TITLE:
Value Co-Creation: A Literature Review
AUTHORS:
Xiaonan Fan, Yuting Luo
KEYWORDS:
Value Co-Creation, Cite Space, Systematic Literature Review
JOURNAL NAME:
Open Journal of Social Sciences,
Vol.8 No.2,
February
24,
2020
ABSTRACT: The
theory of value co-creation is getting more and more attention. Scholars have
begun to re-examine business philosophy and value creation methods, and found
that customers are no longer just users of products. They have become not only
an important innovation force for enterprises, but also a source of corporate
competitive advantage. This paper first combs the mainstream definition of value
co creation, and finds that there are three research perspectives, including
service science perspective, consumer culture perspective and innovation
perspective. Based on a systematic review method, this paper uses citespace
software to sort out the research literature on value co-creation, determine
the main research stay of value co-creation, and uses visual charts to show the relationship between
various types of representative literature. Co-citation technology is used to
select the representative literature and categorize it, the main clustering
literature is 14 knowledge groups, including service-led logic, customer
participation, co-creation concepts, customer experience, process research,
business network, social marketing, operation model, sharing economy, viewer
experience, ecosystem, etc. This study finds that in the advancement of value
co-creation research, it can be roughly classified into three types of research
topics. First, the research theme of why customers participate in co-creation
mainly involves the psychological motivation and personal characteristics of
customers’ participation in value co-creation and related research. Second, how
to carry out value co-creation is a relatively concentrated topic in the
research of value co-creation. The
research content can be further divided into role research in value
co-creation, process research in value co-creation, and management problem
research. Finally, in the impact results of value co-creation, more studies
have shown that value co-creation has effect on new products. Performance,
loyalty and other aspects will have a positive impact. This article provides a
variety of options for subsequent value co-creation research.