Premium
Business strategy and business environment: The impact of virtual communities on value creation
Author(s) -
Ardley Barry,
McIntosh Eleanor
Publication year - 2019
Publication title -
strategic change
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.527
H-Index - 16
eISSN - 1099-1697
pISSN - 1086-1718
DOI - 10.1002/jsc.2287
Subject(s) - business , value (mathematics) , marketing , product (mathematics) , value creation , business environment , process (computing) , business model , industrial organization , creating shared value , process management , business administration , computer science , public relations , corporate social responsibility , geometry , mathematics , machine learning , operating system , political science
The impact of new forces in the firm's business environment means that strategy and value are now delivered and captured in digital spaces occupied by virtual communities of customers. These strategic changes have made possible the sharing of value creating practices between consumers and firms, where customers are now highly influential in brand decisions. Technology has made it possible to co‐opt customers directly into the product design process. Many customer facing strategy processes and practices have been transformed due to changes in markets, technology, and the business environment.