No More Myth: Unveiling the Knowledge-Based Customer Value Co-Creation Prototype of SME Hotels

Abstract

The rapid integration of modern technology, coupled with the pandemic, has triggered a seismic shift in the landscape of SME hotel business, profoundly influencing the mindset and actions of hotel entrepreneurs and their customers. This study aims to identify the factors affecting customer value creation of SME hotels and links customer needs with hotel operators and local communities. 415 completed survey respondents from an initial screening of 655 active social network accounts who have been SME hotel customers in the past 12 months account for a 63.4% response rate. The findings reveal how the four factors designated by customers and SME hotels influence customer value co-creation: information sharing, participation, knowledge management from local expertise, and expanding local community networks knowledge. The novelty of this study is to develop and validate precise factors for creating value, which will affect the value that customers receive. This study demonstrates methodological advances through Structured Equation Modeling (SEM) and highlights customer preferences that can be implemented to improve SME hotel strategy and promote long-term sustainability. Further research will enable the idea of an innovative model of customer value co-creation to continue for service and other retail businesses. Doi: 10.28991/HEF-2024-05-04-014 Full Text: PDF

Keywords

• customer value co-creation
• entrepreneur
• sme hotels
• innovation
• technology.