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Most firms fall short of defining crisp value propositions, of measuring the differential economic value of their innovation versus their competitors and, of capturing the true value through pricing. There are many root causes, and one of these causes relates to the lack of conceptualization of what value means.

Willingness-to-pay is a critical element of value management and value-based pricing. It is an important dimension to consider at that stage of innovation but should also be strongly integrated in the design of front-end innovation activities.