The Hanken School of Business pursues the Austrian logic of subjective value and consumer sovereignty to demonstrate that consumers, not businesses, create value.
Customers aim to maximize the value they experience as a result of a purchase. They create that value via their actions. For example, they combine a purchase with other purchases, or they fit a purchase into their context in a unique way. Businesses might not focus enough on the consequences of the simple statement that customers create their value. The more customers’ satisfaction is maximized, the more firms can count on long-term performance. Sometimes, marketing strategists incur business risk by focusing only on goods or services they want to sell, rather than focusing on the ultimate experiential needs of customers.
Encapsulation by Gabriele Marasti:
Who Creates Value?
Original paper by Christian Grönroos:
Service logic revisited: Who Creates Value? And Who Co-Creates?