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Creating New Markets in the Digital Economy


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Table of Contents

Preface; 1. Introduction and impact of digitisation on markets; 2. Back to basics - what is value?; 3. Value and context; 4. Lifting the lid off context: the contextual experience; 5. Value and exchange; 6. Rise of the digital economy; 7. Back to basics in value creation - a theory of latent demand; 8. Value propositions and new business models; 9. Creating viability and worth; 10. Markets, digital labour and new economic models; Postscript; Bibliography; Index.

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This book provides practical advice to help readers innovate and identify new business models, products and services within the connected digital economy.

About the Author

Irene Ng is Professor of Marketing and Service Systems and Director of the International Institute of Product and Service Innovation (IIPSI) at WMG, University of Warwick. She was an entrepreneur for 16 years as CEO of SA Tours, one of the largest tour operators in Southeast Asia, and the founder of Empress Cruise Lines, which she had built into a venture worth US$250 million in annual turnover by the time she sold it in 1996. Since becoming an academic in 1997, Professor Ng has received global recognition for her work in value, new business models and service systems, with 22 journal articles, three books and national appointments such as the ESRC/AIM Services Fellow in 2008 and ESRC/NIHR Fellow in 2009.


'In Creating New Markets in the Digital Economy, Professor Ng skilfully makes the extremely difficult topics of 'value' and its creation accessible to the novice reader while, at the same time, offering alternative orientations and useful insights for advanced readers. She artfully weaves together historical and contemporary perspectives with emerging technological developments to reveal innovative possibilities for value (co)creation through the institutionalization of new, market-based solutions.' Stephen L. Vargo, University of Hawaii

'This new book is a most welcome addition to the canon of work in the emerging area of the digital economy. Starting from questioning the utility of the concept of utility, a common reductionist model of what motivates value and worth in economics, this book uncovers the far richer and inherently social underpinning of what motivates exchange of goods and services in the modern, digital age. The book is written from an unusually personal perspective, which means that it is easy to relate to, since the author's own digital footprint serves as examples for the arguments.' Jon Crowcroft, University of Cambridge Computer Laboratory

'Irene Ng shares her personal journey of discovery in her new book Creating New Markets in the Digital Economy, in what is a tour de force of systems thinking. For the first time, Ng makes leading edge service science and service-dominant logic thinking accessible to everyone. From students to faculty to executives, from academics to practitioners to policy makers, not only is the concept of 'value co-creation' clearly explained, but the surprising implications for innovation in the age of 'digitally connected service systems' is also easily accessible for the first time to the broadest audience of readers. A must-read for all those who want a deep understanding of service innovation, as well as a glimpse into the future and why the best is yet to come.' Jim Spohrer, Director, Global University Programs, IBM

'The complex but creative disruption that digitalisation affords will not please everyone but this guide may assist even the most reluctant of travellers to engage in navigation - for it turns out that although we are all on this journey, there can be almost as many destinations as passengers and every passenger can choose to be a driver of their own digital economy.' David Brunnen, Managing Director, Groupe Intellex

'Irene Ng's lucid and accessible book, Creating New Markets in the Digital Economy: Value and Worth, is a remarkable accomplishment, a work that should not be overlooked (that is, it most certainly should be read!) by current and prospective business managers, leaders, and entrepreneurs in every economic sector.' Andrew Karpie, Principal Analyst, The Research Platform and Affiliate Analyst, Staffing Industry Analysts

'Ng has written a thought-provoking and highly conceptual personal account of what she has been thinking about from observing human behavior, doing research, and working with large and small companies over the past fifteen years. In that time frame, digitization has produced a radical convergence between buying and using … [Ng] gives the reader plenty to think about in this highly intelligent book. Summing up: highly recommended. Upper-division undergraduates and above.' E. J. Szewczak, Choice

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