Creating Value
- Post by: Frank Biananna
- December 1, 2022
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Presenter: Dr. Audhesh Paswan , Full Professor in the Department of Business Management at the G. Brint Ryan College of Business, University of North Texas, Denton, Texas where he currently heads the Masters & Doctoral portfolio in the department.
Images From the Webinar:
Date: December 06, 2022 at 3:30pm (GMT)
Abstract:
People buy goods and services because of the value they get out of it. However, there are very divergent
views about what is value, how to measure it, how it is created and enhanced, who creates it, and for whom.
Furthermore, value may be multi-dimensional including some combination of tangible and intangible
components. It may also include the transaction and acquisition components. In recent years, literature on service dominant logic have further muddied the waters by suggesting that value providers do not create value, they only offer a value creation platform through which the consumer eventually co-creates value.
Despite these divergent perspectives of value, a dominant view is that value is a function of the benefits
received and the price paid by the consumer. However, researchers have operationalized this tradeoff
between benefits and costs in different ways—ranging from very objective to highly subjective. The notion of value anchored in some tradeoff between total benefits and total cost is intuitively appealing. It is easy to see that value involves some form of mental accounting that discounts total benefits from total costs— i.e., if benefits exceed costs then the value is positive and negative if costs exceed benefits.
However, there is something missing. We know that the same benefit may be highly desirable in one context and mundane in another. Similarly, cost may be too high in one context and very reasonable in another. For example, a bottle of water in the middle of the Sahara, with few alternatives if any, may be invaluable and priceless, but in the middle of any modern city, it is a different story. Thus, it is not difficult to see that the notion of benefit and cost is context dependent. Then there is the concept of time and space dimensions, although acknowledged as a critical dimension of value, has been somewhat overlooked by value researchers. In this webinar, we will try to a get a better understanding of value, by looking at the benefits, costs, and context and time. Understanding the nuances of value creation is important for developing economies, including African economies. This understanding will help balance between operand and operant resources, and create greater value for their stakeholders and for themselves
Bio:
“Dr. Audhesh Paswan is the Associate Dean for Academic Affairs and a Professor of Marketing at the G. Brint Ryan College of Business, University of North Texas, Denton, Texas. He received his Ph.D. from the University of Mississippi, USA, an MBA from IIM, Ahmedabad, a B.Tech. (Aeronautics) from IIT, Madras, and a B.Sc. (PCM) from Tinsukia College, Tinsukia, Assam, India. Before coming into academia, he worked in the advertising industry (HTA and Clarion) as an Account Manager and Account Planner; and in consumer product industry (Jagdale Group) as a Brand Manager. His research interests include franchising, channels, strategy, NPD, macro-marketing, service marketing, cross-cultural and global marketing. He has published over 100 refereed journal articles and his work appears in journals such as the Journal of the Marketing, Decision Science Journal, Journal of Retailing, Journal of International Marketing, European Journal of Marketing, Journal of Business Research, Journal of Public Policy and Marketing, Industrial Marketing Management, Journal of Macro-marketing, Journal of Services Marketing, Journal of Current Issues & Research in Advertising, the Journal of Marketing Theory & Practice, Journal of Business and Industrial Marketing, Journal of Brand Management, Journal of Consumer Marketing, Journal of Product and Brand Management, and Journal of Marketing Education among others.”