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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. Working Paper. Coventry: Warwick Manufacturing Group. Service Systems Research Group Working Paper Series (Number 03/12).
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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: | Working or Discussion Paper (Working Paper) | ||||
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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 | ||||
Series Name: | Service Systems Research Group Working Paper Series | ||||
Publisher: | Warwick Manufacturing Group | ||||
Place of Publication: | Coventry | ||||
ISSN: | 2049-4297 | ||||
Official Date: | February 2012 | ||||
Dates: |
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Number: | Number 03/12 | ||||
Number of Pages: | 33 | ||||
Institution: | University of Warwick | ||||
Status: | Not Peer Reviewed | ||||
Access rights to Published version: | Open Access (Creative Commons) | ||||
Date of first compliant deposit: | 1 August 2016 | ||||
Date of first compliant Open Access: | 1 August 2016 |
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