The Value Imperative

The Value Imperative

Gautam Mahajan
The Value Imperative

Copyright © Gautam Mahajan, 2019

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To my wife and children; and the Value Creation community
 Abstract
Value is imperative for you and your success. But generally, you are
not conscious about Value and creating Value. This book is about
­understanding and creating Value first for yourself to become more pros-
perous, more successful and a better executive, manager, and leader; a
better person and a better human, and to create Value for businesses,
society, and ­government.
The book helps you define the Value potential in you, others, and
objects around you, and understand yourself and become a winner. Lead-
ers and businessmen create Value and are recognized as Value creators as
they move upward in the corporate (and governmental and non-govern-
mental) ladder or in the political system.
People’s concentration is on either the goal (as in the case of a CEO
seeking higher returns for his business), or just doing our job, or just
being functional, or just working mechanically, without understanding
what a powerful notion Value creation is or could be for you and your
business and society.
Value Imperative is a way of thinking that makes Value dominant in
your daily life and in making a new future for you.
Join in this interesting journey about yourself. Discover yourself and
your Value potential, create more Value for yourself and others and find
how this creates greater Value for you (when others recognize you as a
Value creator and valuable). See how it changes your life into positiveness,
creating more Value and significant success.
Schools and colleges and innovators have to incorporate Value cre-
ation into their thinking and curriculum, and their students. Let them
think of a Bachelor’s or Master’s in Value Creation degree.
The book covers different aspects of Value, and how they impact you,
business, society, technology, innovation and creativity, and education;
when and where it exists, how it can be increased, how it is destroyed and
dissipated, and how it can re-emerge.
The book includes the Principles of Value Creation, and as a subset,
the Principles of Customer Value Creation. The book also describes the
6A’s required of successful executives.
viii Abstract

Keywords
Co-creation; Customer Value; Disruption; Technology and Innovation;
Value and business results; Value and Society; Value and You; Value
Boundaries; Value creation; Value Dominant Logic; Value Imperative;
Value waiting to happen; Value
 Contents
Advance Praise��������������������������������������������������������������������������������������xi
Acknowledgment����������������������������������������������������������������������������������xiii
Introduction����������������������������������������������������������������������������������������� xv

Chapter 1 The Value Imperative��������������������������������������������������������1

Chapter 2 The Fundamentals of Value�����������������������������������������������7
Chapter 3 Value Is In Mind of the Perceiver������������������������������������33
Chapter 4 Value, a Business Perspective�������������������������������������������37
Chapter 5 Values and Dilemmas/Decision Making�������������������������89
Chapter 6 Value and Disruption�����������������������������������������������������97
Chapter 7 Value, Society, and Technology�������������������������������������105
Chapter 8 Value and Education�����������������������������������������������������131
Chapter 9 Value Destruction���������������������������������������������������������139

About the Author��������������������������������������������������������������������������������147

Index�������������������������������������������������������������������������������������������������149
 Advance Praise
Gautam has managed to put into one book almost everything we need
to know about creating Value, measuring Value, and strategizing
with Value. Every marketer will benefit by rethinking their business
in terms of Value creation and management.
—Philip Kotler, S. C. Johnson & Son Distinguished Professor
of International Marketing, Kellogg School of Management,
Northwestern University

I enjoyed reading the material from the book. “In order to create Value
for customers, one must first create Value for the providers, including
employees, suppliers, the society at large, and so on.” “The goal is to
improve the quality of life, such that the well-being of human actors
is continuously improved.” These are the credos guiding this book,
expressed by Gautam Mahajan for the development and m ­ anagement
of Value. In the book ways of implementing these thoughts are dis-
cussed. This is an important and educating book about Value and
how to create Value.
—Christian Grönroos, Emeritus Professor, Hanken School of
­Economics, Finland

Mr. Gautam Mahajan is a Value Creator Thought Leader and has

written an exciting and informative new book.
  Gautam leans into Value and pays attention to when and where
it should be created—and how. He believes every touchpoint becomes
a potential brand-building activity and potential point of activation
and retention. In Value Imperative he shows that Value is not a once of
“gift,” but co-created by all involved in their circle of convenience and
­accessibility. It forms part of the journey we walk with our customers
and the e­ xperiences we—or they—create with us.
  There is no clear definition of Value. Value can be defined in
many ways and across many actions and interactions. Value is all
xii Advance Praise

about m ­ icro-­moments that transforms companies to focus on creating

Value for their customers by aligning each person’s role in creating the
Value customers so desperately look for and getting shareholder wealth
and Value.
  VI clarifies many of the uncertainties of what real Value represents.
It is different for different people and within their different circum-
stances. Value is directly linked to people’s experiences throughout their
journeys.
  Gautam recognizes that customers reward companies with their
loyalty and time, increased business, market share and share of wallet,
and profitability. Understanding and implementing Value Programs
is a c­ ustomer Value investment that needs to be budgeted for and seeks
a handsome return.
  As an acclaimed author of many books on Value creation, VI is an
excellent addition to his already well-read book collection.
  May it find a place of prominence in every library—personal or
­business—around the world. A Value waiting to happen.
—Winnifred Knight, Managing Director and Owner—CUBE
[ON THE SQUARE] Pty Ltd and The Marketing Site,
Trainer/Mentor: ­Practical Direct, Data and Digital Marketing
­Workshops, Train-the-Trainer ­Workshops, Consultant and
­Professional Speaker.
E-mail: winn@themarketingsite.com
 Acknowledgment
I wish to acknowledge the help from Jim Spohrer in guiding this book
and to Scott Isenberg and BEP for their support.
 Introduction
Value is a subject everyone talks about, but few know how to create Value
well for themselves and their ecosystem. Value creation is an imperative
for people to succeed.
The book describes Value Imperative (VI) that encompasses human
endeavor and happiness. The book goes beyond just Value creation1 to
helping you (and businesses) understand and realize the Value potential
in you, others, and objects around you, and become a winner. VI mirrors
real world and life.
This book is about becoming more valuable (prosperous, more
­successful and become a better executive, manager, and leader; a better
person and a better human).
Creating Value creates l­eaders
Carl Jung stated, “Unless you
and successful people. These ­people
make the unconscious con-
are recognized as Value creators as
scious, it will direct your life,
they move upward in the corpo-
and you will call it fate.”
rate (and governmental and non­
governmental) ladder or in the political system.
Individuals concentrate on either the goal (as in the case of a CEO
seeking higher returns for his business), just doing their job, just being
functional, or just working mechanically, without understanding what a
powerful notion Value creation is or could be for you and your business
and society.
Schools including business schools teach us (and businesses expect
us) to be good efficient administrators doing an productive job (defined
by the company or the school), but do not teach us to be Value creators,
create Value as a goal, create Value consciously, and destroy less Value.
Therefore, we have to understand what Value means. Value is doing
something that is good, worthwhile, or more importantly what others
consider worthwhile.

  Value creation includes co-creation.

1
xvi Introduction

Value creation is executing proactive, conscious, inspired, or

­imaginative and even normal actions that increase the overall good and
well-being, and the worth of ideas, goods, services, people, or institutions
including society, and all stakeholders (like employees, customers, part-
ners, shareholders, and society), and ideas waiting to happen.
That is why our parents teach us to be good kids and to do good. But
this is soon overtaken by the goal of making a living, of being successful.2
VI is a way of thinking that makes Value dominant in your daily life
and in making a new future for you.
Join me in this interesting journey about yourself. Discover yourself
and your Value potential, create more Value for yourself and others, and
find how this creates greater Value for you. See how it changes your life
into positiveness, significant success, and creates Value.
We want schools, colleges, and innovators to think of themselves as
Value creators and incorporate Value creation thinking into their cur-
riculum and their students. Think of a Bachelor’s or Master’s in Value
Creation degree. We want businesses, society, and government leaders
and politicians to think of Value creation not only for themselves but also
for others and their nations.
Wayne Visser of Antwerp Management School wrote:

Value creation is so fundamental to our human belief systems that

we intuitively feel that it is a worthy, if not an imperative goal,
whether in our personal and family lives, our careers and insti-
tutions, or our communities and societies... Creating something
worthwhile or better—something of Value—is the professed, if
not the actual aspiration of almost everyone.

In fact Value creation is the goal of most dominant logics.

Values are different from the Value we discussed earlier, and Values
create Value. Values are the moral and ethical thinking that forms the
culture of a company and our own beliefs.

  Mahajan, G. 2016. Value Creation. Sage.

2
 Introduction xvii

We wish to impact educational institutes and start Value Creation

Centers. These will help members research and build Value. It might lead
to more Chief Value Creation Officers to encompass Chief Happiness
Officers, Chief Customer Officers, Chief Operating Officers, and the like.
This book only supplements Service Dominant and other dominant
logic teachings. Business people do not focus on these dominant logics
but talk about Value, hence the Value Imperative.

This Book
The book covers different aspects of Value, and how they impact you,
business, society, technology, innovation and creativity, education; and
when and where it exists, how it can be increased, how it is destroyed, and
dissipated, and how it can reemerge. We have given enough references for
readers who wish to get greater details.
The book includes the Principles of Value Creation, and as a subset,
the Principles of Customer Value Creation. The book also describes the
6A’s required of successful executives. This book will make Value think-
ing a mindset. Sometimes Value Imperative is called Value Dominant
Logic, which is also the subject of a larger, more comprehensive book to
be ­published some time later.
 CHAPTER 1

The Value Imperative

We start by looking at what Value Imperative (VI) is, and the eight principles
of Value creation and VI.
Value Imperative is the fundamental thinking on Value, why and how
it is created.1 Value is a dominant logic because it is basic to humans, and
all their actions and endeavors. It is a Human-to-Human (H2H) system.
Value goes beyond the business world into creating happiness, good
for, and improving the well-being of people.
Jim Spohrer, in his preface to Service-Dominant Logic,2 comments that
the market is a quest of human actors for well-being in an ever-changing
context. In other words people seek Value (good, well-being). The quest
to improve the quality of life is fundamental.

The Eight Principles of Value Creation and VI

These principles were first enunciated in my book, Value Creation: The
Definitive Guide for Business Leaders.
Value creation is executing proactive, conscious, inspired, or imagina-
tive and even normal actions that increase the overall good and well-being,
and the worth of ideas, goods, services, people, or institutions including
society, and all stakeholders (like employees, customers, ­partners, share-
holders, and society), and ideas waiting to happen.

The First Principle: Value and its creation are a basic require-
ment or a necessity for sustained human flourishing (Mahajan)3
and ­advancement of human activity, of caring, of well-being

1
  We use the word created and co-created interchangeably.
2
  Lusch, R.F., and S.L. Vargo. 2014. Service Dominant Logic: Premises, Perspec-
tives, Possibilities. Cambridge University Press.
3
  Mahajan. 2016, Editorial. Journal of Creating Value.
2 The Value Imperative

and ­behavior, progress, and creativity. Value and its creation are
important in all fields, e­ ducation and academics, society and gov-
ernment, social work, innovation, ­entrepreneurship, and business.
It impacts humanity and society. Value creation is an essential trait
for ­executives and leaders. It goes beyond the ­classic ­business/social
ecosystem. It can be latent Value or Value ­waiting to happen, which
when perceived could provide the basis for greater Value. Value can
also be enhanced, dissipated, or reemerge over time.
The Second Principle: Value is proactively or naturally exceeding
what is basically expected of you or your job. It is going beyond
your functional and routine roles to adding and creating Value in
your ecosystem. Value creation can be planned or spontaneous in
both functional and emotional thinking, and should be consciously
created (today most Value creation is unconscious).
The Third Principle: Just creating Value for yourself is not enough.
True Value comes from creating Value for others who turn around
and say you have created Value. Value is created for you by others
using your potential Value or your potential to see Value (this, in
a sense, is the real reason why companies are in the marketplace,
because creating Value for customers creates Value for their stake-
holders). What is interesting is that such Value is not just the realm
of the producer, it is also the realm of the user. Co-creation is where
mutual Value is expanded together.
The Fourth Principle: Value and its creation impacts all stakeholders,
that is, you, your colleagues, your employees, your partners ­(supply
chain, delivery chain, unions), your company, government, and
society to create resounding Value for the customer and thereby for
the shareholder. Customers buy or use those products or services
that they perceive create greater relative Value (or worth which is
Benefits minus Cost) for them than competitive offers. It is essen-
tial for companies to create higher Value for their customers than
competition can.
The Fifth Principle: Value and its creation leverage a person’s or an
organization’s or an actor’s potential, learning, and creativity while
making it meaningful and worthwhile for people and actors to
belong and perform, both physically and emotionally.
 The Value Imperative 3

The Sixth Principle: Value and its creation presents a very powerful
decision-making tool for companies to select actions, programs,
strategies, and resolutions of dilemmas and choices for individuals
and the actors that can increase the actors’ longevity (prevention of
Value starvation and destruction) and profitability.
The Seventh Principle: Value and its creation must exceed Value destruc-
tion or reduce negative Value and be done consciously (not just done
unconsciously as often is the case today). You must create more Value
than you consume, else the process will become destructive. The shar-
ing of Value has to be equitable; otherwise Value will be destroyed
for one or more actors. Often by not being caring, governments and
people negate the impact of the Value they are trying to create. Non-
Value-­adding tasks4,5 such as wasted time are Value destroyers.
Sometimes companies try to extract more Value than they cre-
ate (for employees, partners, customers, and society), and this is
destructive.
The Eighth Principle: Values (what you stand for, integrity, honesty,
fairness, etc.) create Value. This holds for all actor-to-actor inter-
actions.6

Having Values prevents destruction of the type Enron and others

who flouted Values wreaked. Creating a culture of Values is essential for
­companies to succeed.
Because the business ecosystem of individuals, companies, employ-
ees, partners, supply and delivery chain, society, government, institutions,
and other recipients of Value are all driven by creating and absorbing
Value, VI is important to the ecosystem. In spite of changes in tech-
nology, ­buying and selling, marketing, and increasingly knowledgeable
customers, the primacy of customers and the availability and sharing of
information, Value, and the creation of Value remain a primary objective
of all the actors.

4
  Mahajan, G. 2011. Total Customer Value Management. Sage.
5
 Adam Smith differentiated between productive and nonproductive work,
which we also do in Value thinking.
6
  Mahajan, G. 2016. Value Creation. Sage.
4 The Value Imperative

VI means that ecosystems flourish, including business ecosystems, by

proactively and consciously becoming aware of, and then developing and
creating or co-creating Value and exchanging it with those that perceive
that Value is being added to them beyond other alternatives or sources,
which leads them to consider, buy, use, improve, or co-create and discard
products and services.
VI goes beyond processes, and the debates of the primacy of ­products,
services, and the customer, because to create Value for the customer one
must create Value for the providers including employees, supply and
delivery chain, and society at large, and the imbibing of Values such as
integrity, morals, and ethics.
Just as the purpose of education is to create Value in society (though
the direct recipient is the student and the employer); or the purpose of
a company goes beyond just the profit motive to creating Value for the
customer, to doing something for its stakeholders and society. Value goes
beyond the actors, though Value has to be created for them.
Value also exists in inanimate and animate objects but becomes
­apparent only when perceived.
Thus, a company’s offering, be it intangible, tangible, or a combi-
nation of the two, is merely Value unrealized, i.e., a “store of potential
Value,” until the customer realizes it through co-creation in context and
gains the benefit (Ng, Nudurupati, and Tasker 2010).7
According to SDL, Value creation occurs because of actors involved
in resource integration and service exchange which is enabled and con-
strained by institutions and the kind of arrangements they have, leading
to a service ecosystem.
Co-creation (not just co-production) of Value is the purpose of
the exchange of service for service processes, and thus fundamental to
­markets and marketing. The scope is widened by using beneficiaries
instead of ­customers. Value is co-created by multiple actors including the
­beneficiary. Value creation takes place in networks.

7
 https://www.academia.edu/1763648/Ng_Irene_C.L._Sai_Nudurupati_and_
Paul_Tasker_2010_Value_Co-creation_in_Outcome-based_Contracts_for_
Equipment-based_Service
 The Value Imperative 5

What Is Value?
From a practitioner and common sense point of view, Value is what we
create for ourselves and others through our actions, beliefs, circumstances,
and thoughts.
Value creation is a process that is easier to define than Value, which
is generally intangible, though we try to define and label it as a tangible.
Our definition of Value creation is executing normal, proactive, ­conscious,
inspired, and imaginative performance of actions that increase the overall
good and well-being and the worth of goods, ideas, services, or institu-
tions including society and all stakeholders (like employees, c­ ustomers,
partners, shareholders, and society), and ideas waiting to happen. In fact,
Value creation is a basic requirement for sustained human fl ­ ourishing
(Mahajan 2016).
Value is the balance between the effort (or the sacrifice) and the result
(or the benefit), and if Value is positive (that is the perceived effort is less
than the perceived result), Value is created. If the reverse happens, Value
is destroyed. Value is also the benefit one gets versus the cost and is gener-
ally is seen in a competitive situation, since actors have alternatives. Value
is intangible because Value depends on the various actors in the Value
­ecosystem and their perception of Value.
In the non-business sense, if you go out with a friend, the interaction
creates Value (Benefits offset by the effort). For the friend, the Value may
be different. Value depends on what and for whom. Value is dynamic and
not static and could be ever changing depending on the context and cir-
cumstances (which includes emotions). Thus, if the friend was reluctant
to go out the Value could be reduced for him.
Concepts like loyalty that are directly linked to Value and Customer
Value Added are dynamic. Unfortunately, businesses do not fully under-
stand its dynamic nature.
Value is fundamental. It is what we are seeking for ourselves and for
our ecosystem. Value exists in what we see and in what we do not see.
It implies something is good and worthy (or meritorious). Value leads to
outcomes (was it worthwhile, useful, or good?) VI works in spite of the
varying nuances of its definition.
6 The Value Imperative

From a business perspective, Value means the worth of something

versus competitive offers. Measurements of Value were proposed by
­Kordupleski (2004) and called Customer Value Added (and if focused on
employees, Employee Value Added).
Customer Value and Customer Lifetime Value (the profit motive, and
what a firm gains from a customer) are outlined in detail by Kumar and
Reinartz (2016).
We define VI to encompass nuances of Value as shown in the following:
Value exists, and can be seen, and can be used by a person (actor) or
enhanced by him. It can be shared, it can be exchanged; and it can be
created (increased) or co-created, and it can be destroyed.
Creation of Value for oneself is self-limiting, unless shared and further
created or co-created with others, which increase the Value to the original
creator of the Value, particularly when the receiver or sharer of Value
notices or perceives the Value being provided. This is an important con-
cept, as companies believe that they can create great Value by themselves
for customers, without having the customer perceive the Value and grow
it either by co-creation or by use or further creation or by communication
to others about the Value the firm has created.
Value in an ecosystem is allocated to various actors, and if done
unfairly, then Value can be destroyed. Non-Value-adding tasks like
­making people wait for meetings are Value destroying.
Value can be created for someone while simultaneously being
destroyed for others.
Graphically this is illustrated in Figure 1.1.

Value created by
others for self

Value created
for others
Value
developed

Value
recognized

Innate
Value in
oneself

Figure 1.1  Value Circles, where various Value actions are shown
 Index
absolute value, 7
Airbnb, 42
artificial intelligence (AI), 66, 107,
116, 120–121
attitudes, 19
attractology, 81–82
attribute tree, 25–27, 55. see also
customer value attribute tree
awareness, 60
aware of value, 13–15
Beer makers, 66
beneficiary, 44–45
Bill of Rights, 59, 61–64
bioinspiration, 9
bottom of the pyramid (BOP), 15
entrepreneurs at, 113
boundaries of value, 41–44
brain drain, 11
brand equity, 18, 55–57
brand value, 75
B-school program, 88
business dilemmas, 89–90
business ecosystem, 39–40
business value, 41–44
classic business/social ecosystem,
44–46
value added and value creation,
40–41
Business for Social Responsibility
(BSR), 128–129
business school, 88, 110, 131
business value, 41–44
capitalism, 112
capital system for sustainability,
126–128
CEO Force for Good, 111–112
Chief Customer Value Creator, 85
Chief Employee Value Creator, 85
Circle of Promises, 63–64
Cisco Systems, 118
classic business/social ecosystem,
44–46
co-creation, value, 4, 55, 67, 100,
115, 139–140
company, value creation, 86–88
conscious capitalism, 30, 78, 105
connect and develop, 114–115
consumption, 100
Continuous Customer Improvement
Program (CCIP), 61, 63
corporate social responsibility (CSR),
30
correlation, 79
cost, 71–72
creating value, 16–18
creating value for yourself, 2, 16–20,
51, 147
creation and destruction of value
customer, 47
ecosystem, 46
customer-centric circles, 58–61
customer experience, 146
customer journey, 45
customer lifetime value, 6
customer obsession/success, 69–71
customers, 65–69
Bill of Rights, 59, 61–64
Circle of Promises, 63–64
customer strategy, 58
customer success, 146
Customer Success Association, 70
customer value, 6
customer value added (CVA), 6,
24–25, 142–143
customer value attribute tree, 71–73
brand value, 75
knowledge, 76
sub-attributes, 73
of benefits, 73–74
components of, 74
of image, 74–75
150 Index
customer value creation, 27–28
principles of, 28–30
Customer Value Foundation, 105, 147
Customer Value Index, 85
Customer Value Management, 61
CVS Pharmacy, 65–66
definition of Value creation, 5
democratization, 115, 118
digital transformation/technology,
118–119
digitization and virtualization of
education, 136
dilemmas, 89–90, 92
ethical and social, 92–95
pricing, 89–90, 92
disruption, 12–13
life and VI, 103
seeds of, 101–103
and value, 90–95, 97–101
value tree, 90–91
Do Not Annoy (DNA) factors, 61
ecosystem, 46
education, 131–138
value creation in, 134–135
educational philosophy, 135
education and B-school paradigm,
88
education and technology, 136–138
education, purpose of, 4
eight principles of value creation,
1–3
elements of value, 8, 9
emotional intelligence, 120–121
employees, 53–58
employee value added (EVA), 25, 54
energy, 119
entrepreneurs, 113
ethical dilemmas, 92–95
ethics and traits, 51
everything-as-a-service (XaaS), 118
executives, 47–48
“Expanding Role of Sustainability
Leadership,” 129
experts value proficiency, 125
extrapreneurs, 113
extrinsic value, 8
Facebook, 54, 79–80, 103
faculty members, 134–135
financial capital, 128
5 R’s, 127
flexibility, principles of, 51, 77
FlixBus, 13
flourishing business (FB), 70
Forum for the Future, 127
frontline people, 58, 59, 60
Future of Employment, 119
futurists, 129
Google, 79
Google Nest, 76
Google Search, 103
government, 126
GST (Goods and Services Tax), 26
happiness, 20–23
Harvard Business Review (HBR),
108, 110
health and value, 39
Helsinki University, 99
hotel courtesy, 68
human capital, 127
Human-to-Human (H2H) system, 1
IBM, 114
IBM Watson technology, 66
idea generators, 124
inclusive capitalism, 112
Indian Institutes of Management,
11
Indian Institutes of Technology, 11
innovation network, 124, 125
innovation, value creation and,
122–126
Insight: Value Creation, 98
integrated value, 30–31, 78
measurement, 79–80
shareholder value, 80–81
integrity and honesty, 51
Internet, 122
intrinsic value, 7, 8
knowledge and value, 76
Kotler’s principles of marketing,
37–38
 Index 151
Larry’s Letter, 49–50
latent value, 7–8, 12
leaders, 50–53, 128–129
leadership and value, 48–50
life and VI, 103
M&A and value, 99–100
McKinsey, 80, 87, 110, 121, 122,
124–125
Makiguchi, 107
Mahajan task matrix, 144, 145
manufactured capital, 128
manufacturing, 76–77
marketing, principles of, 37–38
Masters in Value Creation (MVC), 88
measurement of value, 24–27
money, value of disruption, 102–103
morality and legality, 144–146
morals and ethics, 50
motivation, 43
natural capital, 127
9/11 terrorists, 98
non-Value-added tasks, 140–144
nuances of value, 7–8
Olam International, 111
Olam Livelihood Charter (OLC),
111
Pareto improvement, 139
partners/supply chain
value and, 64–65
perception of value, 13–15
personalization and customization,
67
philanthropy, 30
Ple, Loic, 139
potential value, 12
price justification, 146
principle of reciprocity, 113
Procter & Gamble (P&G), 114–115
productivity declined, 122
Project Data Sphere, 12
Pursuit of Happiness, 21
reality vs. perception, 82
return on investment (ROI), 108
Rolls-Royce engines, 13
Roser, Max, 105–106
safety, 68
self-driving cars, 42
self-esteem and awareness, 59–60
Service-Dominant Logic (SDL), 1, 4
shareholder value, 80–81
Shinkansen train, 43
6A’s (awareness, ability, anticipation,
agility, ambidextrousness,
and attitude), 18, 24, 39,
60, 133
6Ds, 115
skilling and employment, 119
smartphones, 71
social capital, 127
social dilemmas, 92–95
social improvements, 105, 106
social media, 113–114
social network analysis (SNA), 114
society, 77–78, 107
Soka education, 135
Soka Gakkai, 107
sport utility vehicles (SUVs), 70–71
stated vs. implied weights, 68–69
Stitch Fix, 67
sub-attributes, 73
of benefits, 73–74
components of, 74
of image, 74–75
surplus value, 7
sustainability, 108–112
capital system for, 126–128
framework for, 112
technology and, 121–122
talent to value (T2V), 53
technology, 116–119
education and, 136–138
and sustainability, 121–122
technology and innovation, 123
Total Customer Value Management,
61, 147
traits, 51
transformational leadership, 70
transient value, 35
Triple Bottom Line, 127
trust, 54, 57
152 Index
Uber, 42
uncertainty, 89
University of Cincinnati design labs,
115
value, 5–6, 15–16, 18
and attitudes, 19
creation, 16–20
and education, 131–138
elements of, 8, 9
for employees, 53–58
and government, 126
of happiness, 20–23
and leadership, 48–50
and manufacturing, 76–77
measurement of, 24–27
mind of the perceiver, 33–34
nuances of, 7–8
and partners/supply chain, 64–65
and society, 107
transient, 35
value added and value creation,
40–41
value-added employee, 55
value-adding tasks, 143–144
value and customers, 65–69
value and disruption, 90–95,
97–101
life and VI, 103
seeds, 101–103
value and education, 4, 16, 88,
119–120, 124, 131–138
value and you, 15–18
value-based leadership, 51
value boundaries, 40
value circles, 6
value co-destruction, 139, 140
value constellations, 146
value creation, 5, 16–20, 131–133
benefits of, 85–88
definition, xvi
and dilemmas, 92
in education, 134–135
eight principles of, 1–3
and innovation, 122–126
in society, 77–78
Value Creation Centers, xvii, 133
value creation company, 85
Value Creation: The Definitive Guide
for Business Leaders, 1
Value Creation Councils, 133
value creators, 128
value destruction, 139–146
value dissipation/destruction, 22–23
Value Dominant Logic, xvii
value ecosystem, 41
value exists, 7
value imperative (VI), 1, 3–4, 11,
12, 33, 37, 40, 43, 44,
67, 105, 118–119, 129,
145, 146
education, 138
and frontline, 58
life and, 103
and value perception, 35
value reemerging and, 24
and value waiting to happen,
13–15
value journey, 44–45, 63, 65, 146
value map, 82–84
value perception, 35
value proposition, 72
value pyramid, 9
value reemerging, 23–24, 146
and VI, 24
value starvation, 3, 58, 90, 139,
145
value and society, 107
value waiting to happen, 2, 8–12, 16,
23, 24, 39, 78, 100
business value boundaries and,
41–42
disruption and, 12–13
VI and, 13–15, 31, 44
values, 3, 18–20, 107, 146
vs. attitudes, 19
creating culture of, 3
culture and, 67
as customer value creation
principle, 29
definition of, xvi
dilemmas/decision making and,
89–95
employee, 54
leaders must have, 50–53
VI and, 4, 138
 Index 153
value, happiness and, 20–24
value destruction and, 141
Values, Beliefs, and Attitudes (VBA),
51–52
value-in-exchange, 10
virtual reality (VR), 118
Visser, Wayne, xvi, 112, 126
Walmart, 109
Walt Disney Company, 110–111
waterfall of needs, 146
well-being, 22
World Economic Forum, 123, 125
zero complaints, 65