Creating Enduring Customer Value

Abstract

Definition precedes measurement. The authors define and discuss value, customers and processes to create value. To do so, they distinguish between three business philosophies (product-centric, competition-centric and customer-centric), three types of customers (user, payer and buyer) and three primary types of value (performance, affordability and service) based on these customers’ preferences. They introduce and give examples of 10 unique ways of creating value for customers and conclude with research questions for creating enduring customer value.

Keywords

Customer value business philosophy pandemic

Introduction

Prevailing business practice and philosophy of value creation and value delivery have evolved significantly over the last seven decades. Post the Second World War, the focus of businesses was product centric. This was because the war shrank the manufacturing capacity for consumer goods worldwide either through destruction or shift of capacity to wartime production. Thus, demand exceeded supply, and the managerial focus was on manufacturing, supply chain and outsourcing. This imbalance gradually improved as manufacturing capacity was rebuilt and businesses proliferated. Producers recognized that they had to adapt to the changing landscape and become more competition centric. Starting with consumer durables such as automobiles and appliances, the marketing emphasis shifted towards segmenting the market and promotion of value to inform the consumers why the offering is their best choice.

Today, despite a pandemic, supply far exceeds demand for most categories, especially in emerging markets. Competition is intense, and businesses cannot afford to be not customer centric (Sheth, Sisodia et al., 2000). Some firms even focus on segments of one, offering customization for each consumer.

In this article, we define and discuss value, the roles of the customer and their varying interests in different types of value and 10 processes through which businesses create value. We conclude with pertinent research questions to advance theory and practice for creating enduring customer value.

Defining Value

Traditional definitions of value have relied on the concepts of worth, utility and the consumer’s willingness to pay for that perceived worth or utility. In turn, willingness to pay depends on consumer wants (shaped by background, culture and contextual factors) and desires (associated with aspirational value). Interestingly, the convenience and network externalities offered by some products (e.g., smartphones) have transformed corresponding consumer wants to needs. While we cannot live without one today, few consumers thought they needed a mobile phone when Martin Cooper of Motorola made the first mobile call in 1973 (Seward, 2013). The same trend applies to ordering online and delivery services.

Over time, marketers began to understand that consumers seek other values such as conspicuous consumption and keeping up with the Joneses. According to Sheth et al. (1991), there are five general types of value that products and services provide to consumers.

Functional value is defined as ‘perceived utility acquired from an alternative’s capacity for functional, utilitarian, or physical performance’ (Sheth et al., 1991, p. 159). It is therefore a collection of salient functional, utilitarian or physical attributes, measured by choice attributes (Sheth et al., 1991). For example, quality features are common functional attributes in automobiles. They are engineered and manufactured to specifications.

Social value is based on associations with social groups such as demographic, socioeconomic and cultural/ethnic, measured by choice imagery, for example, drinking at a pub instead of home (Sheth et al., 1991).

Emotional value is based on, and measured by, capacity to arouse feelings, for example, use of perfumes and cosmetics.

Epistemic value is based on curiosity, novelty or desire for knowledge (Sheth et al., 1991). For example, someone might try a new restaurant to satisfy a curiosity or experience a new cuisine. Collecting paintings or other artwork is often driven by epistemic value.

Conditional value is based on context, situation and other contingencies that may alter the value proposition. Examples include beverage service during a hot day on the beach, an umbrella during heavy rainfall or having turkey on Thanksgiving.

All types of value shape the total value proposition, and a purchase can be characterized by multiple types of value. For example, the purchase of an electric vehicle might offer functional value (faster acceleration and less costly to operate), social value (friends are also making green purchases), emotional value (better safety and crash record), epistemic value (the novelty of the vehicle) and conditional value (work–home distance close enough to not invoke range anxiety and enabling convenience of charging at home). Though it is challenging to identify products associated with just one type of value, such examples exist. For example, nails and staples are defined primarily by their functional value. Romantic novels may offer emotional value, and smoking weed may be driven by social value.

Defining Customers

Value is perceived and defined by the customers and often differently by different customers. Traditionally, customers have typically been defined and segmented as household customers, enterprise customers and government customers. However, we suggest that whereas the traditional definitions have been contextual, customers have three primary roles universally: user, payer and buyer (Sheth, 2002; Sheth & Uslay, 2007).

This observation is especially true for B2B/enterprise contexts where consumer roles tend to be demarcated. While all three roles may be assumed by the individual consumer in personal consumption (e.g., paying for a meal), these roles are more often separated and assumed by different individuals and departments in large Fortune 500 customers. Namely, the procurement department represents the role of the buyer, the finance department represents the role of the payer, and the employees are the users. Nevertheless, a separation can be observed even in consumer markets when the user is neither the payer nor the buyer. For example, the employer offers (buyer) and covers (payer) health insurance for its employees (user). Similarly, employees are often issued office products (e.g., personal computers) chosen by the procurement department and paid for by the finance department.

These employees (users) are neither buyers nor payers. The customers do not pay for (directly) or buy public goods such as parks, recreation centres as well as roads and other infrastructure. Finally, in most households, children tend to use products purchased and paid for by their parents.

Historically, much of the supplier and academic focus has been on the role of customers as buyers and their choice process (Malhotra et al., 2008; Sheth, 2002). There has not been a commensurate emphasis on the remaining two roles: customer as the user and customer as the payer. Importantly, each of these roles actually seeks different types of value from the marketers. Users want performance value, payers want affordability value, and buyers want service value. Therefore, it follows that marketers who offer a superior product or service at a lower price in a customer-friendly manner can create sustained customer value. Maximizing value requires broadening the focus from buyers to delivering all three types of value. In the absence of that, a keen understanding of the customer can offer insights into trade-offs to offer more perceived value to customers. Even for an individual consumption item where the consumer assumes all three roles, there is a need to understand which needs will be satisfied to what degree based on different roles.

Creating Value for Customers

Historically, customer value was primarily thought to be offered via product offerings. Businesses later recognized that value could also be offered through marketing programmes such as loyalty programmes and sales promotions. However, we suggest that value creation should be process driven and not programme driven for sustained loyalty. Loyalty programmes tend to be tactical and easy to emulate whereas process improvement is hard to duplicate. For example, United Airlines countered American Airlines’ AAdvantage loyalty programme launched in May 1981 with its Mileage Plus programme within a week (Sheth et al., 2007).

Next, we identify and discuss 10 dominant processes which create customer value. More often than not, businesses do not connect the dots and recognize that these processes create value for their customers even though they may be executed in the company for cost reduction.

In general, there is no single company that delivers all three types of value (performance, affordability and service) with equal excellence even though some we use to exemplify come close. Figure 1 illustrates the 10 processes that create value for customers.

Figure 1.

Source: The authors.

Performance Value

We have identified three processes that create performance value for the user.

Quality: The most widely recognized, and perhaps even taken-for-granted, way to deliver performance value is through offering and improving quality. Quality was historically viewed as directly proportional to cost (and by extension price). Professors W. Edwards Deming and Joseph M. Juran who developed the principles of statistical quality control were initially shunned by the US automakers only to be taken seriously after their principles fuelled the global rise of Japanese automakers. As it turns out, building something right reliably is a lot more cost-efficient than product recalls and fixing later. Better quality obsession is even more important in upstream supply chain such as raw materials and components. This is because poor quality amplifies the costs as one does more value-added on the raw material or the component. This benefits the customer in addition to the supplier company directly.

Malcolm Baldrige national quality award, launched in the United States in 1988, was the result of this wake-up call. The Japanese embraced the principles of total quality management across manufacturing sectors and created global brands such as Toyota, Panasonic and Sony. For example, Toyota manufactures the top-selling car in the United States (Toyota Camry), and it sold more vehicles in the United States than General Motors (which was the market leader for almost a century) in 2021 (Isidore, 2022) because it made more reliable cars.

Differentiation: Businesses can also enhance their performance value proposition through differentiating their product, value chain components or brands. For example, Lego and Post-It Notes both stand out from their competitors through product form or colour whereas Airbnb pioneered a new segment out of a market cornered by an oligopoly of hotel chains. Brands such as Patagonia or Lululemon also convey emotional value and make the underlying products stand out in a crowded competitive landscape.

Innovation: Not surprisingly, a third option to create performance value is to deliver (from incremental to unfathomed) functionality through innovation. For example, Apple has done this consistently with its iPod, iPhone, iPad and more recently the Apple Watch. Consumers got a user-friendly interface for their music library with their iPod and a new way to create and work with the iPad. Please also note that Apple was not the inventor but rather the integrator of these technologies. It did not invent the smartphone; however, the iPhone was so revolutionary that it toppled global market leader Nokia which saw its global market share shrink from 50% to merely 3.1% in 5 years (Statista, 2013). Apple has also created an ecosystem around its offerings making it very inconvenient for consumers to ditch the externalities and move to a rival platform. Meanwhile, upgrades within Apple’s product platform can be completed in minutes. Today, the focus of innovations is moving toward digital products and services.

Affordability Value

Affordability value consists of two components: ability to pay and willingness to pay. The processes are designed to offer better value for the price consumers pay, resulting in what Alfred Marshall referred to as consumer surplus. We have identified three processes with which companies create affordability value.

Target costing: Replacing the traditional approach of adding margins on top of costs to derive price, target costing starts with a price and then designs the product so that costs can be aligned with what the consumers are willing and able to pay. Intel co-founder Gordon Moore famously observed that the number of transistors doubles while the cost of the PC is halved roughly every 2 years. Moore’s law held true and defined half a century of progress (Rotman, 2020). Had the automotive sector kept abreast with Moore’s Law, the cost of a Lexus would be about a dollar, it would run at the speed of sound, and range 600 miles for a drop of gasoline—alas, it would also be the size of a postage stamp! (Schulman, 2018). Moore’s thinking was applied to other components such as data storage and helped the electronics sector predict prevailing price points and develop products at significantly lower costs for decades. Likewise, P&G first considers what the consumers in the target market can afford and then ‘reverse engineers’ features and processes to meet the target price, even considering what pocket change consumers tend to carry (Byron, 2007).

Mass customization: Another way to create affordability value is to automate customization and offer abundant choice with lower prices. An applicable analogy is the difference between a French and a Chinese restaurant. While the French restaurant employs a chef using precise cuisine recipe and offers a limited menu at high prices, the Chinese restaurant has a cook that mixes and matches a limited number of ingredients to offer a variety of dishes quickly and affordably. Motorola was a pioneer of such processes. Even in the early 1990s, a sales rep and a customer were able to co-design a pager from 29 million possible combinations, which could be transmitted to the pager factory online and could be ready to ship within hours (Pine II et al., 1993). Hanes’ L’eggs replenished racks of hosiery nestled inside its famous ‘eggs’, available at supermarkets and drug stores (as opposed to department stores or boutiques), varying its offerings based on consumer location. There were 120,000 racks, each one customized based on the local demand. Impressively, this was all accomplished pre-internet.

Global sourcing: Ricardian logic implies procuring better products wherever they may be and bringing them to where the consumers are. Marks & Spencer pioneered the notion in retail and today successors such as Walmart and Amazon naturally cast a wide net and source globally. They utilize their cost advantages to assert price advantages in the marketplace. Moreover, global companies increasingly find it beneficial to have a presence where the human resources are abundant too. Hence, more and more R&D centres have been shifting to China and India to be able to optimize cost and enhance value (Sheth et al., 2020). In fact, India is home to more IBM employees than the United States (Goel, 2017).

Service Value

Service value is related to the buying process and creates value for the buyer. We have identified four processes. They all make buying or procurement less of a hassle by reducing or eliminating frictions.

Frontline information systems: In large corporations, most IT systems typically outlive their depreciation cycle, and processes are typically organized from raw materials, to production, inventory/warehouse, and the customer. There has been an explosion in the availability of customer data which has led to the use of increasingly sophisticated CRM systems (Sheth, Parvatiyar et al., 2000; Sheth, Sisodia et al., 2000). Businesses with high value-add must develop demand-driven IT processes, integrating multiple touchpoints with the customers. Today, the traditional system is reverted when the customer places an online order (i.e., reverse marketing [Sheth & Sharma, 2004]). Alas, investing in frontline information systems to capture pre- and post-sale processes represents a significant cultural shift for many organizations, a hurdle they find hard to overcome.

Harvesting of insights from big data via artificial intelligence is quickly becoming a difference-maker. Offering convenience through algorithms and last-mile logistics, Amazon Prime has grown over 50% since 2017 and has achieved 200 million subscribers globally (Statista, 2021). Due to the convenience offered by its smart interface, almost half of all product searches start on Amazon (Lynkova, 2022). Customers find their site more accessible, user friendly and convenient than a visit to the local store. Similarly, the Uber app makes local transportation so convenient that it has become a necessity for many consumers.

Universal access: E-commerce has sparked a revolution in retail, and access has been democratized further by mobile devices even for small businesses. Online ordering and delivery have been replacing visits to the brick-and-mortar stores. For example, Amazon captured 18% of Black Friday sales in 2021 (Lynkova, 2022). Many leading retailers have been emulating pizza chains such as Pizza Hut—you can order your pizza and eat it at the restaurant, order online and pick it up at the restaurant, or have it delivered to your home.

Easy to do business: It is essential to identify and remove frictions from the customer experience. 121-year-old Nordstrom continues to do this well by closely integrating its online and offline channels, offering innovative store formats such as Nordstrom Local and personalized products and services: Customers may pick up items 24×7 and ‘reserve up to 10 items they want to try on when they arrive in-store. When a customer is 0.2 miles away from the store a sales associate places their items into a fitting room and notifies the customer when the fitting room is ready’ (McKinnon, 2020). Nordstrom had already started offering kerbside pick-up prior to the COVID-19 pandemic and even accepts returns of online orders from competitors (McKinnon, 2020).

Similarly, Disney invested $1B to remove frictions and enhance the customer experience via MagicBands which permit Disney to bring your luggage to your room, grant you park access and priority access to pre-reserved rides, bring your lunch to your location in the restaurant and even capture and deliver images on rides and with cast members (Desmond, 2015).

Post-sales support: The process of creating value does not conclude but rather starts with the sale from a customer-centric perspective. Post-sale purchase reinforcement and retention of customers is key for value creation and mostly falls on the shoulders of support staff. In sectors like automotive, a significant chunk of the value exchange happens post-sale; thus, demonstrating responsiveness and empathy, and nurturing relationships are increasingly important. Integrated CRM processes have become crucial in empowering front-line employees to go the extra mile in service. Value co-creation extends to a product’s complete life cycle through co-maintenance and co-disposal (Sheth & Uslay, 2007). Leaders who want to deliver superior value must be relentlessly obsessed with process audits and improvements.

Conclusion and Future Research

Measurement often leads to improvement. Given the importance of customer-centricity for success, it is critical to make customer-centric measures part of the performance measurement system and tie them to incentives. However, it is not enough. We applaud the initiative by Doshisha University’s Value Research Center in incorporating a broader and sustainable perspective of stakeholders including the triple bottom line: (a) the organization, (b) shareholders/owners, (c) customers, (d) employees, (e) partners (including supply chain partners), (f) society, (g) planet (Sugai et al., 2022). These efforts build on the United Nations’ 17 Sustainable Development Goals and agenda for 2030. After all, the business of business is more than business (Sheth, 2020; Sisodia et al., 2007).

First, businesses must support the community and vice versa. Historically, many large corporations were headquartered in smaller cities/towns (e.g., Whirlpool in Benton Harbor, Michigan) where the merits of serving the community were explicitly recognized. When the headquarters or owners relocate to large cities (often for capital access), the community perspective gets hijacked. This has been increasingly the case since the energy crisis in the 1970s. However, we think there is also a need to develop parsimonious measures to capture value and induce widespread adoption by practitioners. Even though the Net Promoter Score is not superior to alternatives (Keiningham et al., 2007), its simple and intuitive nature has resulted in its use as a dominant metric.

Second, businesses must create shared value and not just shareholder value (Kramer & Pfitzer, 2016; Porter & Kramer 2011). We advocate a societal marketing approach where the objective is to promote mindful consumption as opposed to encouraging or influencing more consumption (Sheth et al., 2011; Sisodia et al., 2007; Uslay & Erdogan, 2014).

The new frontier for doing so increasingly lies with tri-sector (public, private and government) collaborations (Sheth et al., 2020; Uslay, 2019). For example, Propel unlocks assets and uniquely creates value by enabling food stamp (government) users to track their balance and discover savings (e.g., double-value venues) and resources such as food pantries and summer meal programmes (social) through their app (private) (Contreras, 2022).

While significant progress has been made to accurately value customers (Hinterhuber & Snelgrove, 2020; Kumar, 2018), it is worthwhile to remember that value creation is a special case of value co-creation where one party is dominant (Sheth & Uslay, 2007). In practice, the vast majority of all value is co-created, yet measuring co-created value presents even more significant challenges (Ramaswamy & Ozcan, 2018; Ranjan & Read, 2014). Unlocking total value creation requires resolving the tensions within the organization of different functions such as R&D and finance and aligning objectives. For example, awareness, affordability and accessibility are commonly attributed to the marketing function; acceptability, education, activation to the sales function; and reinforcement, retention, and responsiveness to the customer support organization (Sheth & Sisodia, 2012).

We conclude with research questions to further the dialogue on value creation and measurement:

Evolving role of technology in value creation and global rollouts: How can new-age technologies (such as AI, robots, blockchain, drones, IoTs, VR/AR, metaverse, etc.) be best utilized to create, enhance and enable value? For example, how can we deliver empathy via bots?

Focus on sigma over mean and customer selectivity: Given the divergence and the increasing heterogeneity in markets, it is challenging to serve all consumers successfully. How should businesses manage customer expectations through accommodation, alteration and in some cases abandonment (Sheth & Mittal, 1996) and select which customers/segments to drive value creation processes?

Delivering optimal convenience and personalization: Discretionary income is rising at the expense of discretionary time, leading consumers to put a premium on convenience. How can convenience and personalization be best optimized by automation?

Delivering customer value via supply chain integration: How can businesses use reverse marketing and integrate their supply chain with the end-user in mind to offer more valuable solutions (Sheth et al., 2009)?

Enabling value co-creation: As businesses invest in their customers to improve the value proposition, how can they also enable customers to invest in them financially, operationally (time/energy), and emotionally? In many instances in the B2B markets, the user enterprise innovates but does not want to make the new product.

Creating sustainable value: The number of climate-related disasters is rising, leading to a tremendous loss of value. NGOs with a singular mission exist to address this challenge. However, how do businesses create value and a more sustainable world?

We hope these questions stimulate further conversation on creating enduring customer value.

Footnotes

Declaration of Conflicting Interests

The authors declared no potential conflicts of interest with respect to the research, authorship and/or publication of this article.

Funding

The authors received no financial support for the research, authorship and/or publication of this article.

References

Byron

(2007, July 16). P&G’s global market: Shelves of tiny stores. The Wall Street Journal , 2007. https://www.wsj.com/articles/SB118454911342967244

Contreras

(2022, March 8). Fintech startup helps families keep track of food stamps and other government benefits, raises $50 million in Series B round led by Nyca partners. Forbes . https://www.forbes.com/sites/isabelcontreras/2022/03/08/fintech-startup-helps-families-keep-track-of-food-stamps-and-other-government-benefits-raises-50-million-in-series-b-round-led-by-nyca-partners/?sh=1963b96ba04d

Desmond

(2015). Removing friction from the path to purchase. Medium.com . https://medium.com/north-thinking/removing-friction-from-the-path-to-purchase-cd76a6c21268

Goel

(2017, September 28). IBM now has more employees in India than in the U.S. NYTimes.com . https://www.nytimes.com/2017/09/28/technology/ibm-india.html

Hinterhuber

, & Snelgrove

T. C.

(2020). The present and future of value quantification. Journal of Creating Value , 6(2), 295–303.

Isidore

(2022). GM was America’s largest automaker for nearly a century. It was just dethroned by Toyota. CNN Business . https://www.cnn.com/2022/01/04/business/toyota-gm-us-auto-sales-leader/index.html.

Keiningham

T. L.

, Cooil

, Andreassen

T. W.

, & Aksoy

(2007). A longitudinal examination of net promoter and firm revenue growth. Journal of Marketing , 71(3), 39–51.

Kramer

M. R.

, & Pfitzer

M. W.

(2016). The ecosystem of shared value. Harvard Business Review , 94(10), 80–89.

Kumar

(2018). A theory of customer valuation: Concepts, metrics, strategy, and implementation. Journal of Marketing , 82(1), 1–19.

10.

Lynkova

(2022). 25+ Black Friday sales statistics to know in 2022 . Spendmenot.com. https://spendmenot.com/blog/black-friday-sales-statistics/#:~:text=Black%20Friday%202021%20saw%2088,Black%20Friday%20specials%20were%2024%25.

11.

Malhotra

N. K.

, Uslay

, & Ndubisi

N. O.

(2008). Commentary on the ‘Essence of business marketing theory, research and tactics: Contributions by the Journal of Business-to-Business Marketing’ by Lichtenthal, Mummalaneni, and Wilson: A paradigm shift and prospection through expanded roles of buyers and sellers. Journal of Business-to-Business Marketing , 15(2), 204–217.

12.

McKinnon

(2020). Nordstrom’s strategy for success, 7 key elements. Indigo Digital . https://www.indigo9digital.com/blog/nordstromstrategy

13.

Pine

J. B.

, Victor

, & Boynton

A. C.

(1993). Making mass customization work. Harvard Business Review , 71(5), 108–111. https://hbr.org/1993/09/making-mass-customization-work

14.

Porter

M. E.

, & Kramer

M. R.

(2011). Creating shared value: Redefining capitalism and the role of the corporation in society. Harvard Business Review , 89(1/2), 62–77.

15.

Ramaswamy

, & Ozcan

(2018). What is co-creation? An interactional creation framework and its implications for value creation. Journal of Business Research , 84(March), 196–205.

16.

Ranjan

K. R.

, & Read

(2014). Value co-creation: Concept and measurement. Journal of the Academy of Marketing Science , 44(3), 290–315.

17.

Rotman

(2020). We’re not prepared for the end of Moore’s law. MIT Technology Review . https://www.technologyreview.com/2020/02/24/905789/were-not-prepared-for-the-end-of-moores-law/

18.

Schulman

(2018, April 26). Dan Schulman, PayPal CEO keynote address [Video]. YouTube. https://www.youtube.com/watch?v=iqv18iuz3V0&feature=youtu.be

19.

Seward

Z. M.

(2013, April 3). The first mobile phone call was made 40 years ago today. The Atlantic . https://www.theatlantic.com/technology/archive/2013/04/the-first-mobile-phone-call-was-made-40-years-ago-today/274611/

20.

Sheth

J. N.

(2002). A generic concept of customer behavior. Journal of Customer Behavior , 1(1), 7–18.

21.

Sheth

J. N.

(2020). Business of business is more than business: Managing during the COVID crisis. Industrial Marketing Management , 88(July), 261–264.

22.

Sheth

J. N.

, & Mittal

(1996). A framework for managing customer expectations. Journal of Market-Focused Management , 1, 137–158.

23.

Sheth

J. N.

, & Sharma

(2004). Web-based marketing: The coming revolution in marketing thought and strategy. Journal of Business Research , 57, 696–702.

24.

Sheth

J. N.

, & Sisodia

R. S.

(2012). The 4A’s of marketing: Creating value for customers, companies and society . Routledge.

25.

Sheth

J. N.

, & Uslay

(2007). Implications of the revised definition of marketing: From exchange to value creation. Journal of Public Policy & Marketing , 22(2), 302–307.

26.

Sheth

J. N.

, Allvine

F. C.

, Uslay

, & Dixit

(2007), Deregulation and competition: Lessons from the airline industry . SAGE Publishing.

27.

Sheth

J. N.

, Newman

B. I.

, & Gross

B. L.

(1991). Why we buy what we buy: A theory of consumption values. Journal of Business Research , 22(2), 159–170.

28.

Sheth

J. N.

, Parvatiyar

, & Shainesh

(2000). Customer relationship management: Emerging concepts, tools, and applications . McGraw-Hill India.

29.

Sheth

J. N.

, Sethia

N. K.

, & Srinivas

(2011). Mindful consumption: A customer centric approach to sustainability. Journal of the Academy of Marketing Science , 39, 21–39.

30.

Sheth

J. N.

, Sharma

, & Iyer

(2009). Why integrating purchasing with marketing is both inevitable and beneficial. Industrial Marketing Management , 38(8), 865–871.

31.

Sheth

J. N.

, Sisodia

R. S.

, & Sharma

(2000). The antecedents and consequences of customer-centric marketing. Journal of the Academy of Marketing Science , 28(1), 55–66.

32.

Sheth

J. N.

, Uslay

, & Sisodia

R. S.

(2020). The global rule of three: Competing with conscious strategy . Palgrave MacMillan.

33.

Sisodia

R. S.

, Wolfe

, & Sheth

J. N.

(2007). Firms of endearment: The pursuit of purpose and profit . Wharton Publishing Group.

34.

Statista. (2013). Global market share held by Nokia smartphones Q1 2007–Q2 2013. Statista.com . https://www.statista.com/statistics/263438/market-share-held-by-nokiasmartphones-since-2007/

35.

Statista. (2021). Amazon Prime – Statistics & facts . https://www.statista.com/topics/4076/amazon-prime/#dossierKeyfigures

36.

Sugai

, Koizumi

, Linnan

, Phattanaprayoonvong

, & Phetharn

(2022). A value model for responsible business [White paper]. Value Research Center, Doshisha University.

37.

Uslay

(2019). The next frontier in marketing: Self-sustaining marketing, society, and capitalism through collaborative yet disruptive partnerships. In Parvatiyar

& Sisodia

(Eds.), Handbook of advances in marketing in an era of disruptions: Essays in honor of Jagdish N. Sheth (pp. 490–500). SAGE Publishing.

38.

Uslay

, & Erdogan

(2014). The mediating role of mindful entrepreneurial marketing (MEM) between production and consumption. Journal of Research in Marketing & Entrepreneurship , 16(1), 47–62.