A Critical Review of the Value Concept in the International Marketing Context

This chapter attempt to create an integrative framework across the evolving schools of thought on the concept of value in the international marketing (IM) discipline. It provides a critical review the extant literature exploring the concept of value in IM. The chapter reviews conceptualizes ‘value’ in the IM context. It explores the theoretical foundations of the value concept. The chapter focuses on different schools of thought regarding the concept of value based on value creation activities and desired outcomes for international marketers. The cost leadership school of thought suggests that investments in efficiency-generated facilities, tight cost control of various value chain components, and development of learning capabilities are critical to deliver value to target customers. The chapter addresses the variables that may influence the relationships between the perceived value and the desired outcomes. It proposes a comprehensive framework of value for IM. The chapter also provides the practical implication of the proposed framework and identifies avenues for future research.