Why does 'value innovation' play an important role for small and
medium-sized enterprises (SMEs)? Innovation, besides imitation, is the
foundation to conduct business and produce goods and services. Each
company needs at least at one point or another during its lifecycle
innovation to stay competitive within a market. Its importance increases
throughout time because of new companies accessing existing domestic
markets by overcoming the market barriers and the international
integration of markets for global trading. Aside the well-known forms of
innovation, a new type called 'value innovation' was developed and
published in 2005. This new category is embedded as an essential part in
a strategy theory recognized as 'Blue Oceans'. This blue ocean strategy
challenges companies to break out of their current market space. But is
this kind of innovation really new and usable for general management
consulting? The term 'value innovation' is not new within business
science. However value innovation is used at a smaller scale.
Nevertheless its meaning within the new theory which defines a new way
to develop previously unidentified markets is crucial. It requires an
overall new perspective of the management to plan and carry out its
business processes. Therefore its advantages are only evident in a
general strategy approach. Can this concept be turned into a consulting
model to support SMEs? Why are SMEs the right target group? Small
companies often seek a market niche which can be attained by
differentiation in order to survive in competitive markets. Usually the
managers are using business strategies like cost cutting or
differentiation of products, processes or services to find this niche.
This approach originates from the assumption that a group of buyers
within the market is accessible or need the traded goods or services at
another level of quality, prize, design or function. Could this new
theory help establish new niches? The study will find answers to the
questions m
