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Article
Publication date: 12 September 2016

Sanna Ketonen-Oksi, Jari J. Jussila and Hannu Kärkkäinen

The purpose of this paper is to create an organized picture of the current understanding of social media-based value creation and business models.

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Abstract

Purpose

The purpose of this paper is to create an organized picture of the current understanding of social media-based value creation and business models.

Design/methodology/approach

Following the process model presented by Fink (2005), a systematic literature review of academic journal articles published between 2005 and 2014 was conducted. The research was grounded on the theoretical foundations of service-dominant logic.

Findings

This study offers detailed descriptions and analyses of the major social media mechanisms affecting how value is created in social media-based value networks and the kinds of impact social media can have on present and future business models.

Research limitations/implications

The study is limited to academic research literature on business organizations, excluding all studies related to public and non-profit organizations.

Practical implications

Attention is given to developing an in-depth understanding of the functions and concrete value creation mechanisms of social media-based co-creation within the different organizational processes (e.g. in product and service development and customer services) and to updating the related practices and knowledge.

Originality/value

This study provides new insight into the challenges related to research models and frameworks commonly used for observing value creation, thus highlighting the need for further studies and updates.

Details

Industrial Management & Data Systems, vol. 116 no. 8
Type: Research Article
ISSN: 0263-5577

Keywords

Book part
Publication date: 25 June 2012

Kaj Storbacka, Pennie Frow, Suvi Nenonen and Adrian Payne

Purpose – The aim of this chapter is to investigate how a focal market actor may design or redesign business models for improved value co-creation.Findings – We posit that value…

Abstract

Purpose – The aim of this chapter is to investigate how a focal market actor may design or redesign business models for improved value co-creation.

Findings – We posit that value is co-created in use as actors integrate resources in practices, which makes practices a fundamental unit of value creation. Greater density of resources, relevant to a specific practice and to the goals or mission of the actor, corresponds to greater value. The role of a provider is to support other actors in their value-creation processes by providing resources that ‘fit’ into their practices.

We identify 12 categories of business model design elements that need to be defined and developed in parallel. We conclude that a focal actor needs to strive for both intra-actor and inter-actor (meso-level) configurational fit of business model elements in order to enable purposeful co-creation in specific practices.

Finally, we propose that meso-level configurations develop in a three-phase process of origination, mobilization and stabilization. A focal actor wishing to improve co-creation in a network needs to develop value propositions not only for customers but also for other actor domains. Overall, the performative power of a market actor is dependent on its network position, the relative strength of its business model and the actor's ability to author compelling meanings.

Originality – The research contributes to the discussion on value co-creation by identifying three shifts in the unit of analysis: (1) we argue that use-value is co-created as actors integrate resources in practices, rendering practices a fundamental unit of analysis, (2) as practices are outcomes of business models, we identified business model design as a key unit of analysis for the improvement of value co-creation and (3) our view on business models is network-centric and we focus on how to introduce new business model elements in a specific actor network.

Practical implications – The realization of the fact that value creation occurs in networks of interdependent actors pinpoints the need for increased transparency both between functional silos and between actors. The business model framework identifies 12 design elements, which can act as a ‘checklist’ for managers wanting to engage in co-creative business models.

Details

Special Issue – Toward a Better Understanding of the Role of Value in Markets and Marketing
Type: Book
ISBN: 978-1-78052-913-4

Keywords

Book part
Publication date: 8 June 2007

Robert H. Ashton

Models of value creation that have been proposed for supporting value-based management are described and analyzed, including the Balanced Scorecard, the Baldrige Quality Award…

Abstract

Models of value creation that have been proposed for supporting value-based management are described and analyzed, including the Balanced Scorecard, the Baldrige Quality Award Criteria, the Deming Management Method, the Service-Profit Chain, and the Skandia Intellectual Capital Model. These models are compared, their potential for guiding the identification of value drivers and performance measures for value-based management is assessed, and management issues that must be addressed if such models are to contribute to long-run value creation are explored. These issues include causally linking value drivers to each other and to financial outcomes, the extent to which the models take a dynamic, or whole-system, view of value creation, and whether multiple value drivers should be explicitly weighted and combined to form a “value index.” Finally, the substantial body of research evidence linking intangible value drivers to financial outcomes is reviewed, and some directions for further research are offered.

Details

Advances in Management Accounting
Type: Book
ISBN: 978-0-7623-1387-7

Article
Publication date: 11 April 2016

Tzu-Yi Kao, Ming-Hsien Yang, Ji-Tsung Ben Wu and Ya-Yun Cheng

This study aims to develop a process model to facilitate enterprises’ co-creating value with consumers through social media.

10714

Abstract

Purpose

This study aims to develop a process model to facilitate enterprises’ co-creating value with consumers through social media.

Design/methodology/approach

Drawing on the concepts of internet-based co-creation and collective action theory, this study outlines a five-stage model (Interact-Engage-Propose-Act-Realize, IEPAR) of utilizing social media to co-create with consumers, enriches the model through in-depth interviews with industry experts and briefly illustrates how it can be applied in practice using a service firm case.

Findings

This study clarifies the co-creation process in the social media environment. For each of the process’s five stages, the objectives to be accomplished by the social media operator and the means to complete the objectives are illustrated.

Research limitations/implications

This study illustrated the proposed model with a representative service firm. Future study may refine the model by gathering additional data from real implementations to improve its effectiveness in practice.

Practical implications

This study suggests how an enterprise can construct a consumer co-creation platform from a managerial perspective. The proposed model can serve as a reference that enterprises can implement to increase customer value through co-creation using social media.

Originality/value

Enterprises have begun to notice the power of serving as a platform for co-creating value with consumers. However, it is seldom related to literature. The proposed model of the co-creation process in the social media environment can supplement past research.

Details

Journal of Services Marketing, vol. 30 no. 2
Type: Research Article
ISSN: 0887-6045

Keywords

Article
Publication date: 26 October 2010

Yue Wu, Dai Senoo and Rémy Magnier‐Watanabe

This paper intends to propose an “ontological shift SECI model” as a tool to diagnose organizations in the context of knowledge creation, and thereby support the management of

4337

Abstract

Purpose

This paper intends to propose an “ontological shift SECI model” as a tool to diagnose organizations in the context of knowledge creation, and thereby support the management of knowledge creation‐related projects.

Design/methodology/approach

This research's hypothesis is based on existing knowledge creation theories and is tested using a case study methodology. The authors first examine the model in a completed project in order to test its validity and second, apply it in Company A's software project to demonstrate its feasibility and usefulness.

Findings

In any given project, knowledge creation activities occur in various ontological entities – individual, group, organization or social‐network. The diagnosis tool, which proved to be useful in this paper, traces such ontological shifts and makes visible all key activities of a knowledge creation project. These activities form an “ontological shift model” and trace an “activity map” which exposes underlying enablers and barriers, and provides viable solutions for improvement.

Research limitations/implications

To carry out the analysis, the key activities identified in the knowledge creation‐related project have to be described in detail according to their ontological and epistemological dimensions. However, such description is complex and requires specialized expertise in knowledge creation and rich knowledge of the ongoing project.

Practical implications

The tool proved useful for supporting project managers in diagnosing their project's knowledge creation shortcomings. When knowledge creation breakdowns occur in a project, the tool can act as a navigator and uncover alternatives to continue the knowledge‐creating spiral.

Originality/value

Knowledge creation process is difficult to manage because of its cause ambiguity and intangibility. What is a knowledge creation activity? And why? This model makes explicit experienced managers' tacit solutions to knowledge creation problems. It can make organizational knowledge creation activities visible and therefore manageable for junior staff, outside consultants and even future software modeling.

Details

Journal of Knowledge Management, vol. 14 no. 6
Type: Research Article
ISSN: 1367-3270

Keywords

Article
Publication date: 15 February 2018

Min Li, Huimin Liu and Jing Zhou

This paper aims to propose a new knowledge creation model called Grey SECI (G-SECI), study the knowledge creation mechanism and the relationship between knowledge creation models…

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Abstract

Purpose

This paper aims to propose a new knowledge creation model called Grey SECI (G-SECI), study the knowledge creation mechanism and the relationship between knowledge creation models and innovation performance during complex product systems (CoPSs) development. Research and development of CoPSs relies heavily on knowledge creation. However, most scholars have studied CoPS innovation stages from the view of design process of system products, focussing on functional management and project management during the R&D process for CoPS. Attention is lacking with regards to the key and essence of creating a complex technology: the creation of knowledge.

Design/methodology/approach

Modified from the classic SECI model’s spiral process of knowledge creation, a grey-SECI (G-SECI) knowledge creation model is here proposed vis-à-vis three knowledge categories: explicit knowledge, grey knowledge and tacit knowledge. Then, this paper further analyzes the effects of knowledge creation from the perspective of individual and the view of organization. Besides, an empirical study is conducted.

Findings

Statistical analysis indicates that there are three main paths of knowledge creation: individual experience knowledge acquisition, individual communication and reflection and organizational knowledge learning. Results further suggest that knowledge internalization by practice (KIP) is the key mode of knowledge creation, as well as the most important step for high-quality CoPS performance. Moreover, individual innovation performance is influenced by knowledge internalization by reflection and KIP; and organization innovation performance is influenced by knowledge combination and knowledge systematization.

Research limitations/implications

The coverage of geographical distribution is limited. Therefore, there are no data from foreign enterprises. The impact of different geographical cultures on CoPS knowledge creation model could be further investigated; in addition, the statistical analysis results of this study need to be further verified in other industries.

Practical implications

This paper provides a series of insights for CoPS project leaders. The results may also provide practical guidance for the related management personnel in the fields of human resource training, project planning, project quality and technology R&D in CoPS R&D management.

Originality/value

The paper’s main contribution is to modify classic SECI knowledge conversion model by introducing grey knowledge and build a new G-SECI knowledge creation model. Besides, the paper adds empirical evidence on the knowledge creation paths in CoPS and reveals that internalization by practice is the key mode of knowledge creation.

Details

Journal of Knowledge Management, vol. 22 no. 4
Type: Research Article
ISSN: 1367-3270

Keywords

Article
Publication date: 3 July 2017

Gino Marchet, Marco Melacini, Sara Perotti, Chiara Sassi and Elena Tappia

The resources and mechanisms required to complete a value proposition are generally considered as crucial aspects in designing a company business model. However, research in the…

2308

Abstract

Purpose

The resources and mechanisms required to complete a value proposition are generally considered as crucial aspects in designing a company business model. However, research in the third party logistics (3PL) arena concerned with studying how 3PL providers define their value creation architecture to meet different shippers’ requirements has so far been inadequate. The purpose of this paper is to fill the gap, providing a detailed investigation on how the 3PL providers’ capabilities and logistics expertise can add value to their shippers’ processes.

Design/methodology/approach

A qualitative exploratory research was conducted involving, first, a systematic combining process to understand the main factors and operational strategies whereby 3PL providers can create value and build a comprehensive framework of their value creation architecture. Second, a qualitative survey was conducted on 44 leading 3PL providers operating in Italy to understand how these providers can organise themselves to create value for shippers.

Findings

The 3PL providers’ value creation architecture is presented within a clear and comprehensive framework, together with 30 potential operational strategies that can be used by 3PL providers and the related factors that enable value to be created for shippers. Three main value creation models (volume-oriented 3PL providers, process-oriented 3PL providers and innovation-oriented 3PL providers) are identified. The importance of the different factors enabling value creation is highlighted for each model, identifying the distinctive operational strategies and those adopted most frequently.

Practical implications

From a managerial perspective, 3PL providers will find these results useful for developing suitable strategies to compete on the market. From their side, shippers can understand and evaluate how 3PL providers are able to offer value to their logistics processes, allowing them to select the logistics partner who best fits their needs.

Originality/value

The present paper fulfils the identified need of examining the 3PL providers’ business model in detail. A set of distinct value creation models is identified and thoroughly investigated to reveal the different competitive advantages available to shippers.

Details

International Journal of Physical Distribution & Logistics Management, vol. 47 no. 6
Type: Research Article
ISSN: 0960-0035

Keywords

Article
Publication date: 2 December 2021

Othman Ibrahim Altwijry, Mustafa Omar Mohammed, M. Kabir Hassan and Mohammad Selim

The purpose of this study is to develop and thereafter validate a Sharīʿah-based FinTech Money Creation Free [SFMCF] model for Islamic banking.

Abstract

Purpose

The purpose of this study is to develop and thereafter validate a Sharīʿah-based FinTech Money Creation Free [SFMCF] model for Islamic banking.

Design/methodology/approach

The study has adopted a qualitative research methodology, using three approaches, namely, a survey of the literature to identify the research gap and the variables needed for developing the model, content analysis to construct the variables into a model and semi-structured interview with 10 experts in banking, Sharīʿah and Financial Technology (FinTech) to validate the SFMCF model.

Findings

The major findings of the study lie in developing the SFMCF model for Islamic banking, empirical validation of the model’s viability and acceptability and the implications for the main stakeholders of Islamic banks.

Research limitations/implications

The SFMCF model is specific to Islamic banking and its validation is based on the views of 10 experts.

Practical implications

The SFMCF would necessitate changes to the central bank regulatory framework, convince Islamic banks to forego their powers and advantages of creating money and enhance their abilities to fully adopt Sharīʿah-compliant FinTech.

Social implications

The proposed model if implemented would change positively the perception of the society particularly the stakeholders of Islamic banks and restore their trust and confidence about the direction of the institution toward achieving the Sharīʿah objectives.

Originality/value

The novelty of this work lies in developing and validating the viability and acceptability of the SFMCF model for Islamic banking.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 15 no. 4
Type: Research Article
ISSN: 1753-8394

Keywords

Article
Publication date: 9 August 2021

Gülçin Polat

The purpose of this paper is to analyze the business model of techno parks (TPs) in Turkey and shed light on the value co-creation in TPs in the light of the service perspective…

Abstract

Purpose

The purpose of this paper is to analyze the business model of techno parks (TPs) in Turkey and shed light on the value co-creation in TPs in the light of the service perspective and stakeholder theory.

Design/methodology/approach

In this conceptual paper, a generic business model canvas for Turkish TPs has been elicited based on an in-depth review of the literature. Then, the functioning of the model and the nature of value co-creation have been viewed through the lenses of service perspective and stakeholder theory, and then the relationships and flows between the components of the business model have been visualized with a dynamic model.

Findings

The institutional environment leads Turkish TPs to have similar business models with functional differences. The value is co-created by stakeholders in TPs and value co-creation depends on the skills, competencies and cooperative efforts of all actors involved in the functioning of the business model.

Practical implications

This paper provides insight for TP management companies to improve their business models, for policymakers to refine institutional framework to enable effective functioning of TPs and for stakeholders to understand their role in value co-creation.

Originality/value

This paper provides a dynamic framework and a model for understanding business models of TPs and the value co-creation process, which is an understudied area, especially in a developing country context. It also extends the business model and value co-creation literature in the context of TPs by integrating multiple theoretical perspectives.

Details

Journal of Science and Technology Policy Management, vol. 13 no. 2
Type: Research Article
ISSN: 2053-4620

Keywords

Article
Publication date: 7 August 2017

Corry Ehlen, Marcel van der Klink, Jol Stoffers and Henny Boshuizen

This study aims to design and validate a conceptual and practical model of co-creation. Co-creation, to design collaborative new products, services and processes in contact with…

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Abstract

Purpose

This study aims to design and validate a conceptual and practical model of co-creation. Co-creation, to design collaborative new products, services and processes in contact with users, has become more and more important because organisations increasingly require multidisciplinary collaboration inside and outside the organisation to respond to challenges and create added value.

Design/methodology/approach

This is a design and validation study, which uses mixed-methods, a reconstructive design and a semi-structured interview with a questionnaire as validation. The designed model is validated by 14 scholars and practitioners across fields.

Findings

Designed is a conceptual and practical model, the four-dimensional Co-Creation-Wheel, which contains success factors for co-creation: 12 internal team factors plus 4 external conditions and a core. The validation study of this model, scientifically and as a practical instrument, supported the importance of the components of the model and suggested slight improvements. This resulted in a refinement of the first designed Co-Creation-Wheel.

Research limitations/implications

Although restricted usefulness to large-scale structured innovation practices was expected, the instrument has a broader reach. First applications demonstrate that this Co-Creation-Wheel is multifunctional and international. It inspires, supports reflection of collaboration, stimulates interventions to enhance co-creation practices and human resource development (HRD) activities and is able to measure the quality of co-creation elements. Further research on its effects in co-creation practices is necessary, especially on the role of HRD in co-creation..

Originality/value

This study is the first to design and validate a multifaceted, holistic conceptual and practical model of co-creation that is easy to use for innovators in practice and is multifunctional.

Details

European Journal of Training and Development, vol. 41 no. 7
Type: Research Article
ISSN: 2046-9012

Keywords

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