What is Service?

Summary

Jayant Chatterjee from IIT, Kanpur, discusses the evolution and importance of services in business over the last 8 sessions. He explores how services have transformed from traditional roles to integral parts of the economy, impacting various sectors like finance and industry. Chatterjee emphasizes the need to understand service business models, management, and marketing in the current economic landscape. He also touches on the role of services in creating new value and business insights, suggesting that they offer significant opportunities for innovation and economic activity.

Takeaways

• 😀 The speaker, Jayant Chatterjee, is from IIT and aims to discuss service management in the next 8 sessions.
• ⏰ The sessions will focus on the evolution of services, how they are perceived today compared to the past, and their impact on business.
• 🔍 There will be an in-depth look at how service businesses and industries are transforming, including the role of service management, marketing, and operations.
• 🌟 The discussions will also cover the contemporary research and how it guides high performance in service businesses.
• 💡 Services are now considered a significant part of the economy, with a substantial shift from the 18th century to the present.
• 🏭 The early days of the industrial revolution saw services as a support function, but today they are a dominant force in the financial structure.
• 📈 Services are now seen as a co-creation process, requiring a different approach to management and marketing.
• 🚀 The session will explore how services can provide a new rationale and a new philosophy for all businesses.
• 🌐 The importance of services in the economic activity is highlighted, with providers and consumers co-creating value.
• 💼 The speaker emphasizes the need to consider services as more than just a support function, but as a key driver of business strategy and value creation.

Q & A

What is the main topic of discussion in the given script?

The main topic of discussion is the evolution and importance of services in business and industry, including service management, marketing, operations, and the impact of service economy on various sectors.

What does the speaker aim to discuss with the audience in the upcoming 8 weeks?

The speaker aims to discuss in more detail about the nature of services, how they have been perceived in the past and present, and how the service business and industry have transformed over time.

What is the significance of service management in today's business environment according to the script?

Service management is significant in today's business environment as it plays a crucial role in controlling and enhancing the customer experience, value creation, and overall business performance.

How does the speaker describe the historical perception of services in the script?

The speaker describes the historical perception of services as being less significant compared to tangible goods, often considered intangible and less valuable, and not as a primary focus in business strategies.

What is the role of services in the current economic structure as mentioned in the script?

Services play a significant role in the current economic structure, holding a substantial position in the economy, and are increasingly becoming a dominant factor in financial structures and business models.

What is the importance of understanding the service business model in the context of the script?

Understanding the service business model is important as it helps in recognizing how services can be a new rationale and a new philosophy of thought for all businesses, offering a fresh perspective for value creation.

How does the speaker suggest services have evolved from being a support function to a core business function?

The speaker suggests that services have evolved from being a support function to a core business function by becoming integral to the economic structure, influencing financial models, and driving business strategies and operations.

What examples does the speaker provide to illustrate the transformation of services in the script?

The speaker provides examples such as going to a movie show, turning on a light, and the associated services like entertainment, education, and the underlying utilities like electricity generation and distribution, to illustrate the transformation of services.

What is the concept of 'co-creation' in services as discussed in the script?

The concept of 'co-creation' in services refers to the collaborative process between the service provider and the customer, where both parties actively participate in the service experience, leading to the creation of value.

How does the speaker emphasize the importance of services in the modern business landscape?

The speaker emphasizes the importance of services in the modern business landscape by discussing how services have become a key component in economic activities, driving innovation, and shaping the way businesses interact with customers.

What is the future outlook for services as presented in the script?

The future outlook for services, as presented in the script, is that they will continue to grow in importance, becoming more integrated with technology, and playing a central role in creating new business models and economic activities.