|Learning Objectives: Link a thorough concept of value with implications for competition and innovation. Derive demand curves.|
|Lecture handout: Value creation*|
You can read more about David Reynold’s model here and here. In 2013 Barry King tried to beat Reynold’s record by constructing a model of Salisbury Cathedral (which is a popular tourist destination for KGB agents). You can read more here.
Here’s an example of how Starbucks creates value for me:
This concept is closely related to “Jobs to be done”, but here’s my review of ‘Competing Against Luck‘. Here’s my bleaker application of value to Apple’s iPhone innovation:
For a more traditional, textbook treatment for demand curves, see here:
A great application of consumer surplus is here:
Can you think of something that delivers a lot of consumer surplus for you? What’s the most consumer surplus you’ve ever received?
Here’s a quick quiz on understanding value.
|These resources form part of my Managerial Economics course map. You can watch the full YouTube playlist here. This page ties into Chapter 1 of ‘Economics: A Complete Guide for Business‘.|