Examining the issues related to consumer co-created value: from policy perspective

Abstract

Purpose This research article investigates the legal issues related to consumer co-created value (CCV) especially from the business law perspective. This study also aims to investigate how the active participation of consumers, firms and fellow consumers influences consumer CCV from the policy perspectives. Design/methodology/approach A research model has been developed to explore the connections between various constructs through an extensive examination of prior literature. There are ten hypotheses which were framed and were tested using structural equation modelling technique. Findings The results indicated that CCV mediates the relationship between customer satisfaction and antecedents of CCV. This has a ramification from the business law perspective. It was found that enhanced, benefit laden, experientially rich and interactive value is the key driver behind consumer participation and improving satisfaction level of the participating consumers and has policy implications. Research limitations/implications This study examines the co-creation related issues from the business law standpoint. This study suggests that value co-creation can be used as a strategy to achieve competitive advantage by inviting active consumer participation which can be key to achieve satisfaction of consumers. Legal fraternity and policymakers can use the findings to improve value creation and delivery to their consumers. Originality/value This study holds value both for legal fraternity, researchers and business law practitioners as emergence of internet has changed the way in which banking industry used to operate and has opened vistas for the organisations to allow customers to be part of value creation and enhancing their experience and satisfaction multifield time. Therefore, management researchers and policymakers would be intrigued with processes and tools through which consumers and fellow consumers can mutually benefit and also exchange value with each other with organisations acting as catalyst to the process from policy standpoint.