2018 (15), №1

The Process of Value Creation in Modern Marketing Theory

For citation: 

Neganov, S. A. (2018). The Process of Value Creation in Modern Marketing Theory. Zhurnal Economicheskoj Teorii [Russian Journal of Economic Theory], 15(1), 14-22


The urgency of the problem is that the creating of unique customer value as the most important tool for achieving the competitive advantage of a company continues to be one of the key challenges not only in marketing but also in management, logistics, and personnel management. The author identified the problem of the ambiguity of the value concept. This article provided an overview of the main scientific approaches to the concept of «consumer value» and the process of its creation. I considered the genesis of the concept, its relation to «usefulness» and «value.» The analysis has developed a more adequate classification of scientific approaches. It is shown that the study of values is carried out in two main areas: the processes of value creation and the process of value results. The paper substantiates the necessity of including in the value creation such elements as resources and business processes, despite the fact that literature usually considers consumer value of outcomes that are perceived and appreciated by the customers. In the article, the special attention is paid to the approach, proposed by the service-dominant logic. This logic suggests that value is created in the process of mutually beneficial and long-term cooperation between a company and consumers. The carried-out review and a number of proposals in this area will allow the scientists to form a unified platform for studying the problems of values and the business — to formulate the strategies of firms in the conditions of the changed consumer market.

Sergey Aleksandrovich Neganov — PhD in Economics, Associate Professor, Ural State University of Railway Transport (Ekaterinburg, Russian Federation; e-mail: sa-neganov@yandex.ru).