improve its performance (IBM, 2010). Service Economy synonyms. Service economy can refer to one or both of two recent economic developments. As the health sector tires, and antonyms homeless people in U.S. cities » by Conrad! 1 ] of economic transition be adjacent and longer words score better by the?... Your webpage returns the bottle, separately from the fee is returned, and antonyms service... Service based economy, they are refering to one or both of two recent economic developments the. 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