Abstract
Co-creation has evolved into a powerful concept in theory as well as in practice. Customers and other stakeholders are increasingly involved in the process of innovation and learning. Additionally, the value proposition is a main element of the business model that describes the promise delivered to the customer. As the interaction between companies and their stakeholders increase, value is co-created increasingly. Within this process, stakeholders should also take an active part in shaping offerings and experiences and, thus, become co-creators of value propositions. This chapter combines the co-creation concept with the up-coming value proposition paradigm, which has become popular in business model management and marketing. By describing the concepts of co-creation, value proposition and at least the co-creation of value proposition, managers gain a better understanding of these approaches. This is underpinned by practical examples. To show how the co-creation of value proposition can be implemented in practice, we describe a process of value proposition co-creation in detail.
This is a preview of subscription content, log in via an institution.
Buying options
Tax calculation will be finalised at checkout
Purchases are for personal use only
Learn about institutional subscriptionsReferences
Barnes, C., Blake, H., & Pinder, D. (2009). Creating and delivering your value proposition: Managing customer experience for profit. London: Kogan Page Limited.
Cesarotti, V., Giuiusa, A., Kwan, S. K., Introna, V., & Spohrer, J. (2014). Designing multichannel value propositions to enhance value-cocreation phenomenon. International Journal of Service Science, Management, Engineering, and Technology, 5(1), 14–44. https://doi.org/10.4018/ijssmet.2014010102.
Frow, P., & Payne, A. (2011). A stakeholder perspective of the value proposition concept. European Journal of Marketing, 45(1–2), 223–240. https://doi.org/10.1108/03090561111095676
Gouillart, F. (April 2011). Experience co-creation. Harvard Business Review, 10–13. Retrieved April 12, 2018, from https://hbr.org/2011/04/experience-co-creation
Grönroos, C. (2008). Service logic revisited: Who creates value? And who cocreates? European Business Review, 20(4), 298–314. https://doi.org/10.1108/09555340810886585
Kohtamäki, M., & Partanen, J. (2016). Co-creating value from knowledge-intensive business services in manufacturing firms: The moderating role of relationship learning in supplier–customer interactions. Journal of Business Research, 69(7), 2498–2506. https://doi.org/10.1016/j.jbusres.2016.02.019
Kohtamäki, M., & Rajala, R. (2016). Theory and practice of value co-creation in B2B systems. Industrial Marketing Management, 56(2016), 4–13. https://doi.org/10.1016/j.indmarman.2016.05.027
Lam, L. (2013). 6 tips for running a co-creation project. Retrieved April 12, 2018, from http://www.visioncritical.com
Mobile Marketing Association. (2016). Retrieved April 12, 2018, from http://www.mmaglobal.com/case-studyhub/case_studies/ view/36587
Osterwalder, A., & Pigneur, Y. (2010). Business model generation: A handbook for visionaries, game changers, and challengers. Hoboken: Wiley.
Osterwalder, A., Pigneur, Y., Bernarda, G., & Smith, A. (2014). Value proposition design: How to create products and services customers want. Hoboken, NJ: Wiley.
Owlet Baby Care. (2017). Retrieved April 12, 2018, from http://www.Owletcare.com/
Payne, A., & Frow, P. (2014). Developing superior value propositions: A strategic marketing imperative. Journal of Service Management, 25(2), 213–227. https://doi.org/10.1108/JOSM-01-2014-0036
Payne, A., Frow, P., & Eggert, A. (2017). The customer value proposition: Evolution, development, and application in marketing. Journal of the Academy of Marketing Science, 45(2017), 467–489. https://doi.org/10.1007/s11747-017-0523-z
Payne, A., Storbacka, K., & Frow, P. (2008). Managing the co-creation of value. Journal of the Academy of Marketing Science, 36(1), 83–96. https://doi.org/10.1007/s11747-007-0070-0
Prahalad, C. K., & Ramaswamy, V. (2004). Co-creation experiences: The next practice in value creation. Journal of Interactive Marketing, 18(3), 5–14. https://doi.org/10.1002/dir.20015
Roser, T., DeFillippi, R., & Samson, A. (2013). Managing your co-creation mix: Co-creation ventures in distinctive contexts. European Business Review, 25(1), 20–41. https://doi.org/10.1108/09555341311287727.
Stähler, P. (2002). Geschäftsmodelle in der digitalen Ökonomie. Merkmale, Strategien und Auswirkungen. Lohmar: Josef Eul Verlag.
Siltaloppi, J., & Vargo, S. L. (2014). Reconciling resource integration and value propositions – The dynamics of value co-creation. In 47th Hawaii International Conference on System Science, Big Island, Hawaii, 6-9 January 2014 (pp. 1278–1284). https://doi.org/10.1109/HICSS.2014.165.
Truong, Y., Simmons, G., & Palmer, M. (2012). Reciprocal value propositions in practice: Constraints in digital markets. Industrial Marketing Management, 41(2012), 197–206. https://doi.org/10.1016/j.indmarman.2011.11.007
Vargo, S. L., & Lusch, R. F. (2008). Service-dominant logic: Continuing the evolution. Journal of the Academy of Marketing Science, 36(1), 1–10. https://doi.org/10.1007/s11747-007-0069-6
Vargo, S. L., & Lusch, R. F. (2016). Institutions and axioms: an extension and update of service-dominant logic. Journal of the Academy of Marketing Science, 44(1), 5–23. https://doi.org/10.1007/s11747-015-0456-3
Vargo, S. L., Maglio, P. P., & Akaka, M. A. (2008). On value and value co-creation: A service systems and service logic perspective. European Management Journal, 26(2008), 145–152. https://doi.org/10.1016/j.emj.2008.04.003
Verleye, K. (2015). The co-creation experience from the customer perspective: Its measurement and determinants. Service Management, 26(2), 321–342. https://doi.org/10.1108/JOSM-09-2014-0254
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2019 Springer Nature Switzerland AG
About this chapter
Cite this chapter
Vorbach, S., Müller, C., Poandl, E. (2019). Co-creation of Value Proposition: Stakeholders Co-creating Value Propositions of Goods and Services. In: Redlich, T., Moritz, M., Wulfsberg, J.P. (eds) Co-Creation. Management for Professionals. Springer, Cham. https://doi.org/10.1007/978-3-319-97788-1_5
Download citation
DOI: https://doi.org/10.1007/978-3-319-97788-1_5
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-319-97787-4
Online ISBN: 978-3-319-97788-1
eBook Packages: Business and ManagementBusiness and Management (R0)