The concept of customer value is becoming increasingly used in strategy and marketing literature in recent years. Customer value is considered central to competitive advantage and long‐term success of business organizations. Consequently, a great importance attached to this concept. This paper attempts to build an integrative configuration of the concept of customer value that reflects its richness and complexity. It reviews, synthesizes and extends the literature on the subject. The configuration includes three complementary models, namely: customer value in exchange, customer value buildup, and customer value dynamics. Thinking about customer value in this way is helpful in the designing of and studying service offerings.
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