The co-creation of core values: A multi stakeholder endeavor

In brand identity literature, the role of core values is recognized as crucial in construction of a strong brand identity. Though the importance of core values in uncontested, it is still unclear how core values are constructed. The recent stream in brand identity research implies active stakeholder participation in brand identity formation and development. The collaboration with stakeholders refers to the processes of co-creation, wherewith elements of brand identity are cooperatively constructed through ongoing interactions and negotiations. However, little empirical research has been conducted on brand identity co-creation and, more specifically, on core values co-construction. Therefore, this study aims to reveal the process of core values co-construction from the viewpoint of the company and its stakeholders. A qualitative research design is adopted using the cases of two Spanish SMEs. Analysis of the interviews reveals four distinct of sub-processes stakeholders engage in while co-creating core values - exposing, evaluating, elucidating, and clarifying. This study contributes to the brand identity literature by unveiling the process of core values co-creation and uncovering the role stakeholders execute in core values co-construction. The results if the study informs brand managers with the practice of core values co-creation, which may assist in enhancing strategies of brand identity management.