The old

The new

Value is embedded in products

Value is (co-)created in use and in exchange

Firms aim to make more money to owners

Firms have multiple aims

Services are supporting products

Service is the product

Marketing to

Marketing with

Transactional

Relational

Hierarchies, markets, closed organizations

Networks, open organizations

(Physical) assets, technologies

Knowledge, learning, people

Patents, closed innovation

Open innovation

Competition

Collaboration, coopetition

Passive customers

Active customers

Firms have the resources and capabilities to produce products; they estimate what customers need and want, target through advertisement, focus on transactions, selling products to customers

People bring together knowledge and skills to co-create value while established organizations facilitate the process; relationships are formed beyond transactions through trust and openness