ABSTRACT
The understanding of value and customer value is influenced by early work on value analysis and engineering, the augmented product concept, consumer values, and the economic value of customers. Two major streams appear in the literature: the creation of value through, or in, relationships, and the resulting value of relationships. Value of relationships Research on relationship value primarily draws upon the works of Reichheld and the Industrial Marketing and Purchasing group. Relationship value therefore may pertain to certain offerings and beyond the actual product or service being exchanged. The activities of the selling (buying) company thus aim toward specific customers (suppliers) instead of large market segments. Although the indirect functions do not influence a company's performance directly, they nevertheless are important for the future development of the company. Some important assumptions regarding the external context of the company underlie the proposed conceptualization of business marketing and supply and purchasing.
