Why top managements must change their fundamental assumptions

Purpose Despite today’s profusion of customer-centric rhetoric, most business people still believe that the primary purpose of business is profits. But the most resilient and sustainably successful firms consistently select one primary purpose: enrich the lives of their customers. 10; Design\methodology\approach The article maps how the most valuable and fastest growing firms are paving the way for an era of customer-driven capitalism. Findings In the current digital age, an obsession with delivering value to customers is proving to be the key driving force for success. Practical\implications The goal of customer-value primacy is not a threat to other stakeholders. Originality\value Customer-driven leadership is a hallmark of successful management in the current context. Top management must institute and continuously support a value creation process that works backwards from the future. 10;

What contributes to online communities' prosperity? Understanding value co-creation in product-experience-shared communities (PESCs) from the view of resource integration

PurposeThe purpose of this paper is to understand the factors influencing content generation and community initiative in PESCs. Taking advantage of an emerging PESC – Xiaohongshu APP, the study identifies three antecedent resources, including customer-owned knowledge, harmonious passion to shopping and perceived information usefulness, that affect content generating and further community initiative.Design/methodology/approachBased on the service-dominant (S-D) logic model and resource integration related work, the authors proposed a conceptual framework empirically tested using data of a survey and the real content-generating behavior from 347 respondents.FindingsThis paper identifies three resource antecedents of content generating behavior with significant influence. Furthermore, there is a moderating effect of perceived information usefulness among these three resources, which echoes the concept of resource integration. Content generating has a significant and positive influence on community initiative.Originality/valueFirst, the paper identified customer and platform resources promoting the prosperity of PESCs, enhancing the research on antecedents of community prosperity. Second, the paper empirically quantifies the process and outcome of resource integration conceptual model. Third, it enriches the understanding of C2C interaction by investigating the value creation process on PESCs. Moreover, findings in the study provide insights for community managers to improve the operation of PESCs.

Integrated Subsurface Study to Convert Upside Intrabeta Subzone Stakes into Additional Main Targets in Tunu Gas Field, Mahakam Delta, Indonesia

"Intrabeta" is a subzone located in the upper part of Tunu Main Zone between MF3-MF6 regional stratigraphic marker. Total cumulative production from this subzone is at 51 Bcf of gas and 4.96 MMBbl of oil. This interval is situated between Tunu Shallow Zone and Tunu Main Zone, which are the main producing intervals of Tunu Field, a giant mature gas field in Mahakam Delta, Indonesia. With Intrabeta reservoir depositional context more dominated by channel facies and more varied production fluid properties, the development of Intrabeta subzone became more challenging and previously classified as upsides. As Tunu Field is getting more matured, the challenge to deliver infill wells that economically profitable become more arduous. Thus, all attempts to give additional value to the future infill wells should be properly assessed. This paper aims to provide a comprehensive summary of how strategic collaboration between static and dynamic synthesis of Intrabeta subzone has given additional contribution in Tunu Field continuous value creation process. The method started by conducting an extensive post-mortem review on all perforated reservoirs in Intrabeta subzone. Insights from the perforated reservoirs that comprise of production behavior, perforation success ratio, cumulative hydrocarbon production and updated portfolio are then utilized to provide initial prolific area map for future candidates maturation. Data coming from the dynamic analysis were then combined with static depositional analysis on how the hydrocarbon was distributed in Tunu Intrabeta subzone. A new structural map that has been corrected from seismic push-down effect due to shallow gas presence above Intrabeta interval was then utilized to map the structurally promising area. Deterministic channel boundaries and possible sweet spots are then identified and ranked based on the development confidence level. Four wells with additional stakes from Intrabeta subzone have been proposed and drilled in Tunu Main Zone. All wells have successfully found the targeted Intrabeta targets with various post-mortem findings. While in some wells significantly better post-drilling results were encountered, in other cases slightly lower results were found due to static channel development and fluid dynamic uncertainties. All the lesson learned gathered from the pilot wells provide valuable insights on future improvement toward better and more robust Intrabeta candidate maturation methodology. The insights gained from this study have given essential understanding of Tunu Intrabeta subzone characteristics and possible future potentials. Furthermore, this paper provides a comprehensive summary, systematical approach and lesson learned in enhancing previously upside potential of Intrabeta subzone in Tunu Main Zone to compelling additional targets in Tunu Main Zone future wells as part of the continuous value creation process in a giant mature gas field.

What Customer Wants to Read in Your Proposal

Earlier sales executives using their interpersonal - social skills built and cemented relationships with procurement officials over golf games, theatre outings and major events. That era is slowly but surely coming to an end. Today in the digital age, the context is completely different. Every organisation has access to vendors across the globe. Thanks to Artificial Intelligence (AI), organisations can compare their procurement performance in unprecedented detail. Procurement teams have relevant tools and technology to gather insights about seller’s product or service offerings to the minutest detail. However, organisations are also under constant pressure to generate value to their stakeholders on quarter-on-quarter basis. Organisations are looking towards sellers to create value to their stakeholders. Sellers should innovate and help organisations grow in multiple dimensions. Empower organisations generate value to their stakeholders. In short become their strategic partner. In this new arrangement, seller-buyer relationship is no more a transactional, order- taking and resource supplying activity. Selling process is transformed with focus on value creation. Value proposition is the core of value creation. Infact it is a disciplined concept. Sellers who use it as strategic asset create win - win situation. This research paper walks through value creation process and details how value propositions are developed.

Entrepreneurial value creation: conceptualizing an exchange-based view of entrepreneurship

PurposeThis paper proposes an Exchange-Based View of the value creation process. The Borrowing from marketing literature, the EBV advances that entrepreneurs and stakeholders are tied by exchange relationships, through which they co-create value by reciprocally making and realizing promises of value.Design/methodology/approachPropositions are developed and offered to advance the role of exchange in the entrepreneurial value creation process.FindingsThe authors conceptualize the enterprise as a system of exchange relationships between entrepreneurs and their stakeholders, thus proposing an exchange-based view of entrepreneurship.Originality/valueSuch an account of the role of entrepreneurs and of their relationship with the stakeholders has meaningful implications for our understanding of the entrepreneurial tasks of opportunity recognition and exploitation.

Data mining approach investigates Western-style restaurant hospitality management in Taiwan

Purpose In terms of service hospitality, recent discussions of value-in-use from the perspective of service-dominant logic have focused on the customer’s determination of value and control of the value creation process. The purpose of this paper is to extend these discussions by exploring the value creation process in the Western-style restaurant in Taiwan, which is developed value-in-eat creation for restaurants. In Taiwan, Western-style restaurants are as popular as Chinese restaurants because of globalization and cultural integration. However, to local restaurateurs and managers, managing a Western-style restaurant in terms of localization and hospitality on value-in-eat creation presents both academic and practical issues. Thus, this paper aims to investigate Western-style restaurant hospitality management alternatives on the value-in-eat creation process in Taiwan using a data mining approach. Design/methodology/approach Based on a market survey, a total of 1,187 questionnaires was incorporated into a database. The questionnaire design is divided into 7 parts with 35 items. All questions are designed as nominal and ordinal (not the Likert scale) scales. Data mining approach, including cluster analysis and association rules, cluster analysis is investigated possible customer profiles and association rules is implemented to explore customer preference patterns and rules on the value-in-eat creation process. Findings Data mining results show two patterns including Pattern 1: meal patterns and customer preferences for restaurant hospitality management and Pattern 2: customer relationship management (CRM) for restaurant hospitality management that customer profiles and preferences on meal patterns, service patterns and CRM are engaged to suggest effective Western restaurant hospitality management alternatives, such as proper bundles for restaurant types, meals, exotic atmosphere and services of hospitalities in terms of a value-in-eat creation process. Originality/value To the best of the authors’ knowledge, this study is the first study to investigate consumers’ behaviors in Western-style restaurants using the measurement of nominal and ordinal scale for questionnaire development and further to implement a data mining approach on selected data samples. In addition, this study illustrates the patterns/rules of Taiwan customer preferences that best explain the knowledge of how to manage Western-style restaurants from the perspective of customer hospitality using data mining.

Determinants of Halal Awareness and Its Implications for Behavioral Intention

Aims: This study aims to investigate the effect of consumer awareness influenced by knowledge, religiosity, and subjective norm on behavioral intention to buy halal food products in Indonesia. Methodology: Structural equation modeling methods were used in hypothesis testing. Results: The eight tests show no causal relationship between Knowledge and Behavioral Intention. This means that Knowledge does not significantly influence Behavioral Intention to buy halal products. Furthermore, Knowledge, Religiosity, and Subjective Norm have a significant simultaneous influence on Attitude. Similarly, Knowledge, Religiosity, Subjective Norm, and Attitude have a significant concurrent influence on Behavioral Intention. Conclusion: In scientific development, theoretical contributions in halal food are carried out by adding variables, including halalness value creation quality to develop a sustainable halal ecosystem. However, further research should be conducted, especially in the value creation process using another grand supporting theory. Novelty: This study uses quantitative analysis by providing a new conceptual model and the relationship between variables based on consumer culture theory as a novelty.

Value co-creation and co-destruction in the first cashless society in Colombia – a middle range theory approach

PurposeThe research examines the simultaneous processes of value co-creation and value co-destruction in the implementation of a mobile banking application in rural Colombia. Rural communities experience digital and financial deficits and often become the object of technology-based initiatives. In the town, vulnerable female heads of household received a government subsidy through a mobile app, becoming an experimental group for this government–private bank collaboration. In an effort to create the first cashless society in Colombia, the bank engaged the entire town and local government to create a service ecosystem, constituted by operant resources.Design/methodology/approachThis study uses a qualitative, ethnographic approach to investigate the experiences of stakeholders in engaging with a mobile banking app. The empirical data is drawn from 34 interviews, representing different layers of this service ecosystem. The study identified and analysed actor engagement behaviours that occurred in the micro-, meso-, macro- and meta-layers of this ecosystem that shaped the perception and usage of mobile payments and digital money for rural consumers.FindingsThe study found that simultaneous manifestations of the co-creation and co-destruction of value present in different layers ultimately diminished the value proposition for this digital money system. We shed light on how actor engagement transitions across different layers of the ecosystem and that negative interactions in the meta-layer of the ecosystem can affect perceptions of value in the micro-layer.Originality/valueThis study has contributed to the service literature by integrating epistemological cultural theory into value co-creation and co-destruction construct. In doing so, we provide a broader context for understanding how actor engagement can negatively impact on the value creation process and offer a meaningful contribution to the development of midrange theory of the value creation process.

Role of Relational intent in B2B channel relations for their exchange valuations

A fresh perspective on value creation process in B2B relations is proposed based on relational intent. The study includes value creation literature and points to relational drivers towards creating relational values and proposes selective antecedents that can decide the intent of a relationship whic decides the value. A conceptual model is built and tested from data taken from Indian steel distribution channel and inferences are drawn. The study points to decrease in effect of power and control in channel and strengthens the resource sharing theories for relational perspectives.