The multiple facets of the bullwhip effect: refined and re‐defined

Purpose – This paper seeks to describe a conceptualisation of the multiple facets of the bullwhip effect between stocking levels within and between value chains and value systems. Design/methodology/approach – The paper provides a conceptual discussion of the bullwhip effect. It is refined and re‐defined. Findings – The bullwhip effect has usually been explored between inter‐organisational stocking levels. Recently, it has also been explored within intra‐organisational stocking levels. A broader descriptive framework is introduced, one that positions the bullwhip effect construct in intra‐ and inter‐organisational, as well as intra‐ and inter‐channel, stocking levels in and between value chains and value systems. Research limitations/implications – A research agenda is provided that goes beyond current definitional boundaries and state‐of‐the‐art research of the bullwhip effect. Practical implications – The refined and re‐defined bullwhip effect is of interest to practitioners. It considers inter‐organisational and intra‐organisational stocking levels. In addition, it considers intra‐ and inter‐channel stocking levels. It is of great concern to achieve best practices in business. Originality/value – The principal contributions are – a dynamics model of the bullwhip effect construct; a principle of stocking level variability; a typology of stocking level variability; a framework that describes different levels of analysis of the bullwhip effect; and a re‐definition of the bullwhip effect construct – within or between value chains and value systems.