Abstract
Globalization has driven competition and new challenges among firms to survive in the marketplace. Most firms have adapted their policies to remain innovative and apply new technologies in products and services to gain competitive advantage. Simultaneously consumer-buying dynamics have also become unstable in the face of continuous innovation and improvements in products and services through user-friendly technologies. This chapter addresses the explanation for this apparent paradox, which lies in implementing structural change in firms through the convergence of industries and technologies, market connectivity and globalization, and the evolving role of the consumer from passive recipient to active co-creator of value. Hence, managers need a new framework for value creation and function within a network of firms and consumer communities to co-create value. This chapter argues that as a result, the focus of innovation will ship: from products and services to creating environments in which individuals can interact to co-construct their own experiences. These personalized consumer value chains will be the means for innovations and technologies to grow in industry and diffuse in the global marketplace.
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Rajagopal (2014). Globalization and Emerging Firms. In: Architecting Enterprise. Palgrave Macmillan, London. https://doi.org/10.1057/9781137366788_1
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DOI: https://doi.org/10.1057/9781137366788_1
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