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The primary objective of this paper is to formulate a research agenda in the area of consumer evaluation and competitive advantage in retail financial services markets. In order to achieve this objective, a brief exposition of the market‐led view of competitive advantage is provided, which emphasises the importance of the provision of “customer value” in the relevant market. The process of consumer evaluation of financial services offerings is then reviewed and potential problems in consumer understanding of some types of financial services offerings are highlighted. The implications of such problems for the formulation of value adding strategies are explored with reference to the conceptualisation of the financial service offering and in particular which elements of the offering may be particularly important in adding value in the eyes of consumers. Finally, propositions for research are developed and explored, with the aim of informing both academics and practitioners.

Purpose – The purpose of this chapter is to provide a comprehensive understanding of current literature on value. In exploring perspectives on economics, choice, consumption and evaluation of value, assumptions and limitations of extant approaches are highlighted and an integrative framework of value is proposed. It is suggested that this integrative perspective on value has a number of implications for marketing theory and research.

Methodology/approach – This chapter conducts an extensive review and assimilation of value from management, marketing, philosophy and economics.

Findings – The chapter categorises the existing value literature into six themes of value understanding: utility, economic worth, perceived satisfaction, net benefit, means end and phenomenological experience. In so doing, the chapter identifies implicit assumptions in philosophy, chronology and consciousness of value and offers an integrative value framework which brings in the literature to understand the contextual invariances of value creation within a phenomenon (i.e. offering, affordance, context, agency and individual resources). In addition, it reconciles creation with choice and evaluation of the value ex ante and ex post. Finally, our chapter proposes the paradox of value – value which can be assessed, measured and even judged by an individual cannot be the value created.

Research limitations/implications – In shifting value away from exchange towards use, it is suggested that marketing positioning, segmentation and targeting strategies may need to consider five elements identified in the integrative value framework. Furthermore, as proposed by the framework, new business models may be achieved from understanding value creation in context.

Originality/value of chapter – This chapter extends existing literature on value through reconciliation of various theoretical literatures in management, marketing, philosophy and economics. Notably, it highlights implicit assumptions in philosophy, chronology and consciousness of value and their potential limitations. It proposes an integrative framework that can be used for understanding the future of marketing and new business models.

The purpose of this paper is to develop a conceptual framework for a value creation business (VCB) model. It seeks to unlock two essential research questions: “what constitutes value”, and “how do firms create value for customers?” in the context of the firm‐customer dyad.

The paper is conceptual and is premised on a review of the extant literature on value and value creation. It addresses the limitations pertaining to the dominance of the value‐in‐use perspective. It also addresses the call for a paradigm shift toward customer‐centric marketing and operant resource‐based dominant logic. Building on the review, the paper identifies essential components of value in value creation processes.

The VCB model is developed by integrating three perspectives of value including creating value for customers, value‐in‐offering, and value‐in‐use, capturing a contingency approach to theory building. The model enlightens how value creation architecture (the strategic space of value creation processes) and value creation engineering (the capability space of value creation processes) engage in creating value outcomes for both the firm and the customer.

The VCB model constitutes guidelines useful for practitioners in crafting value‐based business processes and provides a base for academic researchers to further research on value and value creation.

The paper advances the literature on value by conceptualising value as consisting of the value offering and customer equity (the firm viewpoint), and customer value and brand equity (the customer viewpoint). The paper also highlights that value creation processes are initiated with the crafting of value creation architecture, followed by developing value creation engineering, and completed with value outcomes.

The present increasingly tough economic climate has uncovered the need to go beyond the prevailing seller‐oriented models and company practices in order to capture the factors that essentially drive buyer companies. What is needed is a genuinely customer‐side concept that corresponds to offering. The purpose of this study is to develop a new concept labeled “customer needing” which emerged from the material collected in an industrial service setting.

The paper reports a case study of a typical high‐technology industrial service with a strong outsourcing trend. The empirical data consist of interviews with eight representatives from the seller company and 16 interviews from different customer companies.

A needing is based on the customers' mental models of their business and business strategies that affect their priorities, decisions, and actions. It is itself a mental model of how the customer conceives the fulfillment of a specific task. In this paper the needing is operationalized as a profile of three dimensions containing six functions that represent desired value in use for the customer: the doing dimension comprises a relieving and an enabling function; the experiencing dimension has an energizing and a sheltering function; and the scheduling dimension contains a time‐framing and a timing function. Empirical data are presented to illustrate the new concept.

This is a case study but the ensuing concept provides a framework for further research on value in use and mental models in an industrial service setting. The studied offering was a complex business service representing an outsourced function and the buyers were functional experts and higher‐level executives, all of them experts in the service in question.

The concept of customer needing extends knowledge of value in use and consequently represents an important tool in developing successful seller offerings. The shift of focus from offering to needing can explain why some sales attempts fail and can thus reveal new business opportunities.

In addition to highlighting the mental models driving companies' priorities and behavior, the study offers insights into value in use in an industrial service setting. The concept customer needing helps to analyze and describe value in use and provides a new buyer‐side concept corresponding to the offering concept.

This study examines the impact of customer involvement (CI), technology strategy, firm internationalization and servitization on product and service innovation performance (SIP) in hybrid offerings. In addition, it investigates the moderating role of digitization and co-creation in the relationship mentioned above.

A research framework was developed through the lens of service-dominant (S-D) logic theory, and the proposed research hypotheses were empirically tested. Primary data were collected via the survey method, and structural equation modeling was used to analyze the data.

Findings of this study suggest that the S-D logic theory effectively explains CI and servitization in hybrid offerings. Furthermore, digitization is a crucial driver of SIP. Additionally, this paper finds that co-creation moderates between servitization and innovation performance of hybrid offerings.

Besides theoretical contributions, this study presents valuable insights to manage service networks during servitization.

First, this work proposes a comprehensive framework of hybrid offerings' driving factors (i.e. CI, firm internationalization, technology strategy and servitization) and their impact on product and SIP. Second, it tests the moderating effects of digitalization and co-creation in the context of hybrid offerings.

This paper aims to adopt service-dominant logic (SDL) to empirically explore network configurations resulting from the provision of goods, goods and services, and solutions.

This paper uses a single, in-depth, exploratory case study in a truck manufacturer and its supply network. An abductive approach is adopted. In total, 54 semi-structured interviews were conducted.

Three value propositions are clearly discernible within the truck provider. These range from a truck to a “solution”. These propositions have different supply network configurations: dyadic, triadic and tetradic. The extent to which different network actors contribute to value co-creation varies across the offerings.

This paper is based on a single, in-depth case study developed in one industrial context. Whilst this represents an appropriate approach given the exploratory nature of the study, further empirical investigation is needed across different industries.

This paper is one of the first to empirically examine supply networks using SDL. A rich understanding of the challenges faced by a truck manufacturer in providing different value propositions and the resulting network configurations are discussed. In so doing, evidence is provided of a more complex, tetradic network configuration for solutions, with varying degrees of interplay between actors in the flow of operand and operant resources to create value.

The purpose of this paper is to explore strategies for visualizing the value of service‐based offerings in a B2B context. By taking a process perspective on the offering life cycle, this paper also aims at distinguishing which visualization strategies are most appropriate using at which life‐cycle stages.

The study employed a qualitative, multiple‐case study research design involving five manufacturing firms.

Primary findings are that firms need to make use of several different visualization strategies depending on, among other things, the key stakeholders and also where the firm's offering is currently positioned in the service‐based offering life cycle.

While the empirical data is from only one sector – i.e. manufacturing – managers from other B2B sectors should have an interest in the results and the key aspects identified. Further research could also establish linkages to performance metrics.

Visualization strategies have been relatively rarely studied from a B2B perspective, and the process dimension, especially, is novel.

The purpose of this paper is to offer a framework of third-place value offering that explains how specific consumer groups’, senior citizens, customer-to-customer engagement in third places can develop their value experiences.

Data were collected for two studies from senior citizen clubs in Australia. Study 1 uses focus group (12) and is analysed with QSR NVivo software following content analysis. Study 2 is based on 324 surveys and is analysed with AMOS version 24 software.

Study 1 identifies eight themes based on 29 main codes to develop a framework on the value offerings of third-place value and its consumer-centric effect on seniors’ loyalty and social capital. The themes under social capital and loyalty contributed to a better understanding of how consumers engage with each other in social clubs and develop their social capital. The results of Study 2 support the conceptualisation of third-place value offering as a reflective model and confirm the model’s nomological validity in relation to seniors’ loyalty and social capital outcomes.

The only limitation of the paper is that it presents findings based on data collected in a regional place in Australia.

The findings provide three practical implications for managers to consider in relation to service places: improve consumer patronage through community engagement, improve local business practices via consumer–owner friendship and redesign spatial settings to deliver meaningful consumer experiences.

The present study has three social implications; first, it highlights the significant role of third places in bringing isolated groups of community together for regular interaction and socialisation. It also extends understanding on senior citizen customers and their consumption experiences within third places for value creation. The study also contributes to understanding how senior citizen customers develop loyalty towards third places and enhance their social capital through social engagement in the place.

This paper uses consumption experience to develop the consumer value in third places. It provides a consumer-centric focus to servicescape and incorporates recent works on third places, value, social capital and loyalty.