RETHINKING VALUE: A VALUE-CENTRIC MODEL OF PRODUCT, SERVICE AND BUSINESS DEVELOPMENT

Merili Randmaa, Krestine Mougaard, Thomas J. Howard, Tim C. McAloone

    Research output: Chapter in Book/Report/Conference proceedingArticle in proceedingsResearchpeer-review

    Abstract

    Globalization and information technologies have made the economical landscape more transparent and customers smarter, more demanding and networked. Companies can see these changes as a threat to their business or as an opportunity to differentiate in the market and be a Prime Mover, by re-thinking customer value within the value system. This article shows how the term “value” is understood in different contexts and fields of economy, to see if these definitions can be merged, in order to understand the concept of value in broader way. The authors argue through literature review and example cases that seeing value from multi-disciplinary viewpoint opens up some unused opportunities for the companies to overcome barriers within a value system, design integrated products and services, work more effectively, co-create value with customers, make use of word-of-mouth promotion and achieve long-term relationships with customers. A new concept for re-thinking the value system is proposed and its main potentials to improve firms’ performance are described.
    Original languageEnglish
    Title of host publicationProceedings of the 18th International Conference on Engineering Design : Impacting Society through Engineering Design
    Number of pages448
    VolumeVol.3 Design organisation and management
    PublisherDesign Society
    Publication date2011
    Pages387-397
    ISBN (Print)978-1-904670-23-0
    Publication statusPublished - 2011
    Event18th International Conference on Engineering Design : Impacting Society Through Engineering Design - Copenhagen, Denmark
    Duration: 15 Aug 201118 Aug 2011
    Conference number: 18
    http://www.iced11.org/

    Conference

    Conference18th International Conference on Engineering Design : Impacting Society Through Engineering Design
    Number18
    Country/TerritoryDenmark
    CityCopenhagen
    Period15/08/201118/08/2011
    Internet address

    Keywords

    • Product and service development
    • Customer activity cycle
    • Value system
    • Value-centric model
    • Business model re-configuration
    • PSS
    • Product life
    • Innovation
    • PD methods
    • Design
    • Design methodology
    • Design research
    • Design types

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