Defining and explicating value re-creation to solve marketplace problems for consumers with vulnerabilities

Abstract

Purpose This paper aims to examine driving retirement and its impact on the well-being of older citizens. The concepts of value creation and destruction are used to understand older consumers’ experiences with the self-service consumption activity of driving. This paper formally introduces the concept of value re-creation, as a means of restoring the overall value lost from the destruction of certain components of previous value structures. In doing so, this paper explores the different ways that resources across the micro, meso and macro levels of the ecosystem can be re-aligned, in order for older citizens to maintain their well-being after driving retirement. Design/methodology/approach A qualitative, individual-depth interview approach was undertaken with 26 participants living in New South Wales, Australia. The participants comprised of both drivers approaching driving retirement age, as well as driving retirees. Thematic analysis was undertaken to analyse the data. Findings The findings identified that emotional value in the forms of freedom, independence/autonomy and enjoyment, functional value in the forms of convenience and mobility and community value are created from driving. Driving retirement destroys certain components of this value (e.g. enjoyment and convenience) irrevocably, however freedom, independence/autonomy, mobility and social connectedness can still be maintained through re-aligning resources across the micro, meso and macro levels of the ecosystem. New components of value are also created from driving retirement. These include peace of mind, which contributes to the re-creation of the emotional value dimension, and cost savings, which creates the new value dimension of economic value. These changes to the value structure effectively re-create the overall value obtained by individuals when they retire from driving. Originality/value The main contribution of this work is the formal introduction of the concept of value re-creation at the overall and value dimension level, and development of a conceptual model that explains how this value re-creation can occur. The model shows the resource contributions required across all levels of the ecosystem, expanding on existing conceptualisations that have predominantly focussed on resource contributions at the individual and service levels.