High‐tech, innovative products: identifying and meeting business customers' value needs

Abstract

Purpose -During the industrial purchasing process of high-tech, innovative products, various decision-influencers within buying companies evaluate the attractiveness of the manufacturer's market offering; namely the "value" of the offering. This paper aims to identify the various tangible and intangible value elements requested by the business customer, and the stage(s) of the purchasing process in which these value considerations take place. Design/methodology/approach -This paper develops a framework that will effectively guide manufacturers of high-tech, innovative products to market, and customize, their offer throughout the different stages of prospective business customers' purchasing process. Findings -The findings, derived from in-depth interviews, demonstrate that manufacturers should focus on distinctive product-, service-, and supplierrelated value elements, and that the particular elements depend on the different decision-influencers, as well as the different stages of the purchasing process. Originality/value -The paper discusses some avenues for future research in the marketing of high-tech products.

What's in it for me? Capital, value and co-creation practices

“…The definition of value in terms of the coexistence of diverse forms of capital and currency variations is an example of such a contribution. While in the previous literature, the identification and determination of the multifaceted value elements of complex offerings remained largely unexplored (Lindgreen, Antioco, Palmer, & Heesch, 2009), the practitioners in this study use the Pra.v.d.a. model to produce a rough yet realistic calculation of the value cocreated through their own interaction practices.…”

Aligning Marketing and Purchasing for new value creation

“…The service dominant logic implies that "there is no value until an offering is used -experience and perception are essential to value determination" (Vargo & Lusch, 2006: 44). Second, there is an increasing focus on the role of value creation through interaction between suppliers and customers (Lindgreen, Antioco, Palmer, & Tim, 2009;Möller, 2006). Recent studies highlight especially the significance of this interaction and not only of the use of goods and services (Aarikka-Stenroos & Jaakkola, 2012;Ballantyne & Varey, 2006;Grönroos, 2008).…”

On Service Innovation and Realization in Manufacturing Firms

“…This shift also implies that service innovation activities are not limited to the firm; customers and other relevant actors are engaged through active participation (Vargo, Wieland, & Akaka, 2015). Recently, scholars have argued that value co-creation through interaction between provider and customer is a key service innovation activity (Edvardsson & Tronvoll, 2013;Lindgreen, Antioco, Palmer, & van Heesch, 2009). By increasing collaboration, the firm potentially becomes a value co-creator that directly supports the customer's creation of value-in-use during service innovation (Edvardsson & Tronvoll, 2013).…”