Conceptualizing and communicating value in business markets: From value in exchange to value in use

Creating and communicating customer value is the basis of business-to-business marketing. In recent years, our understanding of the value construct and the communication of customer value propositions has undergone a fundamental change in perspective. This conceptual review article traces back the roots of the value concept to the early economic literature that distinguishes between two complementary perspectives on customer value: value in exchange and value in use. Building on this important distinction, we argue that the value literature has evolved from a focus on resource exchange and value in exchange to an emphasis on resource integration and value in use. Seen through this lens, we identify distinct stages of conceptualizing customer value and articulating customer value propositions and argue that a deep understanding of how value is created in a customer's idiosyncratic use situation is gaining importance in today's competitive market places.