Service-Dominant Logic

Definition: Service-Dominant Logic is an umbrella concept in human value creation, strategy, marketing and supply chain management that emphasizes that organizations, markets, and society are fundamentally concerned with exchange of services—the applications of competences (knowledge and skills)—for the benefit of a party. That is, services are exchanged for services; all firms are service firms; all markets are centered on the exchange of service, and all economies and societies are service based.
Consequently, marketing thought and practice should be grounded in service logic, principles and theories.

More on service-dominant logic. More on services marketing: Extended Marketing Mix, Service Inseparability.