When do you realize that value is built? the co-creation of value in the experience of clients in financial services

Authors

DOI:

https://doi.org/10.5585/remark.v23i2.22177

Keywords:

Co-creation and Co-production; Value co-creation; Customer value; Financial services

Abstract

Study purpose: The objective of this study was to propose the adaptation of the theoretical model of value co-creation, applied to financial services.

Methodology/Approach: With a quantitative-explanatory approach and a Survey strategy, the data was collected through a questionnaire (Google Forms) administered to customers of financial services. Descriptive and inferential statistical analyses were conducted using IBM SPSS Amos 24.0.0.

Main findings: The adjusted value co-creation theoretical model for financial services was accepted and the indices fit positively in the reference values ​​of structural equation modeling.

Theoretical/methodological contributions: The analysis of the value co-creation process applied to financial services was expanded, and new variables that contribute to the value co-creation process were identified.

Relevance/originality: The study highlights the presence of factors that are considered essential for the perception of value co-creation, presented within the interactive platform of capabilities and resources that have been suggested as metrics for the scaling of the available model, thereby aiding data collection and empirical testing in future research.

CROSSMARK_Color_horizontal.svg

 

Downloads

Download data is not yet available.

Author Biographies

Caroline Lujan de Oliveira, Universidade Federal de Rondônia – UNIR

Mestre em Administração

 

Fábio Rodégio de Morais, Universidade Federal de Rondônia – UNIR

Doutor em Administração

 

References

Akaka, M. A., & Vargo, S. L. (2014). Technology as an operant resource in service (eco) systems. Information Systems and e-business Management, 12(3), 367-384. https://doi.org/10.1007/s10257-021-00524-5

Alimamy, S., & Nadeem, W. (2021). Is this real? Cocreation of value through authentic experiential augmented reality: the mediating effect of perceived ethics and customer engagement. Information Technology & People. https://doi.org/10.1108/itp-07-2020-0455

Arbuckle, J. L. (2006). Amos (version 7.0)[computer program]. Chicago: SpSS.

Arundel, A., Bloch, C., & Ferguson, B. (2019). Advancing innovation in the public sector: Aligning innovation measurement with policy goals. Research Policy, 48(3), 789-798. https://doi.org/10.1016/j.respol.2018.12.001

Beckers, S. F., Van Doorn, J., & Verhoef, P. C. (2018). Good, better, engaged? The effect of company-initiated customer engagement behavior on shareholder value. Journal of the Academy of Marketing Science, 46(3), 366-383. https://doi.org/10.1007/s11747-017-0539-4

Bendapudi, N., & Leone, R. P. (2003). Psychological implications of customer participation in co-production. Journal of marketing, 67(1), 14-28. https://doi.org/10.1509/jmkg.67.1.14.18592

Biraghi, S., & Gambetti, R. C. (2017). Is brand value co-creation actionable? A facilitation perspective. Management Decision. https://doi.org/10.1108/MD-08-2016-0538

Black, H. G., Vincent, L. H., & Skinner, S. J. (2014). Customers helping customers: payoffs for linking customers. Journal of Services Marketing. https://doi.org/10.1108/JSM-12-2012-0252

Chang, W., & Taylor, S. A. (2016). The effectiveness of customer participation in new product development: A meta-analysis. Journal of Marketing, 80(1), 47-64. https://doi.org/10.1509/jm.14.0057

Creswell, J. W., & Creswell, J. D. (2021). Projeto de pesquisa-: Métodos qualitativo, quantitativo e misto. Penso Editora.

Crowther, P., & Donlan, L. (2011). Value-creation space: The role of events in a service-dominant marketing paradigm. Journal of Marketing Management, 27(13-14), 1444-1463. https://doi.org/10.1080/0267257X.2011.626786

Cunha, C. M., de Almeida Neto, O. P., & Stackfleth, R. S. (2016). Principais métodos de avaliação psicométrica da confiabilidade de instrumentos de medida. Revista de Atenção à Saúde, 14(49), 98-103.

Delanda, M. (2016). Assemblage theory. Edinburgh University Press.

Dey, B. L., Babu, M. M., Rahman, M., Dora, M., & Mishra, N. (2019). Technology upgrading through co-creation of value in developing societies: Analysis of the mobile telephone industry in Bangladesh. Technological Forecasting and Social Change, 145, 413-425. https://doi.org/10.1016/J.TECHFORE.2018.05.011

Dichter, E. (1966). How word-of-mouth advertising works. Harvard business review, 44, 147-166. https://dx.doi.org/10.4135/9781446260807

Dong, B., & Sivakumar, K. (2017). Customer participation in services: domain, scope, and boundaries. Journal of the Academy of Marketing Science, 45(6), 944-965. https://dx.doi.org/10.1007/s11747-017-0524-y

Duncan, T., Duncan, T. R., Tom Duncan, K., Moriarty, S. E., & Moriarty, S. (1997). Driving brand value: Using integrated marketing to manage profitable stakeholder relationships. Irwin Professional Publishing.

Edvardsson, B., Tronvoll, B., & Gruber, T. (2011). Expanding understanding of service exchange and value co-creation: a social construction approach. Journal of the academy of marketing science, 39(2), 327-339. https://dx.doi.org/10.1007/s11747-010-0200-y

Edvardsson, B., Gustafsson, A., & Roos, I. (2005). Service portraits in service research: a critical review. International journal of service industry management. https://dx.doi.org/10.1108/09564230510587177

Etgar, M. (2008). A descriptive model of the consumer co-production process. Journal of the academy of marketing science, 36(1), 97-108. https://dx.doi.org/10.1007/s11747-007-0061-1

Freytag, B., Liljegren, S., & Höfner, S. (2017). Global 3D radiation-hydrodynamics models of AGB stars-Effects of convection and radial pulsations on atmospheric structures. Astronomy & Astrophysics, 600, A137.

Galvagno, M., & Dalli, D. (2014). Theory of value co-creation: a systematic literature review. Managing service quality. https://dx.doi.org/10.1108/MSQ-09-2013-0187

Gerhardt, T. E., & Silveira, D. T. (2017). Métodos de pesquisa Porto Alegre: Editora da UFRGS, 2009. GEROLD-SCHEEPERS, Thérèse JFA, 28.

Gil, A. C. (1996). Como elaborar projetos de pesquisa–3. ed-São Paulo. SP: Atlas, Mercuryo.

Grönroos, C. (1990). Service management and marketing (Vol. 27). Lexington, MA: Lexington books.

Grönroos, C. (2011). Value co-creation in service logic: A critical analysis. Marketing theory, 11(3), 279-301. https://dx.doi.org/10.1177/1470593111408177

Grönroos, C., & Ravald, A. (2011). Service as business logic: implications for value creation and marketing. Journal of service management. https://doi.org/10.1177/1470593111408177

Grönroos, C. (2012). Conceptualising value co-creation: A journey to the 1970s and back to the future. Journal of Marketing Management, 28(13-14), 1520-1534. https://doi.org/10.1080/0267257X.2012.737357

Grönroos, C., & Voima, P. (2013). Critical service logic: making sense of value creation and co-creation. Journal of the academy of marketing science, 41(2), 133-150. https://doi.org/10.1007/s11747- 012-0308-3

Grönroos, C. (2006). Adopting a service logic for marketing. Marketing theory, 6(3), 317-333. https://dx.doi.org/10.1177/1470593106066794

Hollyoake, M. (2009). The four pillars: Developing a ‘bonded’business-to-business customer experience. Journal of Database Marketing & Customer Strategy Management, 16(2), 132-158. https://dx.doi.org/10.1057/dbm.2009.14

Hsieh, Y. C., Chiu, H. C., Tang, Y. C., & Lin, W. Y. (2018). Does raising value co-creation increase all customers’ happiness?. Journal of Business Ethics, 152(4), 1053-1067. https://dx.doi.org/10.1007/s10551-016-3293-5

Kumar, V., & Pansari, A. (2016). Competitive advantage through engagement. Journal of marketing research, 53(4), 497-514. https://doi.org/10.1509/jmr.15.0044

Lemon, K. N., & Verhoef, P. C. (2016). Understanding customer experience throughout the customer journey. Journal of marketing, 80(6), 69-96. https://doi.org/10.1509/jm.15.0420

Leonidou, E., Christofi, M., Vrontis, D., & Thrassou, A. (2020). An integrative framework of stakeholder engagement for innovation management and entrepreneurship development. Journal of Business Research, 119, 245-258. https://doi.org/10.1016/j.jbusres.2018.11.054

Leroy, J., Cova, B., & Salle, R. (2012, September). The value co-creation concept: mixing up apples and oranges?. In 28th Annual Industrial Marketing and Purchasing Group Conference. Retrieved from https://hal.univ-reunion.fr/hal-01655560/document

Leroy, J., Cova, B., & Salle, R. (2013). Zooming in VS zooming out on value co-creation: consequences for BtoB research. Industrial Marketing Management, 42(7), 1102-1111. https://dx.doi.org/10.1016/j.indmarman.2013.07.006

Liu, W., & Gal, D. (2011). Bringing us together or driving us apart: The effect of soliciting consumer input on consumers’ propensity to transact with an organization. Journal of Consumer Research, 38(2), 242-259. https://doi.org/10.1086/658884

Lusch, R. F., & Vargo, S. L. (2006). Service-dominant logic: reactions, reflections and refinements. Marketing theory, 6(3), 281-288. https://doi.org/10.1177/1470593106066781

Mainardes, E. W., Teixeira, A., & da Silveira Romano, P. C. (2017). Determinants of co-creation in banking services. International Journal of Bank Marketing. http://dx.doi.org/10.1108/IJBM-10-2015-0165

Möllering, G. (2006). Trust beyond risk The leap of Faith. Trust: Reason, routine, reflexivity, 105-126. http://dx.doi.org/10.1177/0170840606074945

Morais, F. R. de, & Santos, J. B. (2015). Refinando os conceitos de cocriação e coprodução: Resultados de uma crítica da literatura. Revista Economia & Gestão, 15(40), 224-250. http://dx.doi.org/10.5752/P.1984-6606.2015v15n40p224

Mullan, J., Bradley, L., & Loane, S. (2017). Bank adoption of mobile banking: stakeholder perspective. International Journal of Bank Marketing. http://dx.doi.org/10.1108/IJBM-09-2015-0145

Nardelli, G., & Broumels, M. (2018). Managing innovation processes through value co-creation: a process case from business-to-business service practise. International Journal of Innovation Management, 22(03), 1850030. https://doi.org/10.1142/S1363919618500305

Payne, A. F., Storbacka, K., & Frow, P. (2008). Managing the co-creation of value. Journal of the academy of marketing science, 36(1), 83-96. http://dx.doi.org/10.1007/s11747-007-0070-0

Payne, A., Storbacka, K., Frow, P., & Knox, S. (2009). Co-creating brands: Diagnosing and designing the relationship experience. Journal of business research, 62(3), 379-389. http://dx.doi.org/10.1016/j.jbusres.2008.05.013

Prahalad, C. K., & Ramaswamy, V. (2000). Co-opting customer competence. Harvard business review, 78(1), 79-90.

Prahalad, C. K., & Ramaswamy, V. (2004). Co-creation experiences: The next practice in value creation. Journal of interactive marketing, 18(3), 5-14. http://dx.doi.org/10.1002/dir.20015

Prahalad, C. K., & Ramaswamy, V. (2004). Co‐creating unique value with customers. Strategy & leadership. https://doi.org/10.1108/10878570410699249

Ramaswamy, V. (2009). Leading the transformation to co‐creation of value. Strategy & Leadership. https://doi.org/10.1108/10878570910941208

Ramaswamy, V., & Gouillart, F. (2010). Building the co-creative enterprise. Harvard business review, 88(10), 100-109.

Ramaswamy, V., & Ozcan, K. (2020). The “Interacted” actor in platformed networks: theorizing practices of managerial experience value co-creation. Journal of Business & Industrial Marketing. https://doi.org/10.1108/JBIM-10-2018-0318

Ramirez, R. (1999). Value co‐production: intellectual origins and implications for practice and research. Strategic management journal, 20(1), 49-65. https://doi.org/10.1002/(SICI)1097- 0266(199901)20:13.0.CO;2-2

Saunders, M., Lewis, P., & Thornhill, A. (2009). Research methods for business students. Pearson education.

Silva, S. M. da, Silva, E. M. da, & Silva, E. M. da. (1997). Matematica: para os cursos de economia, administração, ciencias contabeis. Atlas.

Smith, J. B., & Colgate, M. (2007). Customer value creation: a practical framework. Journal of marketing Theory and Practice, 15(1), 7-23. http://dx.doi.org/10.2753/MTP1069-6679150101

Stucky, S. U., Cefkin, M., Rankin, Y., Shaw, B., & Thomas, J. (2011). Dynamics of value co-creation in complex IT service engagements. Information Systems and E-Business Management, 9(2), 267-281. http://dx.doi.org/10.1007/s10257-010-0146-0

Sweeney, J. C., & Soutar, G. N. (2001). Consumer perceived value: The development of a multiple item scale. Journal of retailing, 77(2), 203-220. http://dx.doi.org/10.1016/S0022-4359(01)00041-0

Van Thiel, S., & Yesilkagit, K. (2011). Good neighbours or distant friends? Trust between Dutch ministries and their executive agencies. Public Management Review, 13(6), 783-802. https://doi.org/10.1080/14719037.2010.539111

Vargo, S. L., & Lusch, R. F. (2004). Evolving to a new dominant logic for marketing. Journal of marketing, 68(1), 1-17. http://dx.doi.org/10.1509/jmkg.68.1.1.24036

Vargo, S. L., & Lusch, R. F. (2006). Service-dominant logic. The service-dominant logic of marketing: Dialog, debate, and directions. http://dx.doi.org/10.4324/9781315699035

Vargo, S. L., Maglio, P. P., & Akaka, M. A. (2008). On value and value co-creation: A service systems and service logic perspective. European management journal, 26(3), 145-152. http://dx.doi.org/10.1016/j.emj.2008.04.003

Vargo, S. L., & Lusch, R. F. (2014). Inversions of service-dominant logic. Marketing theory, 14(3), 239-248. http://dx.doi.org/10.1177/1470593114534339

Voorberg, W. H., Bekkers, V. J., & Tummers, L. G. (2015). A systematic review of co-creation and co-production: Embarking on the social innovation journey. Public management review, 17(9), 1333-1357. https://doi.org/10.1080/14719037.2014.930505

Vorhies, D. W., & Morgan, N. A. (2003). A configuration theory assessment of marketing organization fit with business strategy and its relationship with marketing performance. Journal of marketing, 67(1), 100-115. https://doi.org/10.1509/jmkg.67.1.100.18588

Yi, Y., & Gong, T. (2013). Customer value co-creation behavior: Scale development and validation. Journal of Business research, 66(9), 1279-1284. https://doi.org/10.1016/j.jbusres.2012.02.026

Downloads

Published

2024-05-20

How to Cite

Oliveira, C. L. de, & Morais, F. R. de. (2024). When do you realize that value is built? the co-creation of value in the experience of clients in financial services. ReMark - Revista Brasileira De Marketing, 23(2), 629–688. https://doi.org/10.5585/remark.v23i2.22177