Knowledge intensive business services
Hey kiddo! So, have you ever heard someone say that they work for a company that sells knowledge instead of things like toys or clothes? That's what we call a knowledge intensive business service, or KIBS for short.
You see, some companies don't sell physical products. Instead, they sell services like consulting or research, which require a lot of brainpower and knowledge. They use their expertise to help other companies or individuals solve problems or make decisions.
For example, let's say a big company wants to create a new product, but they're not sure what people want. They might hire a KIBS company to do research and figure out what customers are interested in. The KIBS company will study the market, analyze data, and use their knowledge to create a report with suggestions for the big company.
Another example could be a small business owner who needs help with marketing. They might hire a KIBS company to provide marketing consulting services. The KIBS company would use their knowledge of marketing strategies to help the small business owner create a plan to attract more customers.
So, KIBS companies provide valuable knowledge and expertise to other businesses or individuals. They help solve problems and make important decisions using their specialized knowledge. Pretty cool, huh?
You see, some companies don't sell physical products. Instead, they sell services like consulting or research, which require a lot of brainpower and knowledge. They use their expertise to help other companies or individuals solve problems or make decisions.
For example, let's say a big company wants to create a new product, but they're not sure what people want. They might hire a KIBS company to do research and figure out what customers are interested in. The KIBS company will study the market, analyze data, and use their knowledge to create a report with suggestions for the big company.
Another example could be a small business owner who needs help with marketing. They might hire a KIBS company to provide marketing consulting services. The KIBS company would use their knowledge of marketing strategies to help the small business owner create a plan to attract more customers.
So, KIBS companies provide valuable knowledge and expertise to other businesses or individuals. They help solve problems and make important decisions using their specialized knowledge. Pretty cool, huh?