In 1980, the concept of servitization was popularized as a way for manufacturers to differentiate themselves from the market competition and become more relevant to the customer’s ongoing needs. Servitization is discussed mainly concerning manufacturing companies, but it can be applied to any product-based business.
How Servitization Works:
Servitization is an approach that is different from the traditional approach, where a business sells a product to customers and perhaps never deals with them again, until and unless the customer decides to again buy the same product from the same company.
