Towards an Integrated Model of Value Co-creation for Enterprises

This study aims to offer a framework of value co-creation for enterprises. Concerning methodology, the study starts with a rigorous review of the types of co-created values from prior research, which proposes a set of differential core values for customers, firms, and society. Then, the study discusses the relevance of six groups of participants or actors involved in value co-creation processes for enterprises. The study also elaborates on two novel mechanisms, including innovation capability and marketing capability, for the actors to co-create resultant values for enterprises. The study proposes a comprehensive model with the actors, the mechanisms, and the accrued values. It concludes with discussions on implications for the Asia Pacific region as it is a strongly developing business context with various activities of value co-creation by enterprises. With the novel framework proposed and new mechanisms discussed, the study provides a meaningful extension to the value co-creation literature. It also allows enterprises to have a holistic view of the value co-creation phenomenon to manage value co-creation processes effectively.