Value Creation in Business Services through the Prism of Experience Economy: Conceptualizing Value-in-experience

Abstract

The research of body of knowledge on service value has grown remarkably over the last few decades. Moreover, the whole view of value formation has undergone a shift of paradigms from provider-centric to customer-centric. In parallel to these changes, the theory of experience economy has emerged. Even though the researchers of various schools have been contributing a significant effort to conceptualize service value, the experiential dimension of value has remained unexplored. Current research aims to identify and describe the concept of value in the service-dominant economy, where the role of experience cannot be underestimated. This article presents the results of a comparative review of the literature on service value formation from the perspectives of service value and experience economy domains of marketing literature. As a result of this analysis, we present the concept of value-in-experience, which continues the evolution of value and includes service experience as an element of service value formation.