Question

The realization that a consumer is necessary and must play a part in order to produce value is the major premise underlying the concept of _____. a. value co-creation b. dyadic valuation c. synergy d. value integration e. value internalization

Answer 1

The realization that a consumer is necessary and must play a part in order to produce value is the major premise underlying the concept of (A) value co-creation.

What is value co-creation?

• Simply said, value creation is the process of converting resources (whether physical such as materials, or non-physical such as time) into something of perceived value.
• Car manufacturers creating vehicles, farmers planting and harvesting crops, and banks providing mortgage loans are all examples of value production.

What is value internalization?

• Internalization is a term used in sociology and other social sciences to describe an individual's acceptance of a system of standards and values through socialization.

What is value integration?

• Through synergistic innovation across the nexus economy, integrated value is the simultaneous construction of several 'non-financial' capitals (particularly infrastructural, technological, social, ecological, and human capital).

Solution -

As the definition of value co-creation states that value creation is the process of converting resources into something of perceived value.

Therefore, the realization that a consumer is necessary and must play a part in order to produce value is the major premise underlying the concept of (A) value co-creation.

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