Search results for "law of requisite variety"

Cybernetics of Value Cocreation for Product Development

2017

In marketing theory, the shift from the paradigm of value creation to value ‘cocreation’ calls for a deeper grasp of the interactions between producers and customers. Marketing studies have widely focused on the value cocreation concept, but so far, the mechanism through which consumers can be involved in the process of value cocreation through product development had found little space in marketing studies. In this theoretical paper, we aim to fill this gap and pave the way towards a better understanding of the mechanisms of value cocreation for product development through second-order cybernetics. We conceive the market arena as a physical or virtual place where communications of value pro…