Technology-Service Convergence for Value Innovation and Social Welfare

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In this chapter, we will discuss the notion of value innovation and its importance for the PSS business models, while differentiating the areas of red and blue oceans heavily based on the winning idea of the Blue Ocean Strategy proposed by Chan Kim and Renée Mauborgne in 2004. The chapter will also overview the main strategies for getting started with value innovation for firms through differentiation. Finally, the concept is to be put into practice through the review of case studies of firms and organisations that have engaged in value innovation through redefining market boundaries.