Companies that don’t understand the marketspace will miss opportunities even as they build information-defined relationships with their customers. Thus, managers face two critical challenges: first, to recognize the full potential of the marketspace transactions in a coherent manner, and, second, to choose the best means to make money in this new arena. We have developed a model that illuminates how the conventional value proposition can be disaggregated and how its three basic elements—content, or what companies are offering; context, or how they are offering it; and infrastructure, or what enables the transaction to occur—can be managed in new and different ways. (See the chart, “How Value Is Created.”)