Value co-creation: evolution or revolution?.

Abstract

Abstract

This paper aims to explore the evolution of the concept of value co-creation, particularly from a historical perspective, to address the fundamental question: Is value co-creation an incremental evolution or a disruptive revolution within the field of management literature? To achieve this, the initial section of this study summarizes scientific literature related to the concept of value, taking into account both philosophical and economic viewpoints, while also tracing their impact on the concept of value creation from a managerial perspective. Subsequently, this article elucidates the limitations of the traditional approach to value creation, which is based on three distinct perspectives: endogenous, exogenous, and their combination. This naturally leads to an exploration of the reasons behind the shift from the concept of value creation to that of value co-creation. Finally, the paper outlines the fundamental principles of this emerging paradigm.

Keywords : value, value creation, value co-creation, evolution, revolution.