Business strategy and business environment: The impact of virtual communities on value creation

The impact of new forces in the firm's business environment means that strategy and value are now delivered and captured in digital spaces occupied by virtual communities of customers. These strategic changes have made possible the sharing of value creating practices between consumers and firms, where customers are now highly influential in brand decisions. Technology has made it possible to co‐opt customers directly into the product design process. Many customer facing strategy processes and practices have been transformed due to changes in markets, technology, and the business environment.