Abstract
Innovation and differentiation are imperative for companies to sustain in the competition. Innovation and differentiation are possible more in services than in physical products. It is difficult to imitate differentiation incorporated in services. The study discusses the various marketing strategies adopted by service companies and the roles played by service profit chain. Service companies adopt different initiatives to achieve excellence. These include a strategic orientation, commitment from the top management, maintaining high standards, having profit tiers, monitoring service performance, and prompt action on customer complaints. The study discusses about differentiation of services, management of service quality, and management of service productivity. The study analyzes the strategies taken by service companies to achieve excellence. Proper implementation and execution of strategies provide a direction for service companies to excel, delight their customers, and develop long-term customer relationships.
Highlights
Product companies find it increasingly difficult to differentiate their offerings based on physical products (Ma & Wooton, 2020)
It is difficult to differentiate because physical products are tangible and chances for any form of differentiation of getting copied are higher
Services are intangible and it is difficult to copy the differentiation incorporated in services (Nobre & Faria, 2017)
Summary
Product companies find it increasingly difficult to differentiate their offerings based on physical products (Ma & Wooton, 2020). Services are intangible and it is difficult to copy the differentiation incorporated in services (Nobre & Faria, 2017). Service companies understand the importance of delivering superior services and of creating superior customer experiences (Barari, Ross, & Surachartkumtonkun, 2020). Service companies are becoming important because customers look for exceptional services. Companies will be able to provide exceptional services only when they have focus and excel in their performance (Ishola & Olusoji, 2020). Companies are keen to improve upon these parameters which help them to excel in the marketing of services
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