Value co-creation a new paradigm in business orientations

Project leader:
Assistant professor Jasmina Dlačić, PhD, University of Rijeka, Faculty of Economics and Business

Members of the Project Team: 
Associate professor Slavica Cicvarić Kostić, University of Belgrade, Faculty of organizational sciences
Associate professor Ivana First Komen, University of Rijeka, Faculty of Economics and Business 
Assistant professor Dina Lončarić, University of Rijeka, Faculty of tourism and hospitality management 
Assistant professor Kristina Črnjar, PhD, University of Rijeka, Faculty of tourism and hospitality 
Assistant professor Milan Okanović, University of Belgrade, Faculty of organizational sciences
Bruno Grbac, PhD, scientific advisor

PhD students:
Martina Ferenčić, PhD student, Podravka Plc, Koprivnica
Ivana Jadrić, PhD student, University of Split, Rectors’ office
Andrijana Kos Kavran, PhD student, Polytechnic of Međimurje in Čakovec
Marin Lazarić, PhD student, Imperial Plc, Rab, Valamar group

Key words:value co-creation, market orientation, enterprenurial orientation, service-dominant logic, business venture

Abstract:
Inherent to market exchange is that both included parties in exchange process perceive they are receiving value through that exchange. Nowadays interactions between customers and organizations are getting more and more intense due to society development.  Also, focus of exchange is shifting away from exchanging product/service towards exchanging value that in included in that specific product/service. This perceived value sought from customers is created through value co-creation process.  Value co-creation process can is related to business ventures like start-ups or small and medium enterprises. Moreover, it is emphasized that value co-creation process augments organization’s perception and enhances business performance. 
Idea and hypotheses that business orientation through value co-creation process augments organization’s perception and enhances business performance presents motivation for research. Purpose of this research is to explore proposed relationship between business orientation and value co-creation process in different business ventures. 
Project’s purpose and goals will be accomplished through desk and field research in two countries. Proposed hypotheses will be tested with applying multivariate statistical methods as well as with implementing structural equation modelling. 
Contribution in scientific filed is related to emphasizing value co-creation process as a new paradigm needed for augmenting organization’s perception and enhancing business performance. This also contributes to theory of service-dominant logic. Managerial contribution is seen in providing suggestions for improving performance through applying value co-creation process and consequently enhancing customer experience.