Journal
JOURNAL OF BUSINESS RESEARCH
Volume 136, Issue -, Pages 274-283Publisher
ELSEVIER SCIENCE INC
DOI: 10.1016/j.jbusres.2021.07.041
Keywords
Value proposition; External event trigger; Macro-environment; Modern slavery; COVID-19; Hospitality
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This paper investigates strategic moves made by firms in response to external event triggers to further develop or change their value propositions. By providing a framework that describes the characteristics of external event triggers as well as the elements and strategic dimensions of value proposition dynamics, the paper aims to help practitioners enhance their firm's ability to survive and thrive.
In light of recent calls for adopting a dynamic perspective on value propositions, this paper investigates value proposition dynamics - i.e., strategic moves made by firms to further develop and/or change their value propositions - in response to external event triggers. External event triggers are disturbances emitted from the macro-environment that challenge the status quo of one or more market actors and/or the industry in which they are embedded. This paper provides a framework that describes the characteristics of external event triggers as well as the elements and strategic dimensions of value proposition dynamics. The relevance of this framework is illustrated by exemplars and case vignettes from the accommodation industry with regard to two external event triggers: human trafficking awareness and the COVID-19 pandemic. We conclude with a guide for practitioners on how the value proposition dynamics framework can be used to increase their firm's ability to survive and thrive.
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