This special issue of the Review of Marketing Research is devoted to a better understanding of the role of value in markets and marketing. In their 2004 article "Evolving to a new dominant logic for marketing," Vargo and Lusch established the related principles that value is always cocreated and, thus, firms cannot deliver value, but only develop compelling value propositions. This perspective is now known as "service-dominant (S-D) logic."
Subsequent S-D logic work has. suggested that value is not only always cocreated; it also requires the integration of resources from multiple sources and thus is contextually contingent, since each instance of value creation involves the availability, integration, and use of a different combination of resources. This repositioning of value, from a static concept of something embedded in the output of a "producer" to be "consumed" to a dynamic concept of a cocreated outcome in ever-changing, networked systems, can be seen throughout the manuscripts in this special issue.
Each of the articles incorporates an S-D logic lens, yet takes a somewhat different tack. Together, however, they seem to converge on an institutionally driven, structuration-based, practice-theoretical approach for better understanding the systemic, cocreative nature of value.