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Über dieses Buch

This book distinctively presents nine thematic discussions with real examples of small and large companies across the geographic destinations. Among many points of interest crowdsourcing, crowdfunding, decision-processes, technology, leadership, consumer behavior, crowd-based services designing, future perspectives in the context of crowd-based business modelling, and collective intelligence are central to the discussions in the book.

This book argues that crowd is the pivot of marketing. It fills the knowledge gap in people-led enterprises by integrating the customer ideation process and developing crowd-based business models to achieve performance with purpose. This book proposes crowd-based business strategies in the emerging markets and significantly contributes to the existing literature.

Inhaltsverzeichnis

Frontmatter

The Crowd Foundation

Frontmatter

Chapter 1. Crowdsourcing

Abstract
Crowdsourcing has become a new normal for many customer-centric businesses, which narrows down the distance between companies and customers. Empowering the crowd comprising customers, stakeholders, and potential investors has shown encouraging results in improving the business practices of companies and strengthened their competitive position. This chapter discusses ideation process through crowdsourcing, which helps to serve open innovation platforms and develop customer-centric innovations in a firm. In addition, this chapter comprehensively discusses the role of crowd-based ideation to design and marketing practices, open innovation, social networks, and new product development. This chapter argues that the crowdsourced information guides the manufacturing and business operations through the experiences of stakeholders, peers, gatekeepers, and customers.
Rajagopal

Chapter 2. Crowdfunding

Abstract
Crowdfunding has become a key approach in connecting people and equality distribution mechanisms. Digitalization enables various crowdfunding platforms. Discussions on concept and practices of crowdfunding for various social and startup enterprises are central to this chapter. The concept of crowdfunding is popular for designing and implementing the social business projects. Social and frugal innovations also attract crowd investors with the objectives of non-profit and for-profit business projects. This chapter critically examines the associated theories, practices, and criticisms on crowdfunding practices in developed and developing countries. The ecosystem of crowdfunding, social business practices, social innovations, and public governance constitute core discussions in this chapter. Factors that deter crowdfunding, and the effects of customer engagement in the crowdfunding process have also been discussed in this chapter. In addition, discussions on the key determinants of crowdfunding comprising social capital, structural perspectives, and customer relations also contribute to this chapter.
Rajagopal

Chapter 3. Crowd-Based Business Modeling

Abstract
Advances in the Internet-based technologies and a shift in the business philosophy of companies from market-orientation to customer orientation have caused the emergence of crowd-based business models. The attributes of crowd-based business models include integration of contributors from outside the traditional boundaries of a firm, data mining through digital peer-to-peer platforms, and the transfer of value creating activities to a crowd. This chapter discusses the evolution of crowd-based business modeling and its prospects with firms operating in emerging markets in the context of crowd-engagement in businesses and deliberates on the role of various attributes of crowd-based business models. In addition, this chapter discusses marketing strategies, value chain management, and competitive leverage of firms using collective intelligence and customer-generated content.
Rajagopal

Crowd Dynamics in Business

Frontmatter

Chapter 4. Decision Space: Collective Intelligence

Abstract
There are two-way and three-way decision spaces that involve multiple information taxonomy. In the three-way decision spaces, three basic elements: decision measurement, decision conditions, and decision evaluation functions are unified. The major challenges with collective intelligence are the screening, modeling, and measurement of information to make appropriate business decisions. This chapter discusses the ways of collective information decision process by involving the stakeholders and managers. The importance of stakeholder management and business governance in the decision process, interactive planning and governance, value chain management, and the pattern of market competition and growth in the crowd-based business ecosystems have been discussed in this chapter. Business governance, scaling, and performance management have been discussed in this chapter in the context of transformative relationship between data and people, which creates new forms of collective search for solutions and decision-making. This chapter argues that the crowd-based business model has emerged as voluntary open collaboration in the development of creative solutions that mobilizes experience-led paradigms to improve the business performance of global–local firms.
Rajagopal

Chapter 5. Crowd-Based Business Leadership and Strategies

Abstract
Capturing customer value, expectation, and co-creation options from collective information lead to business model sophistication for exploring new opportunities in the marketplace. Sophistication of business strategies is of critical importance toward refining the pool of resources for the firm’s development. The collective intelligence drives critical thinking and helps managers in developing semantic perceptions of ideas, interventions, and implications (3Is). The semantics induce lead thinking in firms for involving crowd to set new business order. These intricacies are categorically discussed in this chapter. This chapter categorically discusses the attributes of co-creation, and role of wisdom of crowd in the context of brainstorming, perceptual semantics, and design thinking. In addition, the role of stakeholder contributions in transformative leadership, strategies and tactics, and social branding is discussed significantly in the core discussions in this chapter.
Rajagopal

Chapter 6. Technology and ‘Generation Next’ Business

Abstract
Information technology is increasingly changing, which is providing more options in business modeling and implication of strategies involving stakeholders and market players. Crowdsourcing is emerging as a customer-centric tool through which firms develop and commercialize innovation. In view of the attributes of collective intelligence, this chapter discusses the critical role of social media and the digital interactions in collective business modeling using various technology platforms. This chapter discusses critically the role of social media in developing crowd-based business projects by explaining the transitions of crowd-based information to drive corporate decisions. Effects of emotions and personality of customers and investors in the crowd-based businesses are also discussed in this chapter. The discussions in this chapter also focus on the crowd-based innovation approaches in the context of transferability of innovations, ambidexterity, and commercialization of frugal innovations. Discussions on organizational design and digital transformation are also central to this chapter.
Rajagopal

Chapter 7. Consumer Behavior and Cognitive Theories

Abstract
Social power as a pivot to analyze the power structure of consumers and consumers’ involvement of firms in crowdsourcing. Accordingly, the managerial implications of ‘consumer-firm’ power balance are deliberated in the chapter. Crowdsourcing is a process that explores collective intelligence for resolving the complex behavioral issues by distributing tasks to a large group of people. The learning objectives of this chapter include understanding of how consumer cognitive (thinking) processes and limitations affect beliefs and social influences, and how other contextual factors influence consumer decision-making, choices, and behavior. This chapter focuses on learning from external factors on consumer behavior and relationships with other people that influence their decision-making processes. The behavioral analytics is discussed in this chapter, in the context of motivation and decision theories. Besides, this chapter discusses the role of consumer advocacy and psychodynamics (peer-to-peer opinion dissemination) as a tool for developing crowd-based business models.
Rajagopal

Chapter 8. Crowd-Based Service Design

Abstract
The collective intelligence not only offers ideation, but also helps firms in decision-making. The crowd-based business models also share control rights between stakeholders and management. This chapter discusses the crowd-based business models in service industries, collective governance, and shareholder rights. The concept and modalities of reverse service pyramid are argued in this chapter as ‘putting the customers first.’ In addition, the concept of thinking triangle comprising design thinking, systems thinking, and value thinking has been discussed in this chapter in the context of coevolution of services firms with crowd value chain. The discussions on designing services-based crowd platforms, reverse service pyramid, social domain of services, and systems thinking and value management in crowd-based services are central to this chapter. This chapter argues that service firms using collective intelligence develop value-driven services business model and provide cost-effective utilitarian services with embedded aesthetic and emotional values.
Rajagopal

Times Ahead

Frontmatter

Chapter 9. Future Perspectives

Abstract
The future business paradigm is going to change from competition to cooperation. Factors supporting collaboration are observed as trust, common goals for cooperation, and existence of cooperation mechanisms, while barriers are related to three factors such as lack of trust, risk–benefit evaluation, and lack of common goals for cooperation. Therefore, the challenges ahead include triangulation of people, business, and governance. This chapter argues that crowdsourcing has no exclusivity to meet this challenge by overriding the market competition. The co-creation of customer value is critical in helping firms achieve a competitive advantage through crowd-based business models and social marketing strategies that influence not only customer satisfaction and loyalty. In view of the above perspectives, this chapter discusses optimistically the ways to harness collective intelligence and develop crowd entrepreneurship as an alternative to conventional business modeling. This chapter also discusses the pros and cons of interactive planning process and the importance of collective innovations as a process for companies to ensure consistent growth in business amidst increasing market competition.
Rajagopal

Backmatter

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