Traditional companies used to design products, evaluate marketing messages, and control product distribution channels with a low level of customer contribution. Nonetheless, with the advancements in communication and information technologies, the interaction between customers and company is much higher compared to the past, and it is no longer solely controlled by the companies; thus, users can now impact companies by simultaneously playing two roles as value creators and as consumers. The present study develops a conceptual framework for value co-creation in small- and medium-sized tourism agencies. The sample consisted of 23 purposefully selected employees and managers of small- and medium-sized tourism agencies. Data were extracted from semi-structured interviews and analyzed with open and axial coding. For validity, an eight-person panel of experts was asked to review the framework and to apply corrective comments. The reliability was tested using a re-test method, which confirmed the reliability of the coding with a re-test reliability of 79%. Based on the findings, the proposed framework contains eight components including value inception, value conception, value risk, resource planning, platform, actors, co-creation process, co-created value, and learning process, whose components were identified and encoded.

Traditional firms used to design products, evaluate marketing messages and control product distribution channels with no costumer interface. With the advancements in interaction technologies, however, users can easily make impacts on firms; the interaction between costumers and firms is now in peak condition in comparison to the past and is no longer controlled by firms. Customers are playing two roles of value creators and consumers simultaneously. We examine the role of co-creation on the influences of innovation capability and firm performance. We develop hypotheses and test them using researcher survey data. The results suggest that implement of co-creation partially mediate the effect of process innovation capability. We discuss the implications of these findings for research and practice on the depict and implement of unique value co-creation model.