A brief retrospective and introspective on value

Purpose – Value as a research topic within marketing is not new. The purpose of this research note is to examine how value fits within marketing in the twenty‐first century. Specifically, the emergence of service‐dominant logic has brought the concept of co‐creation of value to the forefront. This paper comments on previous definitions of research and offers insight to stimulate future theoretical developments and serve as an aid in future research. Design/methodology/approach – The paper represents a conceptual overview of previous research and offers some logical derivatives of value from the previous work and from the emergence of a service‐dominant logic in marketing. Findings – Since the paradigm shift toward service‐dominant logic, few researchers have examined value as it specifically relates to marketing theory and practice. Value as a key outcome variable is typically overshadowed by other constructs such as satisfaction, word‐of‐mouth, and loyalty. Originality/value – Key value axioms are derived from both theory and past research as a guide for future research. These value axioms predict how consumers' derive value, how society and value are intertwined, and how previously studied aspects of value, such as utilitarian and hedonic value, fit into the value equation. Further, a framework for the future study of value is presented which encompasses the key “get” components as well as the key “give” components. The material hopefully clarifies some aspects about value and directs future research.