The dynamic, co-created perspective of customer value

Abstract

The contemporary view in marketing literature is that value is a dynamic, subjective process, co-created and defined by the consumer during use (Normann and Ramirez 1993; Holbrook 1994, 1996, 1999; Prahalad 2004; Vargo and Lusch 2004, 2006, 2008; Gronroos 2000, 2008a, 2011). Support for this phenomenological view of value comes from means-end theory (Woodruff and Flint 2006; Vargo and Lusch 2004). Although et great deal of conceptual work supports this view, Woodruff and Flint (2006: 184) believe that "marketing thought is seriously deficient in its understanding of consumer value related phenomena". Thus, the purpose of this thesis is to provide an in-depth understanding of the dynamic, co- created perspective of value in the context of higher education. Based on a review of fragmented but inter-related themes of literature, the paper proposes an extended means-end value framework that incorporates the antecedents and implications of value co-creation and facilitates the understanding of the phenomenologically oriented concept of value. A quasi- longitudinal qualitative study involving semi-structured interviews was employed to examine (1) the goals that guide consumer behaviour, (2) the resources integrated by consumers during goal formation and value co-creation and (3) the value perceptions that the integrated resources link to. The results suggest a shifting pattern in the goals, resources and value perceptions as consumers progress in their relationship with the service provider. The thesis concludes with a discussion of the theoretical implications of the results and directions for future research in this area.