Entrepreneurship, Innovation, and Value Creation: Customer Benefits Entrepreneurs and Innovators Build into New Products

Abstract

The study investigates how sophisticated and advanced entrepreneurs are in terms of customer benefits (CB), and examines how entrepreneurs incorporate CB in products and unique value propositions. The basic CB set: functional, symbolic, experiential and cost, is expanded to an extensive array of 16 CB. It is found that all CB are generally already established or implemented. Some CB are well-known, common, well-implemented, and elementary to implement, while others are not. The implementation of certain CB may require original and innovative thought. Not all CB are well understood or grasped. A number of CB can still be exploited and developed further. It commonly occurred that one customer benefit was (mis)taken for another. Entrepreneurs are not necessarily well-trained and well-informed about CB, and generally have need of learning and developing further in terms of CB, and their application. CB are not that application-specific or -dependent. Many of the CB are possible for many of the entrepreneurs and their businesses. In many instances, the CB may imply further product extensions. Benefit composites are typical. Additional benefit intricacies include how quickly CB realize, co-existence and co-occurrence of CB, complications related to application of CB, and ethical and moral issues related to CB. Overall, a customer focus may imply a benefit focus.

Keywords

• entrepreneurship
• innovation
• value
• value-creation
• unique value proposition
• marketing
• customer benefits