On value, value creation and value co-creation in service
What is it about?
Value creation and co-creation are important aspect of the service logic on business and marketing. Most of the literature is based on a system-of-actors view, which does not lend itself directly to managerial decision making. The article provides a managerial or micro level interpretation of value creation and especially of value co-creation, and demonstrates the interplay between the service provider's facilitation of the customer's value creation, and of the possibilities for service providers to co-create value with its customers, under certain circumstances. A value creation lexicon is included.
Why is it important?
The article demonstrates how the concepts of value, value creation and co-creation can be implemented in managerial contexts. It further shows how the value process can be divided into value spheres and provides insight into how to manage these spheres, with the goal to support the customers' value creation successfully. Moreover, marketing implications of a firm's co-creation opportunities are discussed, such as the possibility to move beyond merely making value propositions, the need for planning offerings extensively enough, the need for a marketing definition that goes far beyond the conventional one-function process, and the importance of consumer-to-consumer interactions.
The following have contributed to this page: Christian Grönroos