Towards A Value-Dominant Logic of Marketing

  • Hunter Hastings
  • Fernando Antonio Monteiro Christoph D´´´Andrea Universidade Federal do Rio Grande do Sul, Porto Alegre, RS, Brasil
  • Per Bylund Oklahoma State University, Stillwater, Oklahoma, United States
Keywords: Value-Dominant Logic, Value, Subjectivism, Marketing, Austrian Economics, Strategic Marketing, Service-Dominant Logic

Abstract

Inspired by Vargo & Lusch’s Service-Dominant Logic (SDL) and relying on the Austrian School’s individualism and subjectivism, we use knowledge from economics to better support the discussion of the primary topic of Marketing: that of value creation. Specifically, we draft a Value-Dominant Logic. We provide ten foundational premises stemming from the recognition that value is subjective and, consequently, cannot be created by entrepreneurs or firms. Entrepreneurs and firms propose value, but subjective value can only be perceived, created and thus experienced in the individual consumer’s mind. By adopting the perspective that logically follows from this understanding, the disciplines of management and marketing will be better able to narrow the uncertainties of the market process, and entrepreneurs can make better decisions about how to help consumers overcome felt uneasiness by adopting their proposed solutions.

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Author Biographies

Fernando Antonio Monteiro Christoph D´´´Andrea, Universidade Federal do Rio Grande do Sul, Porto Alegre, RS, Brasil

Industrial Engineer, MSc in Management Engineering, PhD Candidate in Marketing at Universidade Federal do Rio Grande do Sul, Brasil

Per Bylund, Oklahoma State University, Stillwater, Oklahoma, United States

Per L. Bylund is Assistant Professor of Entrepreneurship and Records-Johnston Professor of Free Enterprise at Oklahoma State University. He is Associate Editor for the Quarterly Journal of Austrian Economics, author of two books, and edits a book series published by Agenda Publishing.

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Published
2019-11-07
How to Cite
1.
Hastings H, D´´´AndreaFAMC, Bylund P. Towards A Value-Dominant Logic of Marketing. MisesJournal [Internet]. 2019Nov.7 [cited 2019Nov.12];7(3). Available from: https://revistamises.org.br/misesjournal/article/view/1240
Section
Original Research Articles