An integrative framework of value
Ng, Irene C. L.
Smith, Laura A.
- Publisher: Warwick Manufacturing Group
The concept of value has been discussed for over 2000 years with various nuanced\ud meanings. It was a focus of concern for Plato and Aristotle, and Adam Smith (1776) dealt\ud extensively with value in The Wealth of Nations. Using Smith’s work as a foundation, the\ud economic philosophers and economic scientists who followed him made value, under the\ud rubric of “utility”, the cornerstone of economic thought, culminating in marginal utility\ud theory (Walras, 1894). This continues to underpin contemporary business thought, including\ud the various disciplines. In marketing, much of the early discussion centred on the kind of\ud utility contributed by marketers and Alderson (1957) and Beckman (1957) later debated its\ud meaning. More recently, Holbrook (1999) has written extensively about value as a focal\ud concept and Vargo and Lusch (2004, 2008) have made a shift from the primacy of “value-inexchange”\ud to “value-in-use”, a core transition in service-dominant logic. The American\ud Marketing Association has also made value (creation and delivery) the central concept in its\ud last two definitions of marketing, replacing the “product” as the object of exchange1. Yet,\ud the meaning and nature of value and the locus of its creation continues to be contentious.\ud However, one can argue that value creation is the central purpose of economic activity and\ud thus, a comprehensive understanding of value is essential to customers, businesses, and\ud policy makers.
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