Conceptualizing Value: A Service-ecosystem View

Abstract

Abstract

The concepts of value-in-use and value-in-exchange have provided the theoretical foundation for scholarly thought since antiquity. The latter has exerted particular influence in economic and business thought since the time of Adam Smith. However, several value-related research streams have, more recently, drawn attention to the contextual and experiential nature of value creation and determination, shifting primary attention to the importance of value-in-use. The convergence of these streams can be seen in the transcending conceptual framework of service-dominant (S-D) logic and its service-ecosystem perspective. Despite its origination in marketing, S-D logic increasingly represents an interdisciplinary endeavour. This commentary elaborates S-D logic’s conceptualization of value—‘a change in the viability of a system’—by capturing the nature of value through four propositions: (1) value is phenomenological, (2) value is always co-created, (3) value is multidimensional and (4) value is emergent. It also provides some specific suggestions for how future scholarly work can contribute to the further refinement of the understanding of value.