Search results

Addresses customer‐relationship economic issues, more specifically the link between service quality and profitability from a relationship marketing and management perspective. In this perspective the task of marketing is not only to establish customer relationships, but also to maintain and enhance them in order to improve customer profitability. In the service quality literature higher quality is assumed to lead to customer satisfaction, which leads to customer loyalty and this drives customer profitability. The framework highlights factors that, in addition to service quality and customer satisfaction, influence the links between service quality and profitability. Also discusses aspects of improving the profitability of relationships, such as enhancing relationship revenues through higher degrees of patronage concentration, and reducing relationship cost by changing the episode configuration of customer relationships.

A common thread in the modern marketing theories, such as service‐dominant logic and viable systems approach, is the notion value co‐creation: the locus of value creation is no longer perceived to reside within firm boundaries but value is considered to be co‐created among various actors within the networked market. The evolution of value creation, from value creation by the manufacturing firm to value co‐creation in a network, necessitates a corresponding change in the concepts used to depict value creation. The purpose of this paper is to investigate business models as a broader conceptualization of value co‐creation that captures this change.

The topic is approached by a combination of literature review and interactive research, including interactions with managers from 12 international companies.

Business models are defined as configurations of 12 interrelated elements, covering market, offering, operational, and management viewpoints. The effectiveness of a business model in value co‐creation is defined by the internal configurational fit between all business model elements and the external configurational fit between provider's and customers' business models.

The paper contributes to the understanding on value co‐creation by providing a conceptualization of the business model construct depicting value co‐creation in a network. Of the 12 companies providing the empirical data, ten are within business‐to‐business which limits the applicability to business in general. Further, the paper indicates that within a single firm multiple parallel business models are in use.

A firm can radically improve value co‐creation by designing business models that have a high degree of internal and external configurational fit.

The originality and value of this paper lies in its analysis and discussion of co‐creation of value within a business model.

The purpose of this paper is to contribute to the development of a general theory of the market, by defining markets as configurations and exploring: how market configurations emerge and evolve in a business‐to‐business context; how a market actor can influence market configurations; and what kinds of market configuration capabilities actors need to develop.

The topic is approached by theoretical analysis and conceptual development.

Markets can be viewed as configurations of market actors engaging in market practices. Market configurations are perpetually dynamic as new actors enter the context, and as actors introduce ideas and business model elements to the network. As a result the configuration's marketness evolves towards higher levels of configurational fit, resulting in increased value co‐creation opportunities. An actor wanting to influence the market configuration can do so by working on its mental models and business models. The power of the actor's mental and business models is mediated by the actor's network position, its clout, and the fact that a change in any element evokes reactions from other actors. Actors need to develop new sets of market capabilities, such as value sensing, the ability to measure markets, price formation and pricing logics, and market scripting.

For a scholarly audience the paper contributes to the discussion on how markets are redefined from being places where demand and supply meet and reach equilibrium, to being spaces where actors integrate resources to co‐create value. For a practitioner audience it offers ideas on how firms can shape their markets in their favour.

The paper aims at generating a better understanding of the design elements and related management practices of strategic account management programs, in order to assist firms wishing to design such programs.

The research process is based on systematic combining of literature, empirical data from interviews with nine multi‐national firms, interaction with the firms during the research, and the knowledge resource base of the Strategic Account Management Association.

A strategic account management program (SAMP) is defined as a relational capability, involving task‐dedicated actors, who allocate resources of the firm and its strategically most important customers, through management practices that aim at inter‐ and intra‐organizational alignment, in order to improve account performance (and ultimately shareholder value creation). The research identified four inter‐organizational alignment design elements: account portfolio definition, account business planning, account‐specific value proposition, account management process; and four intra‐organizational design elements: organizational integration, support capabilities, account performance management, account team profile and skills. The management practices pertinent to each element are discussed.

Firms need to ensure that a SAMP is configured so that there is fit between the design elements discussed. Focus should be put on identifying framing elements that set the foundation for configuring effective programs, as they determine the prerequisites for other elements.

The paper contributes to the literature on strategic account management by summarizing extant research and developing an organizing framework, informed by an empirical study.

The purpose of this paper is to review the extant literature on value co-creation using bibliometric analysis in an attempt to gauge the evolving journey of this concept since its inception in the business and management domain.

Based on a bibliometric analysis of 458 research articles retrieved from the Thompson Reuters’ Web of Science Core Collection™ for the period of 2004–July 2018, this study carries out the following bibliometric techniques: citation analysis, co-citation analysis and co-occurrence of author keywords.

The study reveals the nature and direction of research that the field of value co-creation has taken over the past decade. Three significant areas emerge out as prominent themes in the literature of value co-creation: value co-creation in the context of customer service, value co-creation in the context of enhancing brand value and value co-creation for marketing of services through the adoption of service logic. Apart from these, the study also reveals the most influential authors, journals, institutions and countries pertaining to the research on value co-creation, along with the possible future directions of research in this area.

This study has limitations in terms of usage of a single database and its inability to contextualize the citation structure of articles revealed from the review.

This study would enable practitioners gain a comprehensive understanding of the concept of value co-creation that they can eventually adopt as a strategy for enhancing their business growth, customer satisfaction and customer loyalty.

This study identifies the intellectual structure of the value co-creation literature and maps out the gradual advancement of the field over the years.

The last two decades have seen a surge of interest in the concept of value in business markets. Furthermore, extant literature suggests that value capture can be conceptualized as the return on the firm's customer assets. However, the existing customer asset management literature has a strong bias towards consumer markets. Thus, the purpose of this paper is to create a conceptual framework for managing customer assets for improved value capture in a business market context, and to illustrate the use of the framework empirically.

The authors approach the topic with conceptual development and a longitudinal case illustration from a globally operating forestry product firm.

The findings of the study indicate that B2B firms can increase their value capture by dividing their customer base into customer portfolios, which are managed with differentiated customer management concepts targeted to increase the economic profit contribution of each customer portfolio.

The business practitioners in B2B contexts are likely to find the proposed customer portfolio approach to managing the customer assets more approachable than the prevailing customer lifetime models. In order to gain maximum value capture benefits from portfolio-specific customer management concepts, they should be approached cross-functionally instead of limiting them to the domains of marketing and sales.

The study contributes to literature on value capture and customer asset management by providing a framework for managing customer assets for increased value capture that is applicable to business markets and circumvents the majority of challenges associated with the customer lifetime value models.