Value creation in project business relationships: Supplier and customer's perspectives

The purpose of this study is to analyze supplier’s value creation ability in project business in order to enhance customer’s business. In addition, the aim is to identify the role of business relationships in value creation and analyze the applicability of key account management in project business. The study considers value from the customer’s point of view. The concepts of value and value creation are widely discussed in marketing literature. Theory emphasizes the importance of value creation and business relationships in business markets. The empirical part of the study is conducted as a case study research. The empirical evidence is collected by interviewing one supplier organization and their three customer organizations. These companies operate in Finnish and global industrial markets. Data is collected through semi-structured interviews and analyzed by using qualitative content analysis. The study identifies several customer value drivers influencing on the value creation, which can be divided into product, service and relationship elements. One of the recognized value drivers is customer-supplier relationship. The findings show that a closer relationship enhances value creation possibilities and the key account management program allows effective managing of business relationships. As managerial implications, suppliers should seek to create continuous and conversational relationships with the key account customers.

Measurement of social value creation with non-financial measures

This research examines the concept of social entrepreneurship which is a fairly new business model. In the field of business it has become increasingly popular in recent years. The growing awareness of the environment and concrete examples of impact created by social entrepreneurship have encouraged entrepreneurs to address social problems. Society’s failures are tried to redress as a result of business activities. The purpose of doing business is necessarily no longer generating just profits but business is run in order to make a social change with the profit gained from the operations. Successful social entrepreneurship requires a specific nature, constant creativity and strong desire to make a social change. It requires constant balancing between two major objectives: both financial and non-financial issues need to be considered, but not at the expense of another. While aiming at the social purpose, the business needs to be run in highly competitive markets. Therefore, both factors need equally be integrated into an organization as they are complementary, not exclusionary. Business does not exist without society and society cannot go forward without business. Social entrepreneurship, its value creation, measurement tools and reporting practices are under discussion in this research. An extensive theoretical basis is covered and used to support the findings coming out of the researched case enterprises. The most attention is focused on the concept of Social Return on Investment. The case enterprises are analyzed through the SROI process. Social enterprises are mostly small or medium sized. Naturally this sets some limitations in implementing measurement tools. The question of resources requires the most attention and therefore sets the biggest constraints. However, the size of the company does not determine all – the nature of business and the type of social purpose need to be considered always. The mission may be so concrete and transparent that in all cases any kind of measurement would be useless. Implementing measurement tools may be of great benefit – or a huge financial burden. Thus, the very first thing to carefully consider is the possible need of measuring value creation.

Value Creation Through Sustainability Within The Housing Industry - A Company’s View

The economy, under the condition of scarcity is meanwhile aiming at more rational economic activities that are efficient and effective. Companies need to know how to make use of new possibilities towards a more sustainable business. The right balance between risk and opportunity implies a sustainable growth and competitive advantage. Managers need to navigate companies across the globalization, as the global economy is constantly in motion. Further, companies have to face trends since the business world is changing radically. In order to keep up with those changes, companies have to recognize new trends early and respond quickly, efficiently and smart. To gain a competitive edge is without a doubt a critical aspect of a comprehensive value creation economy that withstands the demand for value capture and sustainability. Expectations towards a responsible economy are growing steadily. Therefore, companies have increasingly an obligation to economize more sustainable and to communicate their social and environmental commitment externally. Sustainability can live through the entire structure of value creation of a company. By reducing environmental and social risks companies can create values. This value creation thus represents a proper performance of a company and the accomplished added value through companies’ activities.

Item-level life-cycle model for maintenance network – from cost to additional value

The importance of industrial maintenance has been emphasized during the last decades; it is no longer a mere cost item, but one of the mainstays of business. Market conditions have worsened lately, investments in production assets have decreased, and at the same time competition has changed from taking place between companies to competition between networks. Companies have focused on their core functions and outsourced support services, like maintenance, above all to decrease costs. This new phenomenon has led to increasing formation of business networks. As a result, a growing need for new kinds of tools for managing these networks effectively has arisen. Maintenance costs are usually a notable part of the life-cycle costs of an item, and it is important to be able to plan the future maintenance operations for the strategic period of the company or for the whole life-cycle period of the item. This thesis introduces an itemlevel life-cycle model (LCM) for industrial maintenance networks. The term item is used as a common definition for a part, a component, a piece of equipment etc. The constructed LCM is a working tool for a maintenance network (consisting of customer companies that buy maintenance services and various supplier companies). Each network member is able to input their own cost and profit data related to the maintenance services of one item. As a result, the model calculates the net present values of maintenance costs and profits and presents them from the points of view of all the network members. The thesis indicates that previous LCMs for calculating maintenance costs have often been very case-specific, suitable only for the item in question, and they have also been constructed for the needs of a single company, without the network perspective. The developed LCM is a proper tool for the decision making of maintenance services in the network environment; it enables analysing the past and making scenarios for the future, and offers choices between alternative maintenance operations. The LCM is also suitable for small companies in building active networks to offer outsourcing services for large companies. The research introduces also a five-step constructing process for designing a life-cycle costing model in the network environment. This five-step designing process defines model components and structure throughout the iteration and exploitation of user feedback. The same method can be followed to develop other models. The thesis contributes to the literature of value and value elements of maintenance services. It examines the value of maintenance services from the perspective of different maintenance network members and presents established value element lists for the customer and the service provider. These value element lists enable making value visible in the maintenance operations of a networked business. The LCM added with value thinking promotes the notion of maintenance from a “cost maker” towards a “value creator”.

Reputational Risk Management as a key element for business continuity and value maximization

This thesis reveals the topic of reputational risk management as a key element for business continuity and value maximization. The purpose of the work is to investigate reputational risk from the side of its definition, management (including legal requirements on this risk category) and measurement and to analyse reputational risk’s impact on business continuity and value maximization. To be able to do this, different respective articles, reports of financial institutions are gathered and constructive summaries and analysis are made. In order to deeply investigate the impact of reputational risk on business continuity and value maximization, it was chosen to study it from three aspects: 1) check the impact of stock valuation of 7 companies that experienced reputational catastrophe / risk, 2) analyse a case study on disagreements in management of reputational risk among case companies and impact on their respective performance, and 3) conduct a survey of financial sector companies in Liechtenstein to see how reputational risk management works in practice. The findings of the research showed a significant impact of reputation decadence on company’s value and trading volume, and showed crucial importance of post-crisis management for the company’s financial performance. The results of the qualitative research based on survey proved that companies consider reputational risk management as a one of the key elements for their business continuity and value maximization.

Value creation in intelligent packaging value chains

The goal of this thesis is to look for and point out problems and bottlenecks related to value chains and networks in initiation and implementation of intelligent packaging. The research is based on interviews in different case companies and is qualitative by nature. The interview results are examined through a framework built upon relevant theory, with the aim to present a useful recommendation for a supplier company for advancing intelligent packaging business. The perspective that is attained through the research questions demonstrates the potential customer companies’ views of possibilities and problems. The key results suggest that intellectual property of relevant products is in an important position from the customers’ perspective. If the supplier does not own a product technology, a sufficiently large company can consider working as an integrator in a network where smaller companies make use of a compiled offering from other smaller actors. The foundation for these networks and company relationships is value creation, which has to be based on profound customer knowledge and research. The framework that is created for this study builds upon earlier research to provide a model that better serves intelligent packaging implementation and includes the notion of importance of value proposition and continuous value co-creation.

Lean Product Management – Enhancing Product Managers' Ability to Create Value

The purpose of this master’s thesis was to study the opportunity to apply Lean practices to product management function which happens in an office environment. Since product management plays an important role in the company’s success story, it’s important to have it functioning as effectively as possible. The goal was to find those Lean tools and methods that fit the best to the needs of product management. The research was conducted as a qualitative action research which comprises a comprehensive literature review and a single case study. Theoretical information about Lean Thinking and product management was collected from articles, literature and Internet sources. Moreover, empirical data was collected by conducting interviews in the Case Company’s product management department in order to gain an in-depth understanding of product management’s problematics. The results indicate that most of the product management challenges could be overcome by applying Lean practises. Based on the usability rate, which has been discussed in the empirical part of this study, the most suitable Lean practises for product management function are: value stream mapping, Kanban and KPIs.

Marks of Fire, Value and Faith. Swords with Ferrous Inlays in Finland during the Late Iron Age (ca. 700–1200 AD)

This study explores swords with ferrous inlays found in Finland and dating from the late Iron Age, ca. 700–1200 AD. These swords reflect profound changes not only in styles and fashion but also in the technology of hilts and blades. This study explores how many of these kinds of swords are known from Finland, how they were made and where, what their status was in Late Iron Age Finland, and where the Finnish finds stand in accordance with other areas of Europe. The various methods included measuring of the finds and statistics. The main method of revealing the inlaid marks was radiography due to its non-destructive nature. In cases where inlays were visible without radiography, their details were inspected via microscopy. To study the materials and manufacture of inlaid swords, a sample of them was metallographically analysed to determine the forging technologies and nature of used materials. Furthermore, the manufacture was also studied with experimental approaches. As a result, a catalogue of 151 swords with ferrous inlays was created. This number is relatively high compared with other European countries, although systematic studies have been conducted in only some countries. The inlaid motifs were classified into five distinct categories to help the classification. To summarize, almost every documented inlaid sword was unique in some respect including measurements, inlaid motifs and materials of blades and inlays. Technological variation was also present, some blades being poorer and some of higher quality in spite of the inlaid motifs. Misspelt inscriptions as well as letter-like marks were common in Finland and also in Scandinavia. Furthermore, the provenance of iron and steel used in some blades hints at Scandinavian ores. The above observations, along with the experimental results indicating the existence of multiple alternative techniques of inlaying, suggest that these swords were manufactured locally in Scandinavia, most likely in imitation of Continental European models. Inlaid swords were valued partly for their assumed functionality in combat, as evidenced by damage on some examined blades, or they were valued for their inlays, which could have had fashionable or symbolical meanings bound to local beliefs.

Cardiac Imaging in the Diagnosis of Coronary Artery Disease: The Value of Quantitative Imaging of Myocardial Perfusion and Deformation

Atherosclerosis is a chronic and progressive disease of the vasculature. Increasing coronary atherosclerosis can lead to obstructive coronary artery disease (CAD) or myocardial infarction. Computed tomography angiography (CTA) allows noninvasive assessment of coronary anatomy and quantitation of atherosclerotic burden. Myocardial blood flow (MBF) can be accurately measured in absolute terms (mL/g/min) by positron emission tomography (PET) with [15O] H O as a radiotracer. We studied the coronary microvascular dysfunction as a risk factor for future coronary calcification in healthy young men by measuring the coronary flow reserve (CFR) which is the ratio between resting and hyperemic MBF. Impaired vasodilator function was not linked with accelerated atherosclerosis 11 years later. Currently, there is a global interest in quantitative PET perfusion imaging. We established optimal thresholds of [15O] H O PET perfusion for diagnosis of CAD (hyperemic MBF of 2.3 mL/g/min and CFR of 2.5) in the first multicenter study of this type (Turku, Amsterdam and Uppsala). In myocardial bridging a segment of the coronary artery travels inside the myocardium and can be seen as intramural course (CTA) or systolic compression (invasive coronary angiography). Myocardial bridging is frequently linked with proximal atherosclerotic plaques. We used quantitative [15O] H O PET perfusion to evaluate the hemodynamic effects of myocardial bridging. Myocardial bridging was not associated with decreased absolute MBF or increased atherosclerotic burden. Speckle tracking allows quantitative echocardiographic imaging of myocardial deformation. Speckle tracking during dobutamine stress echocardiography was feasible and comparable to subjective wall motion analysis in the diagnosis of CAD. In addition, it correctly risk stratified patients with multivessel disease and extensive ischemia.

EU Strategy for the Baltic Sea Region: its added value in environmental social and economic dimensions

The European Council has invited the European Commission to present the first macro-regional strategy – the EU Strategy for the Baltic Sea Region (EUSBSR) on the 14th of December 2007, primarily to address collective challenges and opportunities of the Region and also to engender cohesion in support of an European integration policy. However, macro-regional strategies conceived to aid European integration and territorial cohesion were viewed by academics with skepticism, obscuring the strategies’ potential impact. This thesis intends to investigate and measure the added value of the EUSBSR in order to analyze its impact on regional development and its feasibility as a guide for future programs intending to strengthen European cohesion and integration. To determine the added value of the EUSBSR the thesis is organized into three sections, so as to address environmental, social, and economic concerns, respectively. The first case examines EU-Russia cooperation in an environmental context to investigate how environmental cooperation with an external neighbor could forge increased cohesion in a macro-regional setting. To figure the added cooperation that academic cooperation among universities would contribute to social dimension, the work has chosen several study results. Lastly, to measure out the added value for the economic strategy objective, the study employs the project for Improved Global Competitiveness in an example of ‘A Baltic Sea Region Program for Innovation, Cluster and SME-Networks’ as an economic plan.

Performance of value and momentum strategies in the Swedish stock market

This thesis investigates the performance of value and momentum strategies in the Swedish stock market during the 2000-2015 sample period. In addition the performance of some value and value-momentum combination is examined. The data consists of all the publicly traded companies in the Swedish stock market between 2000-2015. P/E, P/B, P/S, EV/EBITDA, EV/S ratios and 3, 6 and 12 months value criteria are used in the portfolio formation. In addition to single selection criteria, combination of P/E and P/B (aka. Graham number), the average ranking of the five value criteria and EV/EBIT – 3 month momentum combination is used as a portfolio-formation criterion. The stocks are divided into quintile portfolios based on each selection criterion. The portfolios are reformed once a year using the April’s price information and previous year’s financial information. The performance of the portfolios is examined based on average annual return, the Sharpe ratio and the Jensen alpha. The results show that the value-momentum combination is the best-performing portfolio both during the whole sample period and during the sub-period that started after the 2007-financial crisis.

Customer Value Creation in Born Global Companies

The purpose of this master's thesis is to study customer value creation in born global companies. The main objective is to identify the types of value enabling customer value creation in born global companies, and to establish their relative importance. After an introduction to the born global academic literature and the customer value creation literature, the empirical part consists of a multiple case study, examining the state of customer value creation in the case companies, along with the subsequent analysis. The results of this research indicate that high-tech born global companies perceive customer value creation as a crucial function of their operations, but their value creation thinking is often one-dimensional. Technology based born globals often place high value on the product and the technology behind it, mainly striving to incorporate performance- and relationship value in their value offerings, but they're unable to utilize their opportunity creation to the fullest, and they lag behind their more established competitors that are able to diversify their value offerings.

Dynamic capabilities as enablers of value co-creation between an MBA school and its students

This study presents an understanding of how a U.S. based, international MBA school has been able to achieve competitive advantage within a relatively short period of time. A framework is built to comprehend how the dynamic capability and value co-creation theories are connected and to understand how the dynamic capabilities have enabled value co-creation to happen between the school and its students, leading to such competitive advantage for the school. The data collection method followed a qualitative single-case study with a process perspective. Seven semi-structured interviews were made in September and October of 2015; one current employee of the MBA school was interviewed, with the other six being graduates and/or former employees of the MBA school. In addition, the researcher has worked as a recruiter at the MBA school, enabling to build bridges and a coherent whole of the empirical findings. Data analysis was conducted by first identifying themes from interviews, after which a narrative was written and a causal network model was built. Thus, a combination of thematic analysis, narrative and grounded theory were used as data analysis methods. This study finds that value co-creation is enabled by the dynamic capabilities of the MBA school; also capabilities would not be dynamic if value co-creation did not take place. Thus, this study presents that even though the two theories represent different level analyses, they are intertwined and together they can help to explain competitive advantage. The MBA case school’s dynamic capabilities are identified to be the sales & marketing capabilities and international market creation capabilities, thus the study finds that the MBA school does not only co-create value with existing students (customers) in the school setting, but instead, most of the value co-creation happens between the school and the student cohorts (network) already in the recruiting phase. Therefore, as a theoretical implication, the network should be considered as part of the context. The main value created seem to lie in the MBA case school’s international setting & networks. MBA schools around the world can learn from this study; schools should try to find their own niche and specialize, based on their own values and capabilities. With a differentiating focus and a unique and practical content, the schools can and should be well-marketed and proactively sold in order to receive more student applications and enhance competitive advantage. Even though an MBA school can effectively be treated as a business, as the study shows, the main emphasis should still be on providing quality education. Good content with efficient marketing can be the winning combination for an MBA school.