Value creation processes and value outcomes in marketing theory

The present article alleviates the often-cited ambiguity of the value concept by proposing that value research consists of two main streams: value creation processes and value outcomes. The prior considers the parties, activities, and resources involved in value creation, whereas the latter explains the value outcomes customers perceive. Furthermore, the article investigates the value approach offered by the Service-Dominant logic, which proposes that value is co-created by firms and customers, and that beneficiaries determine the value outcomes (Vargo and Lusch, 2008). Finally, the article discusses how value creation processes and value outcomes might be interlinked, and creates a number of propositions to this end. It is in particular proposed that experiences offer a shared platform for investigating value creation processes and value outcomes.