The concept of value has been at the heart of marketing thought and practice. Marketers strive to develop a unique value proposition to satisfy the needs of customers in order to create a differentiated offering to targeted customers, be they end consumers or business users. It is the unique value delivered by products and services that defines firm's competitive market positioning. Recent advances in marketing theory have enhanced the interpretation of value in terms of its types, manifestations and determinants. Value in marketing is delivered to customers, stakeholders, shareholders, ecosystems and society. While the literature has been unanimously emphasizing the economic interpretation of value, measured in money terms, marketing has been at the forefront of critical thinking bringing to the fore new meanings and interpretations of value that have unlocked the psychological, emotional, social and ecological value of products and services to customers. It is the marketing thought that has extended the understanding of value-in-use and has indisputably positioned value in context. Marketing has developed the notion of value delivered by intangible assets that can create much greater value than the tangible product and/or service. Marketing has unravelled the multi-layered nature of value to the customer and thus augmented the meanings and interpretations, as well as the analytical and practical potential of this notion. Consequently, we see the need to revisit the concept of value in marketing in order to address its complexity. This book sets to provide an insight in the concept of value in marketing in its contemporary interpretation and level of development. The aim is to offer an overview of debates and developments in our understanding of value in marketing that can raise the awareness of the scholarly and business communities of its pivotal importance for businesses and consumers.
Value in Marketing presents reflections and analysis of value in marketing by consecutive generations of scholars who have made theoretical contribution to the contemporary understanding of the concept, its interpretations, dimensions and importance. The chapters address various issues including: customer value development, implications, and trajectories; intra-variable and inter-variable perspectives of value; the importance of the value concept in the international marketing context; value developed in networks that is intrinsically associated with knowledge creation in the internationalization, meanings and interpretations of value in diverse contexts that help us develop further the dimensions of the concept. We trust the book will be of interest to researchers, scholars and students in the fields of marketing management and international business, and to people who wish to have a better understand what marketing really brings to consumers.
Marin A. Marinov holds a PhD degree in Management and is Professor of International Business at Aalborg University, Denmark. His research interests include internationalization of business, multinational firms and business development in emerging economies, as well as business policy and strategy. He has taught and done extensive research on both sides of the Atlantic and in Asia in countries including Austria, Bulgaria, China, Finland, France, Germany, Portugal, Spain, Sweden, the United Kingdom, the United States among numerous others.
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1 Value in Marketing: What Is It and Why Does It Matter?
Marin Marinov and Svetla Marinova
2 The Concept of Consumer Value: Development, Implications, Trajectory
Morris B. Holbrook
3 The Intra-Variable Perspective on Value Research: A Personal Documented View
Raquel Sánchez-Fernández and Martina G. Gallarza
4 The Inter-Variable Perspective on Consumer Value Research: A personal Documented View
Martina G. Gallarza and Raquel Sánchez-Fernández
5 A Critical Review of the Value Concept in the International Marketing Context
Sardana Islam Khan,,Ho Yin Wong and Parves Sultan
6 The Value of Networks and Knowledge in the Internationalization Process of Firms: Challenges and Future Perspectives
Kent Eriksson and Angelika Lindstrand
7 Value Co-Creation in Social Media Networks
Svetla Marinova, Jonas Eduardsen and Marin Marinov
8 Value Creation in Context: A Value Chain Locus Perspective
Svetla T. Marinova, Susan Freeman and Marin A. Marinov
List of Contributors