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Value

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The Palgrave Encyclopedia of Strategic Management

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Abstract

There are two main senses of value relevant to strategic management: exchange-value and use-value. The traditional economic view relies on exchange-value, which refers to the utilities embedded in goods and services during production by a firm and which is measured by exchange (price) in a market. By contrast, use-value refers to the benefits gained through interactions of multiple stakeholders during the creation and use of goods and services, including stakeholders in the supply chain, producers, providers, customers and others. For strategic management, exchange-value focuses attention on products and transactions, whereas use-value focuses attention on processes, relationships and mutual benefit.

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Author information

Authors and Affiliations

  1. IBM Almaden Research Center, San Jose, CA, USA

    Paul P. Maglio

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  1. Paul P. Maglio
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Correspondence to Paul P. Maglio .

Editor information

Editors and Affiliations

  1. Stanford University , Stanford, California, USA

    Mie Augier

  2. Tusher Ctr Intellectual Capital, University of California Tusher Ctr Intellectual Capital, Berkeley, California, USA

    David J. Teece

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© 2016 The Author(s)

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Maglio, P.P. (2016). Value. In: Augier, M., Teece, D. (eds) The Palgrave Encyclopedia of Strategic Management. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-94848-2_451-1

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  • DOI: https://doi.org/10.1057/978-1-349-94848-2_451-1

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  • Publisher Name: Palgrave Macmillan, London

  • Online ISBN: 978-1-349-94848-2

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