Value Dominant Logic

Book excerpt: Increasing disruption, diminishing returns, and demanding customers require business leaders to create more value, remain relevant, and stay ahead of competition. CEOs must evolve a "value creation" culture for the company in order to properly balance the interests of customers, employees, investors, and the marketplace. People who succeed, succeed because they create value, but they do so unconsciously. Creating value consciously makes you create more value and destroy less value. Doing something good or improving the well-being of someone creates value. You buy and re-buy a product on a value basis. Value dominant logic is relevant to all of us. Value creation is used in all fields, but is not well understood. This book takes value creation to the next level, showing how value is basic to human endeavor and is not focused on enough even when we try to create value. Most books on value creation focus on creating monetary value for companies. This book suggests that value is greatly created and enhanced by creating value for others. To create value for customers, one must first create value for the providers, including employees, suppliers, and the society at large. The goal is to improve the quality of life and well-being. This book provides ways of implementing these thoughts and educates readers about value and how to create it.