Who creates value? Without the customer, there is no value. They evaluate their own experience and determine if it was valuable. New value is made possible by entrepreneurs, who respond when customers are dissatisfied with their experiences and offer them new and better options. This interaction between customers and entrepreneurs has been called service-dominant logic.
Historically, the two leading researchers in the field were Stephen Vargo and Robert Lusch. They introduced the term “service-dominant” to refer to the role of business as serving the needs of their customers. It’s a bottom-up process starting from the customer’s perspective, and a systems approach because the entrepreneur must always be conscious of the customer’s ecosystem. Here is one of their papers.
Gabriele Marasti encapsulates important research papers in accessible language and convenient length, adding contemporary illustrative use cases. Here’s Gabriele’s encapsulation.