Measuring and Managing Value Co-Creation Process: Overview of Existing Theoretical Models

Abstract

Purpose — the article is to provide a holistic view on concept of value co-creation and existing models for measuring and managing it by conducting theoretical analysis of scientific literature sources targeting the integration of various approaches. Most important and relevant results of the literature study are presented with a focus on changed roles of organizations and consumers. This article aims at contributing theoretically to the research stream of measuring co-creation of value in order to gain knowledge for improvement of organizational performance and enabling new and innovative means of value creation. Design/methodology/approach. The nature of this research is exploratory – theoretical analysis and synthesis of scientific literature sources targeting the integration of various approaches was performed. This approach was chosen due to the absence of established theory on models of co-creation, possible uses in organizations and systematic overview of tools measuring/suggesting how to measure co-creation. Findings. While the principles of managing and measuring co-creation in regards of consumer motivation and involvement are widely researched, little attempt has been made to identify critical factors and create models dealing with organizational capabilities and managerial implications of value co-creation. Systematic analysis of literature revealed a gap not only in empirical research concerning organization's role in co-creation process, but in theoretical and conceptual levels, too. Monika Skaržauskaitė. Measuring and Managing Value Co-Creation Process: Overview of Existing Theoretical Models 116 Research limitations/implications. The limitations of this work as a literature review lies in its nature – the complete reliance on previously published research papers and the availability of these studies. For a deeper understanding of co-creation management and for developing models that can be used in real-life organizations, a broader theoretical, as well as empirical, research is necessary. Practical implications. Analysis of the literature revealed limited existence of conceptual and, even more importantly, empirically tested models for managing co-creation. With importance of rising customers input, it is crucial to find ways of managing co-creation. This article can be considered as an initial phase into building conceptual model for measuring co-creation Originality/Value. Even though co-creation of value with customers is a widely discussed topic in scientific world, little attempt has been made to find means for organizations to influence and manage customer's involvement. This work aims at reviewing existing models in order to present empirically tested model based on past research.