Question
Studies showed that the demand for co-working space had been growing exponentially in India. As a result, a growing number of companies preferred co-working spaces
Studies showed that the demand for co-working space had been growing exponentially in India. As a result, a growing number of companies preferred co-working spaces instead of creating new spaces or expanding their facilities, especially if they are setting up new teams or departments.Experts attributed the shift to multiple factors: an expensive real estate market and the ease and swiftness of setting up a new office with a plug-and-play model. As a business model, it enabled flexibility, allowing businesses to free up capital expenditure and focus on their core competencies. Also, the millenial workforce, preferred the vibrant design and environment such meticulously created modern office spaces. Due to the emergence of such ideal third space between work and home along with the youthful and positive vibe, young professionals reported a better work-life balance and an improvement in personal and professional relationships. According to a startup present in the co-working space, one of the reasons why mainstream IT worker and more high-end niches were looking at co-working spaces was the growth of the 'sharing economy' among the millennials who preferred renting over buying. Also, technology was a contributing factor for the sharing economy. In this scenario, people were looking for two things - physical infrastructure such as space that provided fast and reliable Internet, and more importantly, the sense of community. The idea of being in a community supported by a sound infrastructure was gaining popularily in all places, with smaller cities like Chandigarh, Jaipur and Kochi also accepting co-working spaces.The startup believed that knowledge-based companies still carried a mindset of operating from own offices, but this was set to change as they would gradually start investing in co-working spaces to look for more flexible options.
A.Suggest how the startup should handle the service marketing mix.
B. Discuss what should the startup do to develop its five Service quality dimensions.
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