Toward a Resource-Based Theory of Business Exchange Relationships: The Role of Relational Asset Value

Abstract

There is a need for new theoretical perspectives in business-to-business marketing to provide insights that can help firms manage their business exchange relationships in ways that maximize shareholder value. The authors argue that resource theory, a prominent theory of competition, effectively meets that need. They extend the theory by conceptualizing business relationships as a risky asset of the firm. In addition, they introduce a new construct, relational asset value, which is operationalized as a probability distribution of potential relationship outcomes. The authors discuss how the construct informs our current understanding of business relationships and discuss directions for additional research using a resource-based approach.

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