OVERVIEW
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VALUE
A KEY METRIC FOR SUSTAINABLE PROGRESS On value and value co-creation: A service systems and service logic perspective Open PDF ... Service-Perspective-Vargo-Maglio-Akaka-2008 Peter Burgess COMMENTARY I archived this paper soon after it was published in 2008, and have only recently retrieved it and taken it to heart. It turns out that much of what is contained in this paper supports the core concepts that I have been trying to embrace in the development of TrueValueMetrics (TVM). The authors' summary of the paper is set out below. A link to the 8-page paper is above. While this paper brings up the subject of 'value' it does not talk much about 'profit'. I understand this ... but for me I want to contrast the difference there must be when the dominant metrics relate to profit rather than being about value. Peter Burgess | ||
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On value and value co-creation: A service systems and service logic perspective
Written by Stephen L. Vargo, Paul P. Maglio and Melisa Archpru Akaka 2008 Summary The creation of value is the core purpose and central process of economic exchange. Traditional models of value creation focus on the firm’s output and price. We present an alternative perspective, one representing the intersection of two growing streams of thought, service science and service-dominant (S-D) logic. We take the view that (1) service, the application of competences (such as knowledge and skills) by one party for the benefit of another, is the underlying basis of exchange; (2) the proper unit of analysis for service-for-service exchange is the service system, which is a configuration of resources (including people, information, and technology) connected to other systems by value propositions; and (3) service science is the study of service systems and of the cocreation of value within complex configurations of resources. We argue that value is fundamentally derived and determined in use – the integration and application of resources in a specific context – rather than in exchange – embedded in firm output and captured by price. Service systems interact through mutual service exchange relationships, improving the adaptability and survivability of all service systems engaged in exchange, by allowing integration of resources that are mutually beneficial. This argument has implications for advancing service science by identifying research questions regarding configurations and processes of value co-creation and measurements of value-in-use, and by developing its ties with economics and other service-oriented disciplines. 2008 Elsevier Ltd. All rights reserved. More about Melissa Akaka ... https://daniels.du.edu/directory/melissa-akaka/
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