Value in business markets: What do we know? Where are we going?

Purpose - To present a literature review on value in business markets, both from the perspective of the marketing and the purchasing and supply process. Design/methodology/approach - Explores some of the early research strands on value including value analysis and engineering, the augmented product concept, consumer values and economic value of customers. Categorizes the past and more recent research according to two distinct levels of analysis - the value of good and services versus the value of buyer-supplier relationships; outlines how both of these perspectives represent a distinct theoretical focus of the role of business marketing and purchasing and supply. Research limitations/implications - Suggests two main avenues for future research - the value of products and the value of relationships; proposes three major areas for further study - value analysis, value creation and value delivery; looks at each of these potential research areas in some detail. Originality/value - Provides a review concerned with value in business markets and makes a number of proposals for future research directions