Value in Marketing

Abstract

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 firms’ 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 multilayered 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 into 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 contributions 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; and 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 understanding what marketing really brings to consumers.