Assessing the strategic value of business relationships: the role of uncertainty and flexibility

The emerging focus on relationships as strategic assets has encouraged scholars to reexamine their potential for creating value for the firm and its shareholders. This article resolves some of the ambiguity regarding the way firms can understand and measure the value of a business relationship as an asset. Using a value‐based construct to assist in conceptualizing the worth of a business relationship, the article reviews several approaches available to marketers for comprehending value in a business‐marketing context and delineates when and why specific value approaches and metrics can be most appropriately applied. Implications for research and practice are discussed, with the goal of providing initial guidance to managers on measuring and managing strategic relationships as assets.