value co creation literature review and proposed conceptual framework

Value co-creation: concept and measurement

• Original Empirical Research
• Published: 05 August 2014
• Volume 44 , pages 290–315, ( 2016 )

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• Kumar Rakesh Ranjan 1 &
• Stuart Read 2  

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The surge in academic and practical interest in the topic of value co-creation (VCC) highlights an equivocal understanding of its conceptual boundaries and empirical constituents. Our search of the diverse scholarly literature on VCC identified 149 papers, from which we extract the two primary conceptual VCC dimensions of co-production and value-in-use. Though the combination of these two distinct dimensions is theoretically necessary to describe VCC, 79% of the studies in our dataset consider only one or the other. Such underlying theoretical ambiguity may explain conflicting results in earlier studies and motivates our effort to offer four contributions to the literature. First, we conduct a rigorous review, integrating existing work to expose the theoretical core of VCC. Second, we utilize the results from our review to isolate the two main theoretical dimensions of VCC and expose the three conceptual elements which underlie each dimension. Third, we apply our theoretical findings to derive empirical measurement constructs for each dimension. Fourth, we refine, analyze, and test the resulting measurement index in an investigation into consumer satisfaction.

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To identify the model, we used reflective measures that captured a specific aspect of the latent construct. Such an approach is suggested only to identify formative models, which are underidentified, and need to be either placed in a bigger overall model, or be related with at least two reflective measures (e.g., Bollen 1989 ; Diamantopoulos and Winklhofer 2001 ; Jarvis et al. 2003 ; Reinartz et al. 2004 ).

A general description of VCC was finalized through an iterative process from evidence gathered for VCC from extant research. The information collated under each dimension was reviewed iteratively to create a coherent definition. In the second stage, these descriptions were brought together to form a coherent description of VCC. The task was performed by each author independently and then together to arrive at a final description. The authors can provide these vignettes upon request.

The authors can provide the details of the analysis to the readers of JAMS upon request.

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Acknowledgments

We are thankful to the editor, G. Tomas M. Hult and the two anonymous reviewers of JAMS. Thanks is also extended to reviewers and session-participants of the AMS annual conference, 2013 for their inputs on the preliminary version of this article. Our sincere appreciation for the reviews and insights offered by M. Jha, Nicholas Dew, Praveen S., Saras Sarasvathy, Shainesh G., and S. Bharadhwaj. The first author would also like to thank the endless help by his doctoral colleagues, Bipin, Rupanwita, Shailen, and Vinay.

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Ranjan, K.R., Read, S. Value co-creation: concept and measurement. J. of the Acad. Mark. Sci. 44 , 290–315 (2016). https://doi.org/10.1007/s11747-014-0397-2

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Value co-creation: a review of literature and future research agenda

Purpose The purpose of this paper is to present a systematic review of the available literature on value co-creation (VCC) and provide insightful future directions for research in this domain. Design/methodology/approach The extant literature on VCC has been reviewed by collecting relevant research papers based on certain specified delimiting criteria. A total of 110 research papers have been analysed to gain useful insights into VCC literature. Findings The study analyses the literature on VCC and provides a clear distinction between VCC and its closely related constructs in the literature. The study also draws significant insights from the VCC literature based on some specific parameters. Some frequently used theoretical perspectives have been discussed in the study, thus pointing towards a few alternative theories that can be used for future research. Finally, specific trends emerging from the literature have been discussed that provide a comprehensive understanding of the research inclinations of this concept, along with future scopes of research in the VCC domain. Research limitations/implications The papers were selected for this study based on some delimiting criteria. Thus, the findings cannot be generalised for the entire research on VCC. Originality/value This paper fulfils the need for a systematic review of the extant literature on VCC. The study synthesises literature and bibliography on VCC from 2004 to 2019 to benefit both academics and practitioners and gives some directions to advance this domain of literature.

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Value co-creation: Literature review and proposed conceptual framework

Kumkum Bharti, Rajat Agrawal, and Vinay Sharma

• Collaboration & co-creation

Kumkum Bharti, Rajat Agrawal and Vinay Sharma

Indian Institute of Technology

Introduction

Service-dominant (S-D) logic was propounded by Vargo and Lusch in 2004 and gained prominence in the marketing literature for two reasons. First, it addressed the limitations of G-D logic (goods-dominant logic), which emphasised value-in-exchange, where value is realised at the point of exchange (Kotler 1967). Second, S-D logic gave birth to a new marketing approach that placed emphasis on the interactions between various actors (Payne et al. 2008; Lusch & Vargo 2011), integration of resources (Vargo...

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Journal of Service Theory and Practice

ISSN : 2055-6225

Article publication date: 17 November 2023

Issue publication date: 2 January 2024

Artificial intelligence (AI) has a significant impact on value co-creation (VCC). However, a study providing a comprehensive summary of the current state of the art and common ground of the two fields is missing. The current study aims to fill this gap by conceptualizing the role of AI in VCC and customer decision-making.

Design/methodology/approach

The study reviews literature on VCC and AI together, including a total of 108 articles. To bring the literature together, the authors adopted the antecedents-mediators-outcomes framework and narrative approach that helped them develop a framework by integrating the antecedents, mediators and outcomes of AI-facilitated VCC. Furthermore, the authors also operationalized existing literature to facilitate an understanding of the role of AI in customer decision-making.

The study, in addition to identifying the common theoretical grounds of VCC and AI (human behavior, cognition and social interactions), operationalizes AI functionality, its characteristics and customer characteristics as the antecedents of AI-facilitated VCC. Moreover, based on literature, on the continuum of low-to-high involvement, four types of decision-making were identified as mediator of the relationship between AI characteristics, customer characteristics and VCC. Additionally, the authors found different categorizations of AI in literature as archetypes to support various forms of VCC.

Originality/value

The study contributes to the literature of VCC and AI by construing a comprehensive framework for analyzing AI's impact on VCC, envisioning customer–AI interaction as continual exchange of advantages in which characteristics of AI and customers play a critical role in customer decision-making and shaping VCC.

• Artificial intelligence
• Value co-creation
• Decision-making

Acknowledgements

The authors did not receive financial support for the research, authorship and publication of this article.

Chandra, B. and Rahman, Z. (2024), "Artificial intelligence and value co-creation: a review, conceptual framework and directions for future research", Journal of Service Theory and Practice , Vol. 34 No. 1, pp. 7-32. https://doi.org/10.1108/JSTP-03-2023-0097

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Value Co-Creation in Web-Based Multisided Platforms: A Conceptual Framework and Implications for Business Model Design

By: Daniel Thome de Oliveira, Marcelo Nogueira Cortimiglia

The internet is fertile ground for multisided platforms that articulate the production of goods or the execution of services between third parties, thus relying on value co-creation as their core…

• Length: 12 page(s)
• Publication Date: Nov 15, 2015
• Discipline: Entrepreneurship
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The internet is fertile ground for multisided platforms that articulate the production of goods or the execution of services between third parties, thus relying on value co-creation as their core business model mechanism. However, an understanding of co-creation that underlies dynamics and implications for business model design and innovation is still dispersed and fragmented along a number of literature streams. This article aims to provide an understanding of the value co-creation process in web-based multisided platforms. A conceptual framework is proposed based on the combination of an analysis of a comprehensive systematic literature review, interviews with academics and entrepreneurs, and an analysis of secondary data on representative cases of multisided business models based on value co-creation. We offer a model of value co-creation in multisided platforms and advance a number of propositions regarding value dynamics, including the role of the focal firm in defining and maintaining value creation, propositions, and capture structures with consequences to monetization schemes and actors' contributions and motivations for value co-creation. This article contributes to the understanding of the co-creation phenomenon, especially in multiple actor interaction regimes, and raises a number of suggestions for future research.

Nov 15, 2015

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Entrepreneurship

Business Horizons

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Value co-creation in the B2B context: a conceptual framework and its implications

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Marko Kohtamäki

The co-creation of value and the coproduction of value proposition have attracted enormous interest in the B2B service and solutions research. To analyze this body of knowledge, we searched for published studies on co-creation and coproduction in top-tier journals in the areas of management, marketing, strategy, and operations. We selected 54 papers for further analysis. Our review demonstrates that research of value co-creation and the coproduction of value proposition covers a myriad of viewpoints to the economic and social exchange among actors in multi-actor service ecosystems. We identify a variety of definitions and meanings associated with value co-creation. Our analysis provides insight into the theories and methods used in the area. We also discuss the need to study the co-creation of value in the B2B context from the institutional and practice theory perspectives, and suggest some avenues for future research.

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Mikko Heiskala

Olli Pekkarinen

Solution business can offer new sources of income for traditional manufacturing companies, but the business model differs radically from the traditional product-centric view. One of the key differences is the depth of co-creation between the supplier and the customer. This cocreation covers the whole customer relationship, starting from the offering creation and continuing towards the end of the solution lifecycle. The booming academic interest on solution business has mainlyfocused on the supplying side of the dyadic relationship. As customer solutions are co-created, the views and opinions of customers form a fruitful research topic. The paper concentrates on how to study customer perceptions of value cocreationand relationship dynamics during the different relational processes in solution business. The study contributes to the growing solution marketing literature stream by providing methodological insights and a conceptual framework for customer co-creation activities in the rel...

Jagdish N Sheth

In a very insightful paper, Eggert, Ulaga, Frow, and Payne (2018) provide the historical evolution of customer value from value in ex- change to value in use, and how this has dramatically changed the nature and scope of customer value propositions. In this paper, I will further elaborate on who creates value (the marketer or the customer or both) in a B2B context. In particular, I will focus on customer value propositions when value is cocreated between the supplier and the customer. This paper will conclude that co-creation of value is more prevalent in all B2B markets and almost universally inherent in B2B services. Furthermore, since most customer value propositions are from the marketer's perspective, I will discuss new value propositions from the joint perspectives of both the sellers and the buyers.

Massimiliano Vesci

The current study aims to develop a conceptual model for the measurement of value co-creation in line with S-D logic assumptions, in an effort to fill two gaps in literature, emerged from a brief review about the controversial issue of customer value co-creation operationalization. The first lack is connected to the inadequate classification of the construct, especially regarding the identification of co-creation real practices, while the second one concerns the progressive departure from S-D logic mindset on the part of previous researches. Based on McColl-Kennedy et al. (2012) contribution, a framework which pinpoints eight dimensions of value co-creation, each of them divided into sub-dimensions, is proposed and discussed.

The scholarly understanding of the antecedent and consequent behaviors of customer involvement in the creation process particularly among small and medium enterprises (SME’s) are limited to date. So, this paper aims to explore the antecedent and consequent behaviors of the customer involvement in the creation process among SME’s. Sample data was collected by administering 384 questionnaires from the customers of SME’s. The hypothesized relationships are tested through Structural Equation Modeling. The findings suggest that customer involvement in the creation process is influenced by brand attractiveness, brand response, active engagement and sense of community. Resultantly, customer involvement in the creation process leads to enhanced behavioral loyalty, attitudinal attachment, and resilience against any negative information. A critical limitation lies in this study is the use of only four antecedent and three consequent behaviors of co-creation behavior. Future researchers need t...

Olga Matasic

Abstract This dissertation continues the critical engagement with the popular discourse of value co-creation. The research draws on Prahalad and Ramaswamy’s (2004) value co-creation paradigm and Hilton, Hughes and Chalcraft’s (2012) resource- based view and explores the role of Cloud Services in value co-creation process. A qualitative research was conducted in Sweden with buyers and suppliers of 8 different companies actively using Cloud Services for collaboration with their business partners. The findings indicate that Cloud Services considerably affect the elements of value co-creation suggested by Prahald and Ramaswamy (2004) and serve as an encounter platform for mutual collaboration between business partners. Consequently, the study reveals recognition of Cloud Services as an efficient tool for collaboration in B2B, significantly improving customer-supplier interactions, experiences, customer engagement and resource integration. It has been also registered herewith that Cloud Services have a positive impact on customer-supplier relationships and can augment the level of trust between counter parties through incremented information sharing and transparency. It can, therefore, be concluded that Cloud Services facilitate the process of value co- creation in B2B. Key words: Cloud Services (Cloud computing), value co-creation, S-D logic, customer experience, customer engagement, encounter. Note: terms Cloud computing, Cloud Services (CS) and “Cloud” are used interchangeably throughout the dissertation.

International Journal of Services Operations and Informatics

Dr Umer Ayub

Industrial Marketing Management

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