The global management consulting industry has undergone profound transformation driven by changes in client expectations, competitive dynamics, digitalization, and evolving conceptions of value creation. Traditional views that framed consulting as an expert-driven, problem-solving activity are increasingly challenged by perspectives emphasizing value co-creation, relational exchange, and business model innovation. This article develops a comprehensive, theory-driven examination of value co-creation within management consulting, integrating insights from service marketing, business model theory, pricing strategy, and the historical evolution of consulting practices. Drawing strictly on the provided literature, the study synthesizes foundational and contemporary perspectives to build an integrative conceptual framework that explains how consulting firms and clients jointly create, perceive, and appropriate value over time. A qualitative, interpretive methodology is employed, relying on systematic literature analysis and theoretical triangulation to explore how consulting business models have shifted from product-centric and expertise-centric logics toward relational, customer-driven, and digitally enabled models. The findings highlight that value in consulting is not embedded in deliverables but emerges through ongoing interactions, reciprocal learning, and mutual adaptation between consultants and clients. Pricing, positioning, and business model design are shown to play critical roles in shaping co-creation processes and client perceptions of legitimacy and trust. The discussion critically examines tensions inherent in co-creation, including power asymmetries, commoditization risks, and the challenges faced by small and medium-sized enterprises in engaging consulting services. The article concludes by outlining theoretical contributions, practical implications for consulting firms and clients, and directions for future research on value co-creation and business model innovation in professional services.

value co-creation, management consulting, business model innovation, service-dominant logic

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