Scott Edgett and Kim Snow
Addresses the issue of measuring the success of new products in a service environment by examining a number of measures under the three broad categories of customer satisfaction…
Abstract
Addresses the issue of measuring the success of new products in a service environment by examining a number of measures under the three broad categories of customer satisfaction, quality and performance. Reports on the perceived effectiveness of different measurement approaches by benchmarking techniques currently in use in the financial services industry, by determining how informative management finds them, by isolating measurement approaches which are the most useful, and by identifying measurement approaches which are still needed. Confirms that service companies continue to employ many traditional success/failure measures, but that these are gradually being supplemented with new tools as executives begin to realize that strict profitability criteria are no longer enough to gauge the real success of service offerings.
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This article has been withdrawn as it was published elsewhere and accidentally duplicated. The original article can be seen here: 10.1108/08876049610148567. When citing the…
Abstract
This article has been withdrawn as it was published elsewhere and accidentally duplicated. The original article can be seen here: 10.1108/08876049610148567. When citing the article, please cite: Scott Edgett, Kim Snow, (1996), “Benchmarking measures of customer satisfaction, quality and performance for new financial service products”, Journal of Services Marketing, Vol. 10 Iss: 6, pp. 6 - 17.
Today′s British building societies face intense competition in themarketing of financial services to consumers, and accordingly the risksattached to new product failure are high…
Abstract
Today′s British building societies face intense competition in the marketing of financial services to consumers, and accordingly the risks attached to new product failure are high. Nevertheless, a study of these financial institutions demonstrates an alarming lack of strategic planning in their attempts to gain larger shares of an increasingly volatile and sophisticated market. Reviews the strategic focus of new product development, examines related management issues, evaluates the new product screening and preliminary assessment techniques, and explores market research practices. The results of this study suggest that, although approaches to new product development vary, building societies do not make extensive use of commonly accepted development procedures.
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The marketing environment for the financial services industry inthe UK is experiencing a period of rapid change. How building societiesare preparing to meet the demands of the…
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The marketing environment for the financial services industry in the UK is experiencing a period of rapid change. How building societies are preparing to meet the demands of the 1990s is shown by examining the level to which the marketing concept has been adopted, and the extent to which various marketing techniques are being used. Based on empirical findings, it was determined that major differences exist among building societies in their approaches to marketing. This is particularly evident in comparisons between larger and smaller societies.
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Scott J. Edgett and Carman W. Cullen
Focuses on the selection by students of their preferreduniversities as an example of a high involvement consumer decisionprocess in a service organization setting. Provides a…
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Focuses on the selection by students of their preferred universities as an example of a high involvement consumer decision process in a service organization setting. Provides a cross‐cultural comparison between undergraduates in two medium‐sized Canadian and Scottish universities, describing the affective and cognitive involvement of the two groups of students and the information searches they have conducted. Findings suggest that differences do exist between Scottish and Canadian respondents.
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Recent changes in the financial services industry have placedunprecedented pressure on senior managers to develop and launch newservices. Presents the results of a study into the…
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Recent changes in the financial services industry have placed unprecedented pressure on senior managers to develop and launch new services. Presents the results of a study into the development activities of new financial services through a comparison of successful and unsuccessful new services. It was discovered that the development activities are more rigorous and comprehensive for successful new services than for failures. Institutions which used a systematic process of well‐defined development stages tended to have higher chances of successful outcomes.
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Scott Edgett and Steven Parkinson
Although the service sector has gained increasing importance in oureconomy, very little attention has been paid to how firms actuallydevelop new services. Reports on an…
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Although the service sector has gained increasing importance in our economy, very little attention has been paid to how firms actually develop new services. Reports on an investigation into how new retail services are developed in the financial service sector. The authors, by comparing successful and unsuccessful new services, have been able to develop a model that effectively identifies a number of characteristics that distinguish between success and failure.
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Product innovation – the development of new and improved products – is crucial to the prosperity of the modern corporation. New products launches within the last three years…
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Product innovation – the development of new and improved products – is crucial to the prosperity of the modern corporation. New products launches within the last three years account for about 30 percent of corporate sales, and there is a strong connection between successful product development and business valuation. However, developing a steady stream of winning new products is no easy task.
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Here's how top firms are using portfolio management processes to maximize their projects‘ fit, utility, and balance.
Catherine P. Killen, Robert A. Hunt and Elko J. Kleinschmidt
The purpose of this paper is to create a benchmark and identify best practices for Project Portfolio Management (PPM) for both tangible product‐based and service product‐based…
Abstract
Purpose
The purpose of this paper is to create a benchmark and identify best practices for Project Portfolio Management (PPM) for both tangible product‐based and service product‐based development project portfolios.
Design/methodology/approach
A questionnaire was developed to gather data to compare the PPM methods used, PPM performance, PPM challenges, and resulting new product success measures in 60 Australian organisations in a diverse range of service and manufacturing industries.
Findings
The paper finds that PPM practices are shown to be very similar for service product development project portfolios and tangible product development project portfolios. New product success rates show strong correlation with measures of PPM performance and the use of some PPM methods is correlated with specific PPM performance outcomes.
Research limitations/implications
The findings in this paper are based on a survey of a diverse sample of 60 Australian organisations. The results are strengthened by comparisons with similar North American research; however, they may not be representative of all environments. Research in other regions would further qualify the findings. As each organisation's PPM process is unique, case study methods are recommended for future studies to capture more of the complexity in the environment.
Practical implications
The paper shows that PPM practitioners and executives who make decisions about the development of tangible products and/or service products will benefit from the findings.
Originality/value
This paper extends the existing understanding of PPM practices to include service development project portfolios as well as tangible product development project portfolios and strengthens the links between PPM practices and outcomes.