Value Co-Creation Drivers and Components in Dynamic Markets

Abstract

The purpose of this conceptual study is the identification of value co-creation drivers and components and the emphasis of the necessity of value co-creation in today’s dynamic business environments. According to Bingham, Furr, and Eisenhardt (2014), these environments are built on dynamic markets which require interaction and experimentation between strategic focus and flexibility. “Outside the box thinking” or “thinking with no boxes” is vitally important for the value creation process in global markets (Lewis, Andriopoulos, & Smith, 2014). In this article, the role of customers in value co-creation processes and systems will be highlighted. The co-creation of value with customers’ involvement shapes and redefines existing markets and helps to create new market spaces based on the customers’ needs and demands which result in boundless opportunities in a globalized world of ever-changing markets (Bettencourt, Lusch, & Vargo, 2014). This qualitative study is based on content analysis of distinctive value co-creation management studies streams in scientific literaturefrom related research concepts such as consumer service management and innovation management research for ensuring superior customer responsiveness in dynamic markets by embedding the service-dominant logic (SDL) and the job-to-be-done thinking logic (JTBD). The article gives an overview over perspectives, conceptualizations, and application approaches of value co-creation with customers. In addition, multidimensional approaches of value co-creation are discussed and spheres of value co-creation are formulated. At last, critical drivers for delivering value co-creation are highlighted.