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1、EuropeanManagementJournal(2008)26,145–152journalhomepage:www.elsevier.com/locate/emjOnvalueandvalueco-creation:AservicesystemsandservicelogicperspectiveStephenL.Vargoa,PaulP.Magliob,*,MelissaArchpruAkakaaaShidlerCollegeofBusiness,UniversityofHawaii,Manoa,USAbIBMAlmadenResearchCenter,650
2、HarryRoad,SanJose,California,USAAvailableonlineKEYWORDSSummaryThecreationofvalueisthecorepurposeandcentralprocessofeconomicService-dominantlogic;exchange.Traditionalmodelsofvaluecreationfocusonthefirm’soutputandprice.Servicescience;Wepresentanalternativeperspective,onerepresentingtheinte
3、rsectionoftwogrowingServicesystem;streamsofthought,servicescienceandservice-dominant(S-D)logic.WetaketheviewValueco-creation;that(1)service,theapplicationofcompetences(suchasknowledgeandskills)byoneValue-in-use;partyforthebenefitofanother,istheunderlyingbasisofexchange;(2)theproperunitVa
4、lue-in-exchangeofanalysisforservice-for-serviceexchangeistheservicesystem,whichisaconfigurationofresources(includingpeople,information,andtechnology)connectedtoothersystemsbyvaluepropositions;and(3)servicescienceisthestudyofservicesystemsandoftheco-creationofvaluewithincomplexconfiguratio
5、nsofresources.Wearguethatvalueisfun-damentallyderivedanddeterminedinuse–theintegrationandapplicationofresourcesinaspecificcontext–ratherthaninexchange–embeddedinfirmoutputandcapturedbyprice.Servicesystemsinteractthroughmutualserviceexchangerelationships,improv-ingtheadaptabilityandsurviva
6、bilityofallservicesystemsengagedinexchange,byallow-ingintegrationofresourcesthataremutuallybeneficial.Thisargumenthasimplicationsforadvancingservicesciencebyidentifyingresearchquestionsregardingconfigurationsandprocessesofvalueco-creationandmeasurementsofvalue-in-use,andbydevelopingitstie
7、switheconomicsandotherservice-orienteddisciplines.Ó2008ElsevierLtd.Allrightsreserved.Introductiontiveforunderstandingeconomicphenomena,byimplyingServiceistheapplicationofcompetences(knowledgeandthatvalueiscreatedcollaborativelyininteractiveconfigura-skills)byoneentityforthebenefi
