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Business academic skill


Importance of developing service offering in business organizations

Ways through which organizations design and build service offering

Building service offering in Barclays UK and Virgin Atlanta Airways
Comparison and contrast of service offering in Barclays UK and Virgin Atlanta Airways

Services Industries Are Important In Building Economic Growth
Any economy is driven or dictated by the exchange of either goods or services. Both goods and services are contributors to the revenue in an economy. Trade in goods is slightly different from trade in services. Many scholars and analysts continue to strongly support the idea that the trade in goods is a major contributor to the revenues raised by economies. The contributions of service sectors cannot be ignored. Service sectors have witnessed a significant growth in the recent years (Kinkel, Kirner, Armbruster and Jäger, 2011). Services sectors are largely contributing to the growth in different economies of the world. Service sector have thus become major topics of discussion because they are becoming very significant in the economy. Some countries are even getting higher revenues from service sectors as compared to what they are getting from the sector dealing in goods (Riedl, 2010). Such service sectors include the information and communication sector. Service sectors are the major supporting pillars of the goods sector thus without them, the growth in the real goods sector could not be witnessed (Ettlie and Rosenthal, 2011). Though faced with a number of setbacks most of which result from the intangible nature of services, service sectors will remain major contributors to economic growth and development (Auguste, Harmon and Pandit, 2006). These paper discuses the relevance of service sectors in the economy.
Importance of developing service offering in business organizations
Many scholars have the need for business organizations to improve the way they offer services. Services are perfect compliments and supplements of business activities in business organizations. Services help in crafting and engaging customer to what the business firm is offering. Service offering helps in creating value in the minds of consumers. Customers continue to advocate for assurances in products for which firms are offering. Services are the best solution for the needs and concerns of customers concerning company offerings (Duchessi, 2002).
The economy has shifted a lot in the recent times calling for the globalization of business activities so as to realize more profits. Globalization of business is aided by the growth in information technology. Technology is the major pillar of the service sector. Businesses in the globalized economy face more challenges than ever before. A lot of these challenges for instance accidents, environmental considerations among many others can only be mitigated by way of engaging the services sector for instance the banking and microfinance sector. Therefore, companies must embrace service offering both internally and externally (Nissana, Galindob and Me´ndezc, 2011).
Services do represent a very big profit potential for any business firm more so the firms that deal in manufacturing. To realize and exploit the potential, manufacturing organizations need to develop stronger service strategies. Services can complement the sales activities in manufacturing firms. Increasing the rate of service offering will help improve business outcomes and the competitive advantage of production and manufacturing organizations (Oliva and Kallenberg, 2003).
Ways through which organizations design and build service offering
Johnstone, Dainty and Wilkinson, 2009, observe that service offering or delivery is a pathway to customer satisfaction. Services augment business operations and functions in non-service oriented business companies. The provision of services involves an interactive relationship between the company which offering the services and the customers who are considered as clients (Rust and Huang, 2012). The building and maintaining of customer relationship is a process which is best described in relationship marketing. For service firms to remain relevant and withstand the competition in the market they must take part in activities which will assure them of maintaining their customers as well as enticing other customers to their side. Some firms will prefer to maintain the customers that they have rather than rolling out ambitious programs of attracting new customers (Oke, 2007).
One way through which firms ensure that they maintain their customers is by categorizing the services which are offered. Services which are given on a continuous basis for example banking and insurance services are considered as membership services. Membership services are preferred as they give the organization with stable customers. The company works hard to develop these membership services as they provide it with an assurance of having customers. However, it is quite taunting to build this kind of relationship with customers. Once it is built, it becomes quite easy to sustain the relationship. We also have services that involve discrete transactions for example public service transportation and movie theatre. With this kind of services, membership cannot be easily built. However, these services can only be transformed into membership through the use of marketing tools such as bulk selling of services or giving special benefits or offers to customers who opt to register with the firm. A good instance is the loyal programs which are offered by airline firms and hotels (Lamb, Hair and McDaniel, 2008).
Each service firm strives to make its service appear to be unique and better as compared to the services of other firms. There are three major ways through which firms ensure that they maintain and even attract new customers. The first approach centers on pricing where firms use prices as incentives of maintaining and enticing new customers. The firm sets its prices relative to the prices of their competitors. The prices are set relatively lower. Service firms are also opting to build social bonds with customers. This helps them to understand their customers and their needs and thus adjust their services to meet the needs of these customers. Firms also opt to build structural bonds. These are additional services that are offered on top of the main services. The company offer services which are not provided by their competitors (Lamb, Hair and McDaniel, 2008).
Building service offering in Barclays UK and Virgin Atlanta Airways
The banking industry is one of the biggest industries in the services sector in the world. The United Kingdom Barclays bank is one of the well known banks in the world for its activities. it is termed as one of the most innovative banks in the world. The bank has done well in improving service offering in the banking market.
Being a large bank, Barclays UK is very innovative. It was one of the leading banks in the leading banks in embracing information technology in service delivery to its customers. The bank invests a lot of finance in developing automated services for its customers. Barclays was the first bank to develop automated teller machines for its customers globally. The company also leads in innovating credit cards to ease transactions by its customers. Barclays is a very expansive bank and is further expanding its services. it is one of the banks with a big range of products. These banking services are tailor made so as to address the diversified financial needs for their customers. The bank does not only provide financial services but also other complimentary services for example risk management services to their customers. Their customers thus have no reason to move out and seek for these services from other service firms like the insurance firms as these services are provided by the bank (Sureh and Paul, 2010).
Barclays has also incorporated aspects of e-commerce in their business. The bank has developed online banking which has eased transaction. Through this service which is very comprehensive, the amount of banking transactions made have increased significantly (Sureh and Paul, 2010).
Virgin Atlantic Airways is one of the world’s most renowned airways company. Virgin is operating in the airline industry which has a lot of competition because of the heavy presence of other giant companies. Virgin has been focusing on improving the delivery of services to its customers. Virgin highly embraces the principle of providing services at a lower cost. Virgin works on upgrading their services by increasing the level of comfort in their planes by installing larger seats, improving the customer care services, increasing amenities in the plane among others. The company ensures that it maintains low charges even for the improved services (Porter, 2010).
Comparison and contrast of service offering in Barclays UK and Virgin Atlanta Airways
Each of the two companies – Barclays UK and Virgin Atlanta Airways are service oriented companies operating in very competitive service industries. Both companies have strategies of improving service offering to their customers that they can continue to make gains in business. All companies work on diversifying and bettering their services so that thy can attain full affection thence attention of their customers. Barclays focuses more on service improvement through employing information technology. This is similar to Virgin which applies IT in service improvement though at a lower rate. The major difference between the two companies is that Virgin emphasizes on reduced cost of services.

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