Transitioning the Firm to a Circular Stakeholder-value Creation Model

In the past two decades, there has been increasing interest in both Business Model innovation within a purely shareholder-value paradigm and simultaneously the Circular Economy (CE) within a stakeholder-value paradigm. Additionally, there have been some efforts to combine these two distinct strands of thought. Based on the literature review, this paper builds on that work to consider an overall process for established firms to design a “Circular Stakeholder-Value Creation Model” (CSVCM) and transition to that new model. The motivation to do so stems from the very low adoption rates of Circular Business Models (CBMs) which potentially arise from barriers to adoption in practice. The proposition is that there is insufficient granularity in existing theories of practice by which to provide prescriptions for management. Additionally, this paper highlights the promise that may exist in Well-Being (WB) marketing practices as a catalyst to CSVCM transformation through the increased customer engagement they can generate, with ensuring positive revenue impacts then able to de-risk broader CE related initiatives within the firm. The paper concludes by highlighting future research into this area, including that which will be presented in the conference.