Based on the principle that customer value is a key concept in the marketing discipline, this paper presents a review and critique of current knowledge in this field. Customer value is a dynamic and transformational higher level construct, which should not be reduced to a low-level operational measurement. The paper develops the idea that value is located in the competitive and collaborative acts of the consumers and transformed by means of a dialogue in the relationships between the firm and its customers. Thus, consumers’ and firms’ full interests can only be realised through the relationship between them and dialogue is the necessary mechanism for the creation of unique inter-experiences and hence trans-formational value for both parties. The paper concludes with a number of implications for both the theory and practice of consumer behaviour, marketing management and relationship marketing.
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