Value is creating good for, improving the well-being and worth of ourselves and others. Value and value creation are natural to and basic in human behaviour and endeavour, and should be at the centre of our attention.
Actors are people or institutions. In this article, we will refer to actors as him or himself (which incudes it and itself, them and themselves) for convenience. Actors often interact with other actors.
(whether individuals or institutions) in the global ecosystem strive for value for themselves and their constituents. This article proposes a holistic value dominant logic (VDL) that exists universally and encompasses what happens during, before and after (outside) the business and social ecosystem. VDL looks at the needs perspective of the actors and the results of the actors. VDL describes value waiting to happen, how it can be recognized and developed (and its role is creativity and innovation) and how to prevent value destruction. Value, though considered important, has remained a result of the process in service exchange, with no major push on measurements and on conscious value creation. This article aims to put a bigger focus on value and its creation. VDL is based on a global ecosystem; on understanding what value is and how it is embedded in the ecosystem and how it impacts business and society, and beyond. Value addition and value creation are delineated.
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