Management, Marketing, Innovation and Internationalisation
Research Handbooks in Business and Management series
Edited by John R. Bryson and Peter W. Daniels
Chapter 8: Creating and capturing value in the service economy: the crucial role of business services in driving innovation and growth
Developed economies are service economies. Managers and researchers have yet to pay attention to one of the major drivers of this phenomenon: the rise of business services through the opening up of new business models. Contrary to popular opinion, the share of consumer services in economic output has remained rather stable over time, while the share of business services has been rising continuously (Ehret and Wirtz 2010). Business services constitute the backbone of the networked enterprise. While the vertically integrated firm used to dominate the age of manufacturing, service economies build on networks of specialized firms where businesses can hire almost any conceivable business activity or resource as a service.
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