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An integrative framework of value
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Ng, Irene C. L. and Smith, Laura A. (2012) An integrative framework of value. In: Vargo, Stephen L., 1945- and Lusch, Robert F., (eds.) Special Issue – Toward a Better Understanding of the Role of Value in Markets and Marketing (Review of Marketing Research). London: Emerald Group Publishing Limited, pp. 207-243. ISBN 9781780529127
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Official URL: http://dx.doi.org/10.1108/S1548-6435(2012)00000090...
Abstract
The concept of value has been discussed for over 2000 years with various nuanced
meanings. It was a focus of concern for Plato and Aristotle, and Adam Smith (1776) dealt
extensively with value in The Wealth of Nations. Using Smith’s work as a foundation, the
economic philosophers and economic scientists who followed him made value, under the
rubric of “utility”, the cornerstone of economic thought, culminating in marginal utility
theory (Walras, 1894). This continues to underpin contemporary business thought, including
the various disciplines. In marketing, much of the early discussion centred on the kind of
utility contributed by marketers and Alderson (1957) and Beckman (1957) later debated its
meaning. More recently, Holbrook (1999) has written extensively about value as a focal
concept and Vargo and Lusch (2004, 2008) have made a shift from the primacy of “value-inexchange”
to “value-in-use”, a core transition in service-dominant logic. The American
Marketing Association has also made value (creation and delivery) the central concept in its
last two definitions of marketing, replacing the “product” as the object of exchange1. Yet,
the meaning and nature of value and the locus of its creation continues to be contentious.
However, one can argue that value creation is the central purpose of economic activity and
thus, a comprehensive understanding of value is essential to customers, businesses, and
policy makers.
Item Type: | Book Item | ||||
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Subjects: | H Social Sciences > HB Economic Theory | ||||
Divisions: | Faculty of Science, Engineering and Medicine > Engineering > WMG (Formerly the Warwick Manufacturing Group) | ||||
Library of Congress Subject Headings (LCSH): | Value | ||||
Publisher: | Emerald Group Publishing Limited | ||||
Place of Publication: | London | ||||
ISBN: | 9781780529127 | ||||
ISSN: | 2049-4297 | ||||
Book Title: | Special Issue – Toward a Better Understanding of the Role of Value in Markets and Marketing (Review of Marketing Research) | ||||
Editor: | Vargo, Stephen L., 1945- and Lusch, Robert F. | ||||
Official Date: | 2012 | ||||
Dates: |
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Volume: | Vol.9 | ||||
Page Range: | pp. 207-243 | ||||
DOI: | 10.1108/S1548-6435(2012)0000009011 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Open Access (Creative Commons) |
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An integrative framework of value. (deposited 15 Feb 2012 15:28)
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