The business environment has evolved nowadays towards a more connected and coherent setting, which seeks to establish customers and companies as equal partners. As such, the locus for value creation was extended outside the boundaries of the company, and into the reality of companycustomer interactions. The new paradigm poses both an opportunity and a challenge for the traditional business setting, but the progress towards it ‘cannot be stopped’ (Prahalad & Ramaswamy 2004). The aim of this thesis is, on the one hand, to provide a holistic perspective on the business model and value co-creation concepts. On the other hand, this thesis aims to reveal and analyze the relations established between these two concepts and concepts which, one way or another, influence the understanding of value co-creation and/or business models. The literature review and the subsequent analysis include some of the most popular and relevant perspectives in the field. The theoretical part of the thesis is, moreover, geared towards providing both a thematic review and an illustration of the historical evolution of the concepts. The thesis is divided into two main parts: a literature review meant to clarify and provide insights into the business model and value co-creation notions, and an empirical part based on the analysis of a single, longitudinal case study on Liz Claiborne. I have constructed the analysis of the case study based on the implementation of the Business Model Canvas (Osterwalder & Pigneur 2010) and the DART model (Prahalad & Ramaswamy 2004). The findings resulted from my research and analysis highlight that there is still a lack of consensus on the definitions and components of business models and value co-creation. From an academic perspective, the reviewed theories have different terminologies, but they do, to some extent, tell the same story (Magretta 2002). From a managerial perspective, companies tend to misuse the concepts due to a lack of understanding, coupled with a fear of change (Siggelkow 2001). There is a need to reach a common ground and integrate the two concepts in order to reach a fit between the external and the internal environment, at the same time allowing for flexible changes and innovation.
|Educations||MSc in Business, Language and Culture, (Graduate Programme) Final Thesis|
|Number of pages||100|