Rapid technological advancements, growing competition and increased customer expectations have made a marketer’s job tougher than ever before. Adam Smith ‘s book The Wealth of Nations, published in Great Britain in 1776, distinguished between the outputs of what he termed “productive” and “unproductive” labor. The former, he stated, produced goods that could be stored after production and subsequently exchanged for money or other items of value. The latter, however useful or necessary, created services that perished at the time of production and therefore did not contribute to wealth. Building on this theme, French economist Jean-Baptiste Say argued that production and consumption were inseparable in services, coining the term “immaterial products” to describe them.
Are you clothes-minded? Then try on the dry-cleaning pickup-and-delivery business for size. Provide pickup and drop-off at a place that’s convenient for busy professionals, then follow suit by arranging with a local dry cleaner to do the … Read MoreRead More →