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Successful commercialization is crucial to innovative firms, but further investigation is needed on how diverse stakeholders can contribute to the commercialization of a radical innovation that requires particular market creation support. This paper aims to, therefore, analyze the key stakeholders and their contributive activities in commercialization and market creation, particularly in the case of radical innovations.

This study relies on qualitative research design including interviews with key stakeholders, such as regulators, scientists, experts, licensing partners, core company representatives and extensive secondary data. This single-case study concerns a functional food product, which is a radical innovation requiring the development of a novel product category positioned between the food and medicine categories in global market settings. Since its market launch in 1995, the involvement of multiple stakeholders was needed for its successful commercialization in over 30 countries.

Results uncover the contributions of diverse stakeholders to commercialization and market creation, particularly of radical innovation. Stakeholders performed market creation activities such as regulating the marketing and labeling of food products, conducting safety assessments, revealing and validating the positive health effects of the novelty and raising awareness of healthy living and cardiovascular health. The commercialization activities included distributing the products overseas, applying the ingredient to different food products and making the products available for users.

This single-case study provides an overview of the positive stakeholder activities with contributions to market creation and commercialization of functional food innovations. Although the user perspective was not included in the empirical part of this study because of our focus on B2B actors, users of the innovation can contribute to R&D activities to a great extent.

The developed framework of stakeholders’ contributive activities in radical innovation commercialization and market creation contributes to literature discussing market creation as well as commercialization within the marketing and innovation management research fields. This work also generates practical advice for managers who commercialize (radical) innovations.

Market shaping research predominantly focusses on the activities of the market shaper, rather than the equally important roles of other market actors. Market shapers may enhance resource density and value creation within markets, yet such influences cannot exhaustively explain how markets get shaped. Other market actors also must and do exert effort in the value co-creation processes; this study aims to explore the effects of reducing their efforts, as a mechanism to facilitate market shaping.

This conceptual paper uses a theory adaptation approach to link value co-creation with market shaping and effort. It offers a conceptual framework and five propositions that outline the role of effort reduction in the value co-creation process to achieve market shaping.

The proposed conceptual framework indicates how enhanced resource density, resulting from the firm’s market shaping activities and reduced effort lead to enhanced value creation for market actors. Effort reduction can be achieved by reducing either the level of resource input required or the activities required to access, transform and combine resources to co-create value. Potential resource flows then may benefit the market shaper.

This research contributes to emergent market shaping literature by offering effort reduction as a viable tactic. Specifically, it broadens the scope of consideration of effort in value co-creation, and it advances understanding of resource density as a focal market shaping construct. The resultant framework offers a foundation for future market shaping research.

The purpose of this paper is to explore the extent to which a marketer’s own priorities as a consumer infiltrate workplace decision-making and how this contamination influences the creation of potential value for the end consumer. The “black box” of the organisation is opened to investigate potential value creation at an individual/manager level of analysis.

The authors gathered in-depth qualitative data from amongst marketing managers and directors in the UK, Australia and the USA. The authors theorised these data through boundary theory to develop an integrated producer-as-consumer potential value creation model.

The paper reveals the dynamic interplay in marketing/production decision-making between the individual’s consumer-self, manager-self and the external interface with the organisation.

The producer-as-consumer potential value creation model illuminates the complex role of the firm and its individual managers in the creation of potential value and identifies contingencies that result in a spectrum of possible potential value creation outcomes. These contributions are positioned within the marketing value creation and co-creation literatures.

Marketing organisations/managers may find this research useful when considering the benefits and drawbacks of integrating managers’ consumer-self insights into workplace decision-making and the creation of potential value for the end consumer.

This paper moves value creation/co-creation theory forward by revealing the dynamic potential value creation process and presenting a fluid representation of producers-as-consumers, at individual manager level. This paper is of interest to academic and marketing practitioner audiences.

The purpose of this article is to analyze the scope, content and nature of value co‐creation in a service logic‐based view of value creation, addressing the customer's perspective in a supplier‐customer relationship. The nature of the activities and the roles of the supplier and the customer in value creation and co‐creation are analyzed. Furthermore, the purpose is to discuss what implications for marketing can be derived from this analysis.

The article analyzes the marketing implications that follow from the pivotal role of interactions in service provision. The article, thus, builds on a long history in service marketing research pointing at the impact on the content and scope of marketing of customer‐supplier interactions.

In this article, it is concluded that creating customer value is a multilaned process consisting of two conceptually distinct subprocesses. These are the supplier's process of providing resources for customer's use and the customer's process of turning service into value. The article results in five service logic theses which provide an understanding of the process of value creation and its implications for marketing. The theses offer a terminology that helps researchers and practitioners to understand the various roles of suppliers and customers in value creation and to analyze opportunities for co‐creation of value.

The findings of this article challenge some of the salient propositions of the emerging service‐dominant logic, i.e. customers as co‐creators of value, and firms can only make value propositions. The role of marketing is reframed beyond its conventional borders.

A potential weakness of marketing in the strategy dialogue has been a tendency on the part of marketing scholars to stay with outmoded frameworks. As the economy is decreasingly influenced by industrial value creation and increasingly influenced by knowledge creation and dissemination, the role of marketing in value creation and thus in strategy is accentuated. Synthesizing current literature regarding the environmental changes and the underlying foundations for value creation affected by these changes, and contrasting them to traditional, industrial value creation, an argument for the central role of marketing in the knowledge economy is provided and examples support the new value creation‐marketing link.

This chapter explores the nature of the cultural context that frames value creation and provides insight to the way in which value is collaboratively created, or co-created, in markets.

We develop a conceptual framework and research propositions for studying the co-creation of value-in-cultural-context through the intersection of consumer culture theory (CCT) and service-dominant (S-D) logic and the integration of a practice-theoretic approach for value co-creation.

The integration of CCT, S-D logic, and practice theory provides a conceptual framework for studying the co-creation of value among multiple stakeholders and the (re)formation of markets.

Drawing on this framework, marketers can contribute to the co-creation of new markets by influencing changes in cultural contexts – practices, norms, meanings, and resources – that frame value co-creation and exchange.

This chapter explores the integration of CCT and S-D logic by focusing on value co-creation and applying a practice approach to further weave together these distinct research areas. In addition, the proposed framework elaborates the conceptualization of value-in-context to consider the cultural context that influences and is influenced by the co-creation of value.

Over the last five decades, business to business (B2B) marketing has evolved from a transactional model to a behavioral model. This evolution is a consequence of the rise in thoughts of managing customer journeys, services marketing and acknowledging value co-creation amongst stakeholders. The contemporary B2B marketing strategies of relationship, innovation, sustainability and digital marketing that emerge through the literature review are discussed to demonstrate how they add value to the competitive advantage of firms and facilitate co-creation between business partners to help design the customer journey. The purpose of the paper is to discuss how the apparel industry could implement the B2B marketing strategies highlighted and further suggests a framework of value co-creation. The framework shows the journey between business partners followed by the value propositions as service exchange through resource integration within the service ecosystem.

Through a review of the literature, the evolution of B2B marketing unveils the importance of services marketing and how the marketing strategies discussed add value to the services marketing, this is further explored with propositions of value co-creation between business partners. The propositions are based on the theory of service dominant logic, whereby, the partners in the service ecosystem co-create value from value propositions offered by the business partners in collaboration with supply chain innovation.

A framework is suggested in the context of the apparel industry that demonstrates the value propositions as a part of the B2B marketing strategy. Through resource integration and collaboration between the business partners, the value propositions in the form of services, are exchanged resulting in value co-creation that leads to the ultimate offering to the end customer.

The service dominant logic theory and the supply chain innovation model are the basis of the framework, showing the value propositions made, are in collaboration between the firm and the supply chain partners. The value propositions in the form of services are exchanged as an outcome of resource integration amongst the business partners resulting in value co-creation which will aid apparel manufacturers differentiate their services and manage customer journeys better. The framework will be further researched through primary research to determine its rationality in the real-world context. The nature of the industry being fast paced, the literature will be outdated in a short span of time and with the vast growth, new strategies will need to be executed eventually.

The paper discusses how the apparel industry can move forward with the B2B marketing strategies highlighted through the literature review and further suggests a framework of value co-creation. This will aid apparel manufacturers to focus their marketing efforts in an era of services marketing and compete better globally with service offerings.

The competitive advantage strategies and other key emerging themes of co-creation, value co-creation and customer journeys are highlighted and shows increasing importance to the survival of businesses in an era of service orientation and relationship marketing.

Through a critical literature review of B2B marketing strategies and with the use of theoretical models of service dominant logic and supply chain innovation, the conceptual paper proposes a framework by the authors that allows future research to analyse value co-creation in B2B marketing strategies for the apparel industry.

In the current customer‐centred business environment, organisations are adopting market‐oriented behaviour in an effort to enhance their value creation and delivery capabilities. This study seeks to investigate whether supplier market orientation leads to the creation of superior supplier perceived value and organisational performance. It is contended that supplier perceived value creation mediates the relationship between market orientation and business performance.

A model was developed that places supplier perceived value creation as a mediator of the relationship between market orientation and business performance. The model was tested using structural equation modelling on 244 fresh produce suppliers interviewed in face‐to‐face interviews.

The results indicate that, whilst customer orientation enhances supplier perceived value creation, competitor orientation and interfunctional coordination were negatively associated with it. Supplier perceived value creation had a mediating effect on the link between market orientation and business performance. Additionally, supplier perceived value creation had a negative effect on financial performance, but was positively related to marketing performance.

The study indicates that not all market orientation components lead to positive effects on business performance. For some organisations market orientation can actually reduce business performance. Thus managers should specifically be careful to implement customer orientation as a way of enhancing business performance as the costs may outweigh the benefits.

Limited work has investigated the role of supplier perceived value creation and research has called for empirical work on mediators of the market orientation‐business performance link. The paper adds to existing knowledge by unveiling how supplier market orientation influences their ability to conceptualise supplier delivered value.

Value co-creation thinking is reshaping the understanding of markets and marketing and presents a significant opportunity to develop the theory and practice of social marketing. However, whilst value co-creation offers thought-provoking new directions for the field, applying this theory and its core concepts in social marketing is not without significant challenges. The paper aims to discuss these issues.

This is a conceptual paper that seeks to integrate lessons from social marketing practice with the value co-creation discourse from commercial marketing. Drawing upon two projects that have applied principles of collaboration and co-design, the paper provides a critical perspective on the adoption of value co-creation in social marketing.

The collaborative and emancipatory ambitions of co-creation seem highly compatible with social marketing. However, the paper notes some significant conceptual, ethical and practical obstacles in the path of a workable theory of value co-creation for social marketing.

While representation of value co-creation and other collaborative approaches is increasing in the social marketing literature, this is the first attempt to provide an integrated and critical review of their compatibility with social marketing at a conceptual, ethical and theoretical level. The analysis shows that value co-creation theory can simultaneously offer opportunities and present obstacles for social marketing.

Research on the significance of corporate social responsibility (CSR) and value creation is nascent as compared to CSR and financial performance. The concept of value is also evolving because of changing business environments, globalization and the expanded idea of CSR. Nowadays, managers expect a more quick, pragmatic approach to satisfy valid stakeholder claims while simultaneously creating competitive advantage through reputation and investor value. The paper aims to examine the impact of CSR on the market and sustainable value creation through CSR expenditure in India and the moderating role of pressure-sensitive institutional investors (PSII).

The study used panel data regression methodology on a sample of 1,845 non-financial Indian firms from 2015 to 2021.

CSR creates market and sustainable value for non-financial Indian firms in line with stakeholder theory. The authors find a positive moderating role of governance represented by PSII on CSR and market value creation but not on sustainable value.

The study is based on secondary data. CSR, despite being a regulatory obligation, provided long-term benefits that increased their sustainable growth rate. The results highlight the importance given by financial markets to CSR activities. Other types of institutional investors can also be examined in future research. CSR can be embedded in the core operations of the firm, which can help in fostering a culture of sustainability and responsible business practices that benefit firms and society as a whole. Tax incentives can be provided to firms investing in CSR.

CSR provides long-term benefits to the firm, which enhances the goodwill and integrity of the firm in the market. The results reveal that besides capital market investors, firms are subject to the scrutiny of consumers, communities and the government as expectations rise and information spreads faster, which can have repercussions. CSR helps in meeting such expectations and the perceived value of the firms. Managers and chief executive officers (CEOs) can pay attention to the type of institutional investors like PSII, which can be formed as a part of the firm’s CSR strategy.

The positive impact of CSR on sustainable value expresses a long-term management orientation based on the improvement of stakeholder relations and the associated environmental impacts referring to cohesion and consensus, market opportunities and strengthened reputation and image. A sustainable company involves a conscious and continuing effort in the equilibrium between contrasting stakeholders’ expectations in an attempt to optimize value creation. Tax exemption can be provided for CSR activities.

The authors contribute to the scant literature on CSR and value creation, especially sustainable value, as most of the prior studies are not empirical on sustainable value in the Indian context. Managers and CEOs can pay attention to the types of institutional investors like PSII, which can be formed as a part of the firm’s strategy.