Value-in-exchange is the earliest and most widespread view, and continues to dominate today as evidenced by leading texts such as Kotler and Keller (2006).
Value-in-exchange is challenged by a new logic of marketing - Service Dominant Logic - that advocates the value in-use perspective (Vargo and Lusch 2004).
Despite its emphasis on value-in-use, Service Dominant Logic elaborates on customer value in much broader terms: “Value is idiosyncratic, experiential, contextual, and meaning laden” (Vargo and Lusch 2008 p. 7).
The differences between these perspectives emerge more clearly when aligned with Arnould’s four stages of customer experience. As table 2 illustrates, none of the three dominant perspectives adequately address the full scope of the customer experience: