A framework of a stakeholders' value exchange model and a paradigm of practice

Abstract

This paper proposes a framework of the value exchange model (VEM) which will allow firms, researchers and stakeholders to comprehend the value patterns and requirements of various stakeholders during the development processes of service concepts, and to further provide suitable services for the stakeholders. As well, a service development workshop which adopted the VEM was held to serve as a paradigm of applications of the model. By applying the tool and the service development methodology, we hope that firms, service providers and stakeholders involved in the service context can obtain insights into the interactions, needs and value of stakeholders. A platform of value co-creation can thereby be created for firms and stakeholders, and experience-centred service can be provided and implemented accordingly.