Business of “another World” – Virtual Reality (VR) : “Influence of Virtual Reality on the competitive advantage for firms”

Sammanfattning: Abstract Title: Business of “another World” – Virtual Reality (VR): Influence of Virtual Reality on consumer experience, co-creation and competitive advantage Course: Thesis for Master Degree in Business Administration Authors: Dominik Ruggenthaler and Maximilian Waidhofer Supervisor: Maria Fregidou-Malama, PhD Examiner: Akmal S. Hyder, PhD Date: 2017/06/01   Purpose: This study’s aim is to examine the influence of VR in the field of architecture and its contribution to create competitive advantages. Methodology: To collect empirical data, the research applied a qualitative and inductive approach. Semi-structured interviews with ten participants with different backgrounds are conducted. Furthermore, primary and secondary data obtained from existing scientific resources built the base for argumentation. Findings & Conclusion: The main findings of the research are clustered in four groups. (1) VR planning creates a new service system and has an influence on the project performance; (2) VR experience and (3) co-creation contributes to generate new competitive advantages; (4) the use of the technology is a trigger for architect companies to differentiate compared to their competitors. Theoretical contribution: This is one of the few studies that combines VR planning with customer experience and co-creation. Furthermore, previous researches do focus on competitive advantages in this context. The developed conceptual model identifies the impact of VR on competitive advantage generation within the architecture business. Managerial implications: The implication of VR leads to both new opportunities and new problems. On one hand, architects can embed their clients better in the planning stage, but on the other hand, customers might become overwhelmed by the multisided VR opportunities. Also, it is outlined that a form of virtual planning will probably become an industry standard, which has to be adopted by architects. Limitations: Cost Leadership, one element of competitive advantages, is not explored through this study. Also, customer response of VR services has to be evaluated more deeply. Therefore we suggest further research in those fields. Keywords: VR planning, co-creation, experience, competitive advantage, architecture