[DRAFT] How do these models of value compare? We can take various attributes, such as how value is defined, measured, created and destroyed, and which actor and resource focus, as well as how they impact innovation and the challenges the model had:
| value | value-in-exchange | value-in-use | well-being improvement through progress |
|---|---|---|---|
| defined as… | …most a customer will pay | …increase in service system (including beneficiary) well-being | * …potential to reach seeker’s progress sought from their current progress origin * …how close seeker gets to their progress sought from their current progress origin (note that progress states comprise: functional, non-functional, and contextual elements) |
| measured through | * price | * increase in (service system) well-being | increase in well-being – a set of progress comparisons to expectations that vary per phase (before, during, and after), for example: * progress potential vs progress offered * progress reached vs progress offered * progress offered vs progress sought as well as heights of six progress hurdles |
| determined by | * firm * (can argue subsequently by market judgement of price asked) | * beneficiary | * increase in well-being is determined by the progress seeker * in some cases the progress helper may make their own progress comparisons (ie when creating/updating a proposition; or with a specific seeker when determining if making resources available will lead to a successful service exchange (direct or indirect)) |
| created by | * firm through embedding it in products | * co-created by all actors including the beneficiary during the use of value proposition | * emerges as seeker makes progress – on their own or with a progress proposition – progress-making activities may be driven by seeker, helper, or a combination * emerged increases in well-being need to be recognised by progress seeker – a process akin to revenue recognition – in order to be meaningful to them |
| destroyed by | * end customer after exchange made | * Potentially by actors in-use * often represented as co-destruction to align with co-creation position (although this is a misrepresentation) | * one or more involved actor hindering progress being made |
| resource focus | * operand (those that need acting upon for value to be created, typically goods) | * operant (those that act upon other resources resulting in value creation) * (goods are seen as mechanisms that freeze service for temporal/location distribution) | * operant * (goods distribute service) |
| actor focus | * firm | * beneficiary * a proposition sits on a continuum between enabling/relieving propositions | * progress seeker drives seeking progress * seeker drives progress attempt through progress-making activities unless they lack resource * helper provides supplementary resources including proposed progress-making activities * a proposition sits on a continuum between enabling/relieving propositions, located based on who (seeker or helper) performs majority of progress-making activities |
| innovation aims to… | * get higher price in exchange by embedding more value * or get more exchanges through lowering price | * improve well-being (beneficiary and/or service system) | * improve progress through some combination of: – improving how to make today’s progress – improving progress potential closer to individual seeker’s progress sought – reducing one or more of 6 progress hurdles – improving well-being recognition without impacting survivability of progress helper(s) |
| challenges | * has a number of blindspots * provides no obvious framework for innovation | * provides no obvious framework for innovation * price becomes undefined | * value doesn’t exist – we have a more complex increase in well-being view * (however that complexity provides a framework for innovation) |
| benefits | * has been wildly successfull | * offers to address the blindspots of value-in-exchange model | * inherits how value-in-use addresses value-in-exchange’s blindspots * adds the necessary operational aspect of progress |
Let’s progress together through discussion…